The banking crisis continues to be felt in unusual ways.Jefferson County Alabama got caught up in high flying credit deals several years ago in an attempt to finance its sewer system. They bought 17 interest rate swaps from JP Morgan, Lehman Brothers and Bank of America with the intention of hedging interest rate risk. Officials got the county involved in complex interest rate swap contracts and the walls came crashing down on the County’s finances. Finances were so bad that this past August the sheriff asked the state to pay his police force or send in the National Guard. The crisis continues to inflict hardship on many of the citizens.
Now Jefferson County has frozen all bulk purchases. The jail, which houses an average of 1,200 inmates, now has on hand about three to four days' worth of toilet paper, when it used to have enough for one to three months said Sheriff's spokesman Lt. Randy Christian
As a result,jail trusties are no longer stocking toilet paper when it runs out.Instead,inmates must request it as needed"Rest assured that every inmate has the basic necessities that are required and needed"said Christian
Civic minded lawyers are donating toilet paper to the Jefferson County Jail and encouraging others to do the same, after some of their incarcerated clients reported that it's in short supply or even rationed. Perhaps JP Morgan ,Lehman or Bank of America might donate.
"I'm not pointing fingers at the sheriff's department or the (county) commission," said Lawyer John Lentine, who on Saturday dropped off more than 400 rolls of toilet paper at the jail. "What I'm saying is when you house people, you have a legal duty to provide basic needs."
*tranche ..In structured finance is one of a number of related securities offered as part of the same transaction. The word tranche is French for slice, section, series, or portion. In the financial sense of the word, each bond is a different slice of the deal's risk.
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