The New York Times ran an article weeks ago about how many counties in Tennessee are being hit with additional debt due to debt swap agreements arranged by Joe Ayres of Cumberland Securities, Joe Ayres of Morgan Keegan, Joe Ayres of Regions Bank, and Joe Ayres of TNLoans.
Yes, the fox (Joe Ayres wearing his many financial hats) guarding the henhouse (taxpayers' pockets) and getting paid big bucks by county governments, including Hamblen.
It's a nationwide story, and, yes, Hamblen County is one of Joe Ayres' many clients. But the local Tribune is quiet. No series of articles. No front-page story. You'd think the Trib would print the NY Times article since the Trib prints editorials from other papers.
Even if the Trib doesn't consider this a story, you can read about what Joe Ayres and his many companies have gotten Tennessee counties, including Hamblen, into by clicking here for the New York Times article.
No wonder Hamblen, after shelling out millions in interest, still owes the same money that it owed 10 years ago. Click here and here.
And is anybody checking out the City of Morristown and its debt?
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