I remember reading an article in Fortune mag about Jefferson County a few years ago
snowwrestler
About what a mess it was, with indictments and the crazy financing that they had pursued at the urging of the Wall St. folks. In the article the big questions were whether the cops would nail the mayor, and whether the county would avoid bankruptcy. Looks like the answers turned out to be "yes" and "no".

I didn't remember JP Morgan's role in the mess though.
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