Update Update: Yep, it's official: JEFFERSON COUNTY COMMISSION VOTES FOR RECORD MUNI BANKRUPTCY, commissioners vote 4 to 1 to screw over JP Morgan
Update: according to an update tweet, "Jeffco bankruptcy: Commissioners are now discussing the motion. They have not voted yet." Things are fluid. Stay tuned.
The bad news for JP Morgan just keep on coming. According to the Tweeter account of Birmingham News, "Jefferson County Commission makes motion to file bankruptcy." We translate this to mean that the "avoided bankruptcy" state has just metamorphosed into simple "bankruptcy" - granted one which will be the largest municipal bankruptcy in history. This means that JP Morgan is now on the Unsecured Creditor Committee of the two biggest bankruptcies of 2011: MF Global and JeffCo as well. And so the second major domino after Harrisburg is down. Many more coming.
JEFFERSON COUNTY'S MAJOR SEWER CREDITORS
JPMorgan Chase & Co.
Bank of America
Regions Bank
Lloyds Bank of Scotland
State Street Bank of Boston
Societe Generale of Paris
Bank of Nova Scotia in Canada
The Bank of New York Mellon
Financial Guaranty Insurance
Syncora Guarantee, Inc.
Source: Jefferson County
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