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by yummyfajitas
5295 days ago
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What the bankers did was bribing officals into taking bad advice at hiked rates leading to... "...[paying] $120 million in fees -- six times the prevailing rate...increas[ing] the county's debt by $277 million." Fixed that for you. http://www.inthepublicinterest.org/case/jp-morgan-investment... The fact that the county also took on contracts with contingent balloon payments is not caused by bribery. It's caused by the county officials either not reading or not caring what was in the contracts they signed. This time, about $277 million of the $3.1 billion problem is indeed the fault of the bankers. The only thing being debated here is the other $2.8 billion. I cannot fathom why the investment bankers involved haven't been sent to prison for a very long time. The contractors they hired (who were actually the ones that committed bribery) are in jail. http://blog.al.com/spotnews/2010/09/five_men_convicted_in_je... |
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