the bankruptcy is good because the citizens of jefferson county should not be held responsible for corrupt politicians and banksters.
So you are saying it is ok for the widows who bought the municipal bonds to carry the burden for the corrupt politicians elected by the citizens of Jefferson County?
I am not going to deny a statement you are putting into my mouth. The money isn’t there to pay these bonds. The county paid 3.2 billion for a 1.5 billion dollar job.
I don’t know who gets hurt when the bankruptcy comes, but bankruptcy is the best way out now. Do you live here?
These idiots are paying a lawyer $500 an hour to decide who gets paid. This lawyer wanted $80 million placed in one of his accounts. Sounds shady to me. Go bankruptcy.
The judge who is appointed or selected to serve over the BK of the county can choose which obligations to honor and which to let go.
Given the history of fraud and misrepresentation by Wall Street of interest rate swap instruments to municipal governments, I rather think that JPM is going to take a haircut before little old ladies’ muni bonds.