Wednesday, November 09, 2011

Alabama County and Chase


Alabama county votes to declare $4.1 billion bankruptcy over sewer debt. It would be the largest municipal bankruptcy in U.S. history.  --AP 

[That's Jefferson County.]

Ticker will be going ballistic in 5, 4, 3, 2, 1.....

Let's review.  Jefferson County was told by the feral (oops - Federal) government that they had to rebuild their sewer system.  (is there a 10th Amendment or did we use that for toilet paper years ago?)  The county bid the project.  By the time the mission creep (you know, what government usually does - take a $500 million problem and turn it into a $2 billion one?) was complete you'd think that would be the end of it.
You'd be wrong.  The banks got involved and turned this into a more than $5 billion boondoggle, complete with alleged (and, judging from the guilty pleas and convictions at this point) and actual bribery and other forms of official corruption

Here's the rest of Ticker's posts on the matter.



Anonymous said...

Alabama has sewer systems?

neomom said...

We have kin in Jefferson County - even got married there many moons ago.

It is a corrupt, nepotistic, viper's pit.