The Hidden Costs of Tobacco Debt
Even when taxpayers aren’t explicitly on the hook, tobacco bonds can cost states and local governments money. Here’s how.
How Wall Street Tobacco Deals Left States With Billions in Toxic Debt
Politicians wanted upfront cash from a legal victory over Big Tobacco, and bankers happily obliged. The price? A handful of states promised to repay $64 billion on just $3 billion advanced.