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Response to pecosbob (Reply #11)

Wed May 29, 2019, 03:14 AM

12. Reminds me of Jefferson County, Alabama

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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Arrow 13 replies Author Time Post
zooks May 2019 OP
bahrbearian May 2019 #1
Mr.Bill May 2019 #8
Hekate May 2019 #2
zooks May 2019 #4
Ford_Prefect May 2019 #7
2naSalit May 2019 #3
UpInArms May 2019 #5
zooks May 2019 #6
yonder May 2019 #9
pecosbob May 2019 #11
LineLineLineNew Reply Reminds me of Jefferson County, Alabama
UpInArms May 2019 #12
zooks May 2019 #13
AlexSFCA May 2019 #10
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