I saw this one this morning on Fark
It's like they did us when they said they were collecting taxes to keep the roads repaired and never spent the money for roads.
.... ďItís going to cost taxpayers, either directly or indirectly,Ē said Craig Johnson, an associate professor of public finance at Indiana University in Bloomington who has studied tobacco bonds and CABs. ďI donít doubt that at all.Ē
ProPublicaís analysis is the first to measure the magnitude of the high-risk debt involved in the tobacco deals and to calculate how much Wall Streetís dealmakers earned. It also shows how much of the tobacco money has been securitized ó that is, turned into payments that go to investors. As of this year, at least one out of every three dollars coming in under the settlement is pledged to investors, according to bond disclosures and payment data from the National Association of Attorneys General, which tracks the flow of funds....