Did you read the Bloomberg article at all? The county (not the city) didn't piss the money away - they built sewer infrastructure with it. The reason they can't

Did you read the Bloomberg article at all? The county (not the city) didn't piss the money away - they built sewer infrastructure with it. The reason they can't pay it back is because a lack of municipal bond buyers during the recession invoked a provision requiring the county to pay back $850 million in 4 years rather than 30-40. So the bankers ARE partially responsible. They were paid for advice, and their advice was terrible. Now we're bankrupt, and they deserve to take a big loss.