Alabama county faces bankruptcy

Calculated Risk reports on the imminent bankruptcy of Jefferson County, Alabama, due to their totally clever and complex series of bond transactions that was supposed to save them big bucks, but exploded in their faces instead.

barkingtribe writes in the comments:

Lived there for a number of years. Inept, provincial, small-time crooks. Doin’ ok when no-one was lookin’. Went downtown with the playa’s. Came home in hoc. Rut-ro.

Now they’re whining we just po’ country boys who got flimflammed by those city slickers. Right. Takes two to tango, last time I checked.

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