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Jefferson County, Alabama Files for Largest Municipal Bankrupcty in U.S.
First, the state passed an anti-immigrant law that was the bastard child of our own Proposition 187. Now, the state's Jefferson County (of which Birmingham offers Alabama's only hints that we now live in the 21th century) has now declared bankruptcy,
Updated: 11/10/2011 04:42P
Biggest Municipal Bankruptcy Has Many to Blame
A final deal to settle the county's debt out of court depended on a special session of the state's Republican-dominated legislature passing a law to allow the county to raise a new tax. But opposition to that special session appeared strong and
Updated: 11/10/2011 04:39P
IntercontinentalExchange sends MF Global letter
The money at issue is cash that customers gave to MF Global to pay for "margins" on derivatives contracts they traded with the company. When many customers withdrew from the contracts recently, MF Global held onto that cash. The money is now frozen by
Updated: 11/10/2011 04:39P
When the Lights Go Out
From Reuters: ”Alabama's Jefferson County filed for bankruptcy court protection on Wednesday in the biggest municipal bankruptcy in US history.” There are three words in there that should never be in the same sentence — biggest, bankruptcy,
Updated: 11/10/2011 04:38P
ICE says MF trustee created 'moral hazard'
The trustee handling MF Global's bankruptcy has created a new kind of “moral hazard” in financial markets, IntercontinentalExchange, the US's second-biggest futures exchange operator has warned, inadvertently encouraging
Updated: 11/10/2011 04:36P
Papademos named PM to claw Greece out of crisis
The 64-year-old cuts a grey and uncharismatic figure in the colourful and chaotic world of Greek politics, but Papademos also has a reputation for being calm at a time when the nation is clamouring for stability. Political leaders had agreed the
Updated: 11/10/2011 04:27P
MF Global's dive shows few changes on Wall Street
The bankruptcy filing last week by MF Global Holdings Ltd. didn't freeze lending and panic investors around the world, as Lehman Brothers' did in 2008. But the rapid fall of the firm run by former New Jersey Gov. Jon Corzine shows risky behavior
Updated: 11/10/2011 04:08P
Rapid collapse of MF Global, Corzine's firm, shows how little has changed
The bankruptcy filing last week by MF Global Holdings Ltd. didn't freeze lending and panic investors around the world, as Lehman Brothers' did in 2008. But the rapid fall of the firm run by former New Jersey Gov. Jon Corzine shows risky behavior
Updated: 11/10/2011 04:08P
Greece, Italy move towards forming unity governments
ATHENS - Greece named the leader of its national unity government yesterday - ending suspense over who will try to save the country from default, bankruptcy and an exit from the euro zone - as Italy moved closer to its own unity government,
Updated: 11/10/2011 04:06P
A look at JeffCo's bankruptcy process
The first hearing in Jefferson County's bankruptcy proceedings was held this morning, but the county has a long road to travel before being able to put its sewer crisis behind it. I caught up with an expert on municipal bankruptcy to see what we can
Updated: 11/10/2011 04:06P
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