The New York Times doing what it used to do so often, and so well.
In depth report on the banking shenanigans that dragged down municipal dupes - $200 million leveraged into a $20 billion exposure, no appreciable payments in exchange for that risk and, of course, huge profits for the guy who sold the stuff.

It's all reminiscent of the stuff I used to go after when Wall Street was still content to defraud individual investors - these guys just figured out how to go big time.

One thing the article passes over but which will be the next, huge financial disaster of the coming decades: the bankruptcy of municipal pension plans. General discussion of this latter sorry subject can be found here.