Re: “County in Alabama Strikes a Bankruptcy Deal (= Corbett’s nightmare)”
“Despite those concessions, residents of Jefferson County have still often complained that they were treated inequitably because several of their elected officials went to prison as a result of the refinancing, while no one from the bank was convicted of a crime. They have railed in particular against the possibility that their sewer rates would go up to allow the county to pay sewer debt that many now see as illegitimate.”
Bring on the bankruptcies! I’m tired of hearing terms like “too big to fail” to justify the bailouts of professional money managers. That is their business – to assess risk and structure financing responsibly. If they cannot perform that task then let them be fired so they can move on to a career they understand.
Money managers did nothing illegal thus imprisonment won’t apply.
I too don’t like ‘too big to fail’. I say let them die an economic death… until I find out my pension fund is affected.
Then I scream for a “bailout”.