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Re: Jefferson County Files Largest Ever Chapter 9 Filing 

By: ribit in ROUND | Recommend this post (1)
Thu, 10 Nov 11 9:07 PM | 94 view(s)
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Msg. 36199 of 45651
(This msg. is a reply to 36179 by capt_nemo)

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Jefferson County Alabama is living proof that ya can't borrow your way out of debt, spend yourself rich, nor raise taxes indefinitely. Sooner or later, all the chickens come home to roost.




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Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!


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The above is a reply to the following message:
Jefferson County Files Largest Ever Chapter 9 Filing
By: capt_nemo
in ROUND
Thu, 10 Nov 11 2:51 AM
Msg. 36179 of 45651

Submitted by Tyler Durden on 11/09/2011 16:59 -0500

MF Global

Update Update: Yep, it's official: JEFFERSON COUNTY COMMISSION VOTES FOR RECORD MUNI BANKRUPTCY, commissioners vote 4 to 1 to screw over JP Morgan

Update: according to an update tweet, "Jeffco bankruptcy: Commissioners are now discussing the motion. They have not voted yet." Things are fluid. Stay tuned.

The bad news for JP Morgan just keep on coming. According to the Tweeter account of Birmingham News, "Jefferson County Commission makes motion to file bankruptcy." We translate this to mean that the "avoided bankruptcy" state has just metamorphosed into simple "bankruptcy" - granted one which will be the largest municipal bankruptcy in history. This means that JP Morgan is now on the Unsecured Creditor Committee of the two biggest bankruptcies of 2011: MF Global and JeffCo as well. And so the second major domino after Harrisburg is down. Many more coming.

More as we see it.

http://www.zerohedge.com/news/jefferson-county-files-chapter-9-bankruptcy?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29


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