> “When you’re backed by a city, you have a democratic constituency to hold the bank accountable,” said Sushil Jacob. What does that actually mean in practice

> “When you’re backed by a city, you have a democratic constituency to hold the bank accountable,” said Sushil Jacob. What does that actually mean in practice though? Several cities in the US have literally gone bankrupt. Sure, there's people that are "accountable" for that. Maybe some of them lost their mediocre little jobs or didn't get re-elected. So what?