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UpInArms

(51,282 posts)

12. Reminds me of Jefferson County, Alabama

Wed May 29, 2019, 03:14 AM

May 2019

The Incredible Story Of The Jefferson County Bankruptcy -- One Of The Greatest Financial Ripoffs Of All Time

Since so many people read my post on Harrisburg (thank you), I figured that I might as well explain how Jefferson County's problems evolved. I consider this story to be old news. As with Harrisburg, however, some people mistakenly characterize Jefferson County's financial problems as a canary in the coalmine for the municipal bond market, which suggests that they still have no idea what transpired there (or how long Jefferson County has been in financial distress). Portraying Jefferson County as a typical municipal credit is akin to portraying Enron as a typical corporate credit. With Jefferson County, various financial firms - but primarily JP Morgan - exploited an existing culture of corruption and made taxpayers the victims of one of the largest frauds in the history of the financial markets.

Long read, but ... omg ... the corruption, it burns ...

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WOW!Facebook investor, former advisor venture capitalist Roger McNamee [View all] zooks May 2019 OP

Add a Fairness Doctrine to the Media. bahrbearian May 2019 #1

And how would that apply here? Mr.Bill May 2019 #8

100% agree Hekate May 2019 #2

Zuckerburg and Sandburg are now in Contempt of zooks May 2019 #4

Venture or Vulture: pick your poison Ford_Prefect May 2019 #7

K&R!!! 2naSalit May 2019 #3

McNamee should join with John Perkins UpInArms May 2019 #5

This is now on my must read list. zooks May 2019 #6

Thanks. Sounds like a must read yonder May 2019 #9

Not just foreign countries...Wall Street has been doing this to our own local governments pecosbob May 2019 #11

Reminds me of Jefferson County, Alabama UpInArms May 2019 #12

to read later zooks May 2019 #13

not in the US but EU countries should be able to do it AlexSFCA May 2019 #10