Jefferson County, Ala. Battles Massive Debt Following Corruption

The Takeaway
As the Federal government tries to wrangle a deal to keep the country afloat, there are already some parts of the country that are bankrupt, even if not technically "in bankruptcy." Cities that borrowed money by issuing municipal bonds are now so burdened with debt that they can't pay back what was promised to those who invested. Add to that mess, a few bribes, an unfathomable refinancing deal with a leading Wall Street bank, and a broken sewage system, and you'll end up with Jefferson County, the local government for Birmingham, Alabama. Host of the BBC's "Business Daily," Lesley Curwen investigated the problems in Jefferson County and spoke with David Carrington, president of the Jefferson County Commission, who says that he is going to try to fix the problems. Curwen shares her report.