" Questionable investment deals certainly contributed to a number of municipal financial crises that occurred after the 2008 stock market crash. Jefferson County, Alabama, for example, entered into interest rate swaps that helped swell its debt burden to $3 billion when interest rates collapsed. The county sued the lead underwriter, J.P. Morgan, on the grounds that it misled the county and investors. The Securities and Exchange Commission also imposed significant penalties on the underwriter in 2009. Detroit similarly entered swaps that the bankruptcy court ultimately settled for much less than their face value after the bankruptcy judge raised significant questions about the swaps' legality and enforceability. "

― Richard Schragger