The mayor of Birmingham Alabama was arrested today on charges of bribery and fraud. He is accused of receiving $230,000 in bribes from local investment banker Bill Blount to influence bond deals while the mayor was serving the Jefferson County Commission. Blount's firm profited $7.1M in fees for the deal."The county is trying to avoid filing what would be the largest
municipal bankruptcy in U.S. history over $3.2 billion in debt for
sewer bonds, nearly double the record of $1.7 billion set in 1994 by Orange County, Calif." the AP article reported. You can read more on the charges here.