Monday, April 12, 2010

"Sewer bills as high as $200"

How a small Alabama county turned a $250 million sewer project into $5 billion worth of debt with the help of J.P. Morgan and interest rate swaps. A catastrophe for Jefferson County AL, and for its citizens and taxpayers.

Matt Taibbi's story here, and Taibbi interviewed on Democracy Now.

Further reading: The Commodity Futures Modernization Act

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