By JAY REEVES , 03.26.09, 04:56 PM EDTI have often pointed out how big the collapse of Jefferson County Will be, well uts this big:Bond insurers urged a federal judge Thursday to intervene in Jefferson County's massive sewer debt crisis, contending that a toxic mix of corruption and incompetence has pushed it near financial ruin.
Henry Simpson, a lawyer for bond insurers who already have made millions in bond payments the county couldn't afford, asked the judge to name a manager to assume operation of the sewage system in Alabama's most populous county.
Simpson called the $3.9 billion debt debacle - which has brought the county to the brink of filing the largest municipal bankruptcy in U.S. history - one of the worst cases of mismanagement in modern times in the United States.
"There could be no greater manifestation of ineptitude, incompetence and corruption ...," Simpson said.
County leaders have been at odds for more than a year trying to avoid filing a nearly $4 billion bankruptcy that would eclipse the $1.7 billion case filed by Orange County, Calif., in 1994 as the largest municipal bankruptcy ever.What is the mayor accused of?
Its pretty straightforward. Starting in 1996 the mayor began to push various deals including a land deal known as Vision Land. Being a man of fine tastes he found his expenses outmatched his revenues, and turned to Montgomery investment banker Bill Blount and lobbyist Al LaPierre. Blount would become the underwriter for every bond offering and LaPierre became a vehicle by which Mayor Langford would recieve bribes. LaPierre would "lend" money to the Mayor to make everything nice and legal and essentialy launder the bribes. In 2006 the SEC began to investigate some of these deals and by December of last year a special federal grand jury in Birmingham returned a 101-count indictment against Langford, the former commission president; Montgomery investment banker Bill Blount and lobbyist Al LaPierre. The indictment includes charges of conspiracy, bribery, fraud, money laundering and filing false income tax returns in what prosecutors described as a long-running bribery scheme related to sewer bonds and other Jefferson County financial transactions. It was this sewage deal which might bankrupt the municipality and involves CDR Financial Products Charles LeCroy of J.P Morgan Chase.
The indictment includes charges of conspiracy, bribery, fraud, money laundering and filing false income tax returns in what prosecutors described as a long-running bribery scheme related to sewer bonds and other Jefferson County financial transactions.
In summary the Mayor is the one:
Who is facing 101 counts on corruption and bribery charges
The man who bankrupted Jefferson County Alabama
Helped increase fees on middle and working class people
The man who did it for designer suits and rolex watches.
Mayor Langford's Culture of Corruption.
Who helped J.P Morgan Chase and other Financial Groups overcharge by 100 million in fees Jefferson County.
The same Mayor who has saddled his constituents with a billion dollar debt.
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