This is the relief deal?
"the settlement proposed by Wall Street would have resulted in rate increases of almost 25 percent within 18 months and additional, single-digit rate hikes for as long as 40 years.... The settlement would also have resulted in dismissal of litigation, including the county’s lawsuit against JPMorgan over deals that helped lead to the debt."
Those must be the FRAUDULENT MORTGAGE-BACKED SECURITIES they sold them!
"Alabama county rejects $3.1b debt settlement; Inquiry into role of firms to go on" August 13, 2011|By Jay Reeves, Associated Press
BIRMINGHAM, Ala. - Leaders of Alabama’s most populous county voted unanimously yesterday to reject a settlement with Wall Street creditors to pay off more than $3.1 billion in debt and bought more time to avoid what would be the largest municipal bankruptcy ever filed.
The five members of the Jefferson County Commission also unanimously approved a resolution to give the commission president and finance chairman until Sept. 16 to negotiate a deal.
The county has been trying for three years to avoid filing bankruptcy over more than $3.1 billion in sewer system debt....
Related: Sweet Home Alabama
Commissioner Jimmie Stephens, who oversee the county’s finances, said members thought they could get a better deal in bankruptcy court than was offered by lenders. “That’s the reason we didn’t accept the creditors’ offer,’’ he said.
The main problem is about $3.14 billion in sewer debt. The total bankruptcy would exceed $4.1 billion, including debts for schools and other projects.
Commissioners sharply criticized the settlement proposed by Wall Street, which would have resulted in rate increases of almost 25 percent within 18 months and additional, single-digit rate hikes for as long as 40 years. Creditors would have forgiven more than $1 billion in debt, and the county would have refinanced $2.3 billion.
The settlement would also have resulted in dismissal of litigation, including the county’s lawsuit against JPMorgan over deals that helped lead to the debt. Commissioners said that all those cases should go forward.
--more--"
Related:
BANKERS GONE WILD
WALL STREET'S MORTGAGE-BACKED SECURITY FRAUD DESTROYED BOTH THE US AND EU ECONOMIES!
Also see: Sunday Globe Special: The Confederacy (Tax) Lives
And who is the federal government prosecuting?
"No one convicted in Ala. gambling trial" August 12, 2011|Associated Press
MONTGOMERY, Ala. - Federal prosecutors didn’t get a single conviction in Alabama’s gambling corruption trial yesterday when jurors acquitted or failed to reach a verdict on all the charges against the nine defendants, including Victoryland casino owner Milton McGregor and two sitting state senators....
I applaud the people.
The Justice Department, which spent more than a year investigating State House corruption, issued a brief comment that did not indicate whether it would continue to prosecute all unresolved charges against the seven remaining defendants.
“We appreciate the jury’s service in this important public corruption trial. Our prosecutors will discuss next steps as we move forward in this matter,’’ spokeswoman Laura Sweeney said.
While there was no conviction yesterday, prosecutors earlier secured three guilty pleas.
The federal inquiry grew out of three GOP legislators telling the FBI that they were offered campaign contributions if they would support legislation designed to keep electronic bingo games operating in Alabama.
I'm against gambling; however, I am more against government telling me what vices I can enjoy while wasting precious tax dollars prosecuting cases.
--more--"
Related:
Oh, sometimes gambling is okay, huh?
