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Posts by Pat Garofalo:
With the New Hampshire primary now secured by Mitt Romney, the GOP presidential candidates are setting their sights on South Carolina, the nation’s first southern primary. And in one big respect, South Carolina is significantly different from the two states that preceded it in casting votes for the GOP nominee: its high school graduation rate is far lower.
In 2010, New Hampshire had the ninth highest high school graduation rate in the country at 83.3 percent. Caucus state Iowa was third, with 86.4 percent. South Carolina, however, is 49th, at 61.9 percent.
Yesterday, Jefferson County, Alabama, filed the largest municipal bankruptcy in U.S. history, the final step in a sordid tale involving sewers, credit swaps, and some of the nation’s biggest banks. The bankruptcy became necessary “after an agreement among elected officials and investors to refinance $3.1 billion in sewer bonds fell apart.”
The swap deal that sunk Jefferson County was crafted by the mega-bank JP Morgan Chase (in concert with other banks, including Goldman Sachs). As Rolling Stone’s Matt Taibbi put it when describing JP Morgan’s actions in Jefferson County, “here you can see a trail that leads directly from a billion-dollar predatory swap deal cooked up at the highest levels of America’s biggest banks, across a vast fruited plain of bribes and felonies — ‘the price of doing business,’ as one JP Morgan banker says on tape.”