Me thinks that perhaps you were also a party to this deception. Did you really do your due diligence. Floating rate bonds certainly have a place in many bond portfolios. A floating rate security provides an interest rate that varies from time to time and is usually based on some benchmark interest rate. Some have interest coupons that reset daily and others reset weekly, monthly, quarterly and even over longer periods.
Some issues have floating rate coupons that can turn into fixed rates under certain circumstances.
Just because the interest rate floats doesn't imply that the bond's price will stay around the par level. Some floaters have been known to sink. Floaters can be appealing when interest rates are low because they ought to reset at higher levels as interest rates rise. When rates are high is the time investors want to lock in yields. Check to see how and when the interest coupon is determined.