Here we go yet again; another public official being charged with bribery and money laundering. This time it is Larry Langford, Birmingham mayor who is being taken in on federal charges.

According to the story on Bloomberg:

“Birmingham, Alabama’s mayor is charged with bribery and money laundering in connection with municipal bond and derivative deals while he was president of the Jefferson County Commission, according to an indictment unsealed today.

Larry Langford, a Democrat, was charged with soliciting $235,000 from William Blount, chairman of Montgomery, Alabama- based bond underwriter Blount Parrish & Co. and lobbyist Albert LaPierre. Blount helped Langford get a $50,000 loan, and paid for jewelry, a Rolex watch and a jacket from Salvatore Ferragamo, according to the indictment. Blount Parrish received about $7.1 million in fees in connection with the deals, which refinanced debt issued for the county’s sewer system.

Langford, 60, “sold out his public office to his friends,” said U.S. Attorney Alice Martin in a news release.”Through a web of financing agreements, Langford required many institutions to use Blount as a consultant so Blount would make fees and in turn pay off Langford. It was a classic pay-to-play scheme.”

Bill Blount and LaPierre were also charged in a 101-count superseding indictment. The men were first indicted in June.

The bond and interest-rate swap deals have pushed Alabama’s most-populous county, which includes Birmingham, to the brink of bankruptcy. Rates on $3 billion of adjustable-rate bonds surged to as high as 10 percent when companies that insured the debt lost AAA”

You just have to wonder when this will ever come to an end, but unfortunately it never will when greed is involved. Then again, what is the difference between what Langford has done and what these Wall Street execs have gotten away with?