Looting Main Street

How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece

Taibbi details the thuggery, outright bribery, and sleazy dealings whereby investment banks looted Jefferson County, Alabama. Lots of locals who joined the plundering have gone to prison. But so far, no investment bankers have. They need to.

Virtually everyone doing business in Jefferson County was on the take. Four of the nation’s top investment banks, the very cream of American finance, were involved in one way or another with payoffs to Blount in their scramble to do business with the county. In addition to JP Morgan and Goldman Sachs, Bear Stearns paid Langford’s bagman $2.4 million.

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