Nalcor is defending the way it handled the federal loan guarantee for Muskrat Falls after registering a loss of $67 million. Blogger Des Sullivan accused the Crown corporation of speculating and taking risks with taxpayer money. But CEO Stan Marshall says Nalcor was doing the opposite of speculating. It locked in $1.8 billion right away to hedge against fluctuating interest rates and reduce its risks. In this case, interest rates happened to go down before the deal to borrow the money was closed. NTV’s Michael Connors reports.