Jefferson County, Ala., landed in fiscal purgatory a few years ago after bond and derivatives deals it made went sour. Rep. Spencer Bachus represents Jefferson County, but he's trying to delay proposed derivatives rules designed to protect municipalities and others from complex financial products. Bachus argues that the Jefferson County case was a criminal issue. "Jefferson County's problem is a debt problem and a criminal problem. It was criminal behavior then, it is criminal behavior now," Bachus said.

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