Jefferson County, Alabama: Another Victim of Derivatives
November 14, 2011
Jefferson County, Alabama, filed for Chapter 9 bankruptcy on Oct. 9, in the largest municipal bankruptcy filing in U.S. history. The county–which contains Birmingham, the state’s largest city–is but the latest in a series of municipal governments destroyed by derivatives. How much of this destruction are we going to tolerate before we reign in the criminality of the financial markets?