Tag Archives: Jefferson County’s Flushable Sewer Bonds

Stunning news

Jefferson County officials to consider reducing number of consultants working on sewer debt crisis- al.com

Of course, if they want to follow standard Republican procedure, they could just pay the ones they’re keeping more.

“If Democrats refinanced, then it must be bad.”

Jefferson County officials were warned of bond crisis- al.com

Last year, investment firms from both Birmingham and New York told the commission that their sewer bonds were in trouble. The commission didn’t do anything for essentially partisan and ideological reasons:

Carns said the Republican-majority commission – which pledged “No Dome, No Debt, No Democrat” during the election campaign – wasn’t looking to refinance the county’s sewer debt.

“We would not have come in and refinanced debt. Not with what had gone on in the last four years,” Carns said. “They refinanced, refinanced, refinanced. What would people have done to us if we came in and refinanced the debt?”

Yes, that’s an excellent reason to drive the county towards bankruptcy. Smooth move, commissioner.

Smoot suit

Jefferson County Commissioner Shelia Smoot wants county to consider legal action against Wall Street banks- al.com

Oh. Oh, Shelia. You really think you can do anything about giant banks profitting off of the con job they ran on the county?

“In my opinion, JP Morgan and all the rest of them are at fault. They knew the risk and they didn’t share it,” Smoot said. “They fooled us. They ran an incredible game on this whole county, and now we’re all paying for it. Now it’s time to turn the tables and make them pay for it.”

Yes, they are basically at fault. (Along with a lot of other people, including BMLL.) But there’s nothing you can do about it. Unsurprisingly, Bettye Fine Collins, who is a Republican, has no problem paying huge sums to banks for whatever the banks say it is they’re doing.

Yeah, that is weird

Jefferson County Commission to pay Merrill Lynch $75,000 a month to help restructure $3.2 billion in sewer debt- al.com

Two commissioners questioned why the county is continuing to spend for advisers when other county-hired firms have been talking with creditors since March without reaching a settlement.

It’s funny, isn’t it? It’s almost like Republicans have no idea what to do about anything other than give money to corporations. Nah, that can’t be it.

No, we have the money, why do you ask?

Jefferson County commission delays debt payments – Breaking News from The Birmingham News – al.com

Yeah, that’s not good. You’re going to have to go bankrupt. I have no idea what this means:

“Time is of the essence, and by that I mean strategic planning, what happens today, what happens tomorrow, and the goals and the objectives that go into the planning,” Collins said.

It’s just random words is all.

Water, bankers, bonds… oh no!

Birmingham Councilwoman Carole Smitherman questions timing, bankers involved in a proposed bond refinancing sought by the Birmingham Water Works- al.com

Oh, yes. Some of the same bankers and lawyers who were involved in the Jefferson County mess have been hired by the Birmingham Water Works to refinance its bonds. But there’s no reason to be concerned, right?

Here’s an idea

Jefferson County needs letters of credit from banks to make financial rescue plan work- al.com

If you owe a whole lot of money, go to a bank and tell them that you owe a whole lot of money, but you can’t afford to pay it right now, so can they loan you a whole lot of money to pay it off? I’m sure you’ll get a response.