Where Are The Handcuffs? (Jefferson County)

So now that Birmingham and surrounding areas are officially bankrupt, when will we see prosecutions of the banksters involved?

Jefferson County, Alabama, commissioners voted 4-1 to file the largest U.S. municipal bankruptcy after reaching an impasse over concessions with holders of $3.14 billion of bonds.

JPMorgan Chase & Co. (JPM), which arranged most of the debt to fund a sewer renovation, will likely take the biggest loss in the process, which begins with a hearing 10 a.m. local time tomorrow.

Let’s remember folks that there were actual people jailed over bribery and other improper acts — but let us also remember that not one of the prosecuted individuals was one of the major bankster employees or officers.

The debt deals also were rife with political corruption, leading the cost of the sewer project to soar as it was built during the 1990s. Former commission president and Birmingham Mayor Larry Langford, a Democrat, was convicted of accepting bribes in connection with the financing.

Two former JPMorgan bankers are fighting Securities and Exchange Commission charges that they made $8 million in undisclosed payments to friends of commissioners to secure the bank’s role in the deals. In 2009, JPMorgan agreed to a $722 million settlement with the SEC.

You get convicted of crimes if you take a bribe, but if the person giving the bribe is a bankster, the SEC comes after them and then “settles” the civil charges.

In order to receive a bribe someone must offer a bribe.  Both parties are equally culpable and must be punished equally.


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