As counties, cities and towns linger toward default:
But even when you don’t combine venal officials to the underhanded financier, you routinely find kissing cousins, chump officials hire venal advisor in cahoots with underhanded financier.
“The basic problem is the swap adviser gets paid only if there is a transaction — an unbelievable conflict of interest,” he said. “It’s the adviser who is supposed to protect you, but the swap adviser has a vested interest in seeing something happen.”
And that is as good as it gets.
Remember, there is no penalty for screwing up in a conventional manner.