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<p>[QUOTE=&quot;medoraman, post: 1300378, member: 26302&quot;]But if you read more on this story, the corruption surrounding the borrowings were so bad that many public employees went to jail, they accepted bribes to sign loans that were way too risky for municipal borrowing. The county entered into Chapter 9 mainly as a negotiation tactic. </p><p><br /></p><p>In this instance I believe they were right to do so, but most municipal borrowing does not have the same situation. In fact, most municipal borrowing in issuing bonds that many individuals, pension plans, and small businesses own. Most local governments are in trouble because of entitlements and Personnel and Benefits costs to their employees.[/QUOTE]</p><p><br /></p>

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