Transactions Behind Closed Doors Got City in DEBT
(October 20th, 2009 under Economic News )Its going on across the country - but one city in particular, Jefferson County, Alabama, “a politician indicted over $3 billion in sewer debt that may lead to the largest municipal bankruptcy in history.”
“Jefferson County’s debacle is a parable for billions of dollars lost by state and local governments from Florida to California in transactions done behind closed doors. Selling debt without requiring competition made public officials vulnerable to bankers’ sales pitches, leaving taxpayers to foot the bill for borrowing gone awry.”
Here is the link to the full story:
http://www.bloomberg.com/apps/news?pid=20601109&sid=a6QpSf.s4NaA
Michelle
This entry was posted on Tuesday, October 20th, 2009 at 2:43 pm and is filed under Economic News .
