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Reload this Page News, Jefferson County, Alabama to file for largest municipal bankruptcy. (economy, financial crisis)
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Old 11-09-2011, 06:59 PM
 
Location: Michigan
29,391 posts, read 55,645,708 times
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NEW YORK (CNNMoney) -- Alabama's Jefferson County is set to file for the largest municipal bankruptcy in U.S. history after commissioners failed to approve a settlement on the county's billions in debts.

Plagued by budget woes, Jefferson County had narrowly avoided filing for bankruptcy in September after reaching a deal with creditors on the billions borrowed for a sewer project.

Jefferson County, Alabama to file for bankruptcy - Nov. 9, 2011
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Old 11-09-2011, 07:03 PM
 
29,981 posts, read 42,978,814 times
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I've always wondered, will all the municipal bond holders in these counties filing for bankruptcy be held holding worthless paper?

Quote:
Jefferson County is currently $4.2 billion in debt, including $3.1 billion for the sewer project, to creditors including JPMorgan (JPM, Fortune 500) and Bank of America (BAC, Fortune 500). The county ran into trouble in part because of a swap agreement that caused its interest rates to spike during the financial crisis of 2008.
So the banks did a credit swap and got a bailout and the county is left holding the debt. That just isn't right.
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Old 11-09-2011, 07:06 PM
 
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This is coming to a town near you!

Are you Ohioans listening?
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Old 11-09-2011, 07:28 PM
 
Location: Ohio
24,621 posts, read 19,198,826 times
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Quote:
Originally Posted by alphamale View Post
This is coming to a town near you!

Are you Ohioans listening?
No, they were stupid and drank the Kool-Aid.
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