Louisiana... Bankrupt

Hope no one out there owns any La. Muni Bonds... The state of Louisiana was told last night that it owes FEMA $3.7 Billion (with a B folks). Even of the executive was inclined to help out Louisiana despite the mudslinging, we'd still see this big a bill. FEMA is actually allowed to collect up to 25% of what they spend. In this case there has already been significant reductions (from 25% down to 9%). However, La. still says they can't come up with it. This should get real interesting, real fast.