Casino Muni Bond Defaults Because “The People Got Fed Up”

A federal court actually allowed an American Indian tribe to get out of a $50 million bond it owed to a private investor, raising concerns among other tribal-casino lenders. The 3,500-member Lac du Flambeau Band of Lake Superior Chippewa Indians, in northern Wisconsin, said $782,000 in monthly bond payments were bleeding it dry so last fall, it stopped making them, arguing that the deal was invalid.

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