Broker

[Dan Goncharoff]

Saw this today:

"When Rhodes on Jan. 16 rejected, for the second time, a deal between the
banks and the city to eliminate the swaps contracts, the detente between
the city and the banks lifted -- and the prospect of a protracted battle
over the swaps, which were brokered by the Kwame Kilpatrick administration,
rose dramatically."

http://www.garp.org/risk-news-and-resources/risk-headlines/story.aspx?newsid=70640

What struck me as odd was, in a financial publication, was the use of the
verb "broker" to describe what the administration of the Mayor of Detroit
was doing. They were the customer, not the broker. They agreed to the deals
(interest rate swaps that guaranteed a fixed interest rate commitment on
variable rate debt issued by Detroit), they did not arrange them.

Given the specialist nature of the publication, this is an odd usage. They
should have known better. Perhaps this is a widening of the meaning of
"broker"?

DanG

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