Five years ago, this small factory town was struggling to pay the interest on a bond for new sewers. Bob Phillips, Lewisburg’s part-time mayor and full-time pharmacist, was urged by the town’s financial adviser, an investment bank named Morgan Keegan & Company, to engage in a complex financial transaction to lower interest rates.
From the New York Times, “Firm Acted as Tutor as It Sold Risky Deals to Towns“
By DON VAN NATTA Jr.
Published: April 7, 2009
Photo: Josh Anderson for The New York Times