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Looks like the bankers did agree to forgive $1 billion and refinance another $2 billion. The higher rates are part of the plan to avoid bankruptcy even under those terms, though.

http://www.msnbc.msn.com/id/44552659/ns/us_news-life/#.TulFl...

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Given that the budget was set at $300 million, any payments over $1 billion are absurd by even the worst crooks in regular government.

A 1000% markup on a project should be illegal however it happens. Sorry, if a company wants to overrun the same should apply as to my mechanic 30% above estimate and you pay the rest. Government would have paid $400 million, sounds about right for a cost overrun to me, not $3 billion.

Actually that settlement fell through. Per Bloomberg, "The county’s efforts to negotiate a definitive settlement were frustrated by the recent sale of sewer debt to investors who didn’t want to restructure the bonds under the terms of the September agreement, according to the bankruptcy filing."

http://www.bloomberg.com/news/2011-11-09/alabama-s-jefferson...

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