So, whose fault is it?

Jefferson County finance options likely to be expensive- al.com

Well, BMLL’s, of course. And the bankers.

“It’s very simple – you got snookered by the investment banks,” said Peter Morici, a finance professor at the University of Maryland. “They told you they could minimize your risk, but they took your money and now they are laughing at you.”

Oh, they laugh. I had a dream that the whole county was repossessed and everyone’s moving down to Tuscaloosa County, and my family had to move in with me.

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3 responses to “So, whose fault is it?

  1. Easy credit a ripoff! Goooood Tiiiiimmmeees! Ain’t we lucky we got ’em?

    Seriously, this is a story that is both fascinating and a little embarrasing to watch. I’m not from Birmingham but it really makes the whole state look bad. And I wonder if this is a tip-of-the-iceberg story? B’ham may be the worst offender and so it will be the first to fall but I bet there are other municipalities in similar trouble.

  2. It’s not Birmingham — yet — but the county. Langford was the president of the county commission and he agreed to all these loans. He got out, and now he’s likely to do the same sorts of things in the city.

  3. e. nonee moose

    Ahhhh…. gotcha. I just assumed it had to be for the city since the amount was so large. How could a county possible run up such huge debt?!?

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