Do we have a new Orange County?

Bloomberg.com: Exclusive FBI Proble of JPMorgan Fees focuses on Swaps...: "Nowhere have JPMorgan's derivative deals wreaked more havoc than in Jefferson County, Alabama, home of Birmingham, the state's largest city. A combination of soaring rates on its bonds and interest-rate swaps is threatening the county with the biggest municipal bankruptcy since Orange County, California's default in 1994."