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JPMorgan Claims No. 1 for Government Debt After Jefferson County

Philadelphia was running low on cash in August 2009 as Pennsylvania lawmakers refused to pass a temporary sales-tax increase for the state’s biggest city.

Unable to sell notes with the legislation in flux, the fifth-most populous U.S. city turned to JPMorgan Chase & Co. for a $275 million loan. The firm was rewarded two years later, when Philadelphia chose it over 13 other banks to manage a $254 million negotiated bond issue.