not a beautiful or unique snowflake (nothings) wrote,
not a beautiful or unique snowflake
nothings

jefferson county's massive debt

A March 30th Rolling Stone magazine article about Wall Street bank(s) defrauding Jefferson County, Alabama, (with help from corrupt county officials) during the height of the mortgage bubble.

If your bondholders are expecting you to pay an interest rate based on the average temperature in Alabama, you don't do a rate swap with a bank that gives you back a rate pegged to the temperature in Nome, Alaska.

Not unless you're a fucking moron. Or your banker is JP Morgan.


Or both?
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