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San Bernardino, California, files for bankruptcy with over $1 billion in debts
Rueters ^
| 8-1-12
| Tim Reid
Posted on 08/01/2012 8:47:11 PM PDT by tcrlaf
San Bernardino filed for bankruptcy protection on Wednesday citing more than $1 billion of debts and making it the third California city to seek protection from creditors.
The city of about 210,000 residents 65 miles east of Los Angeles declared a fiscal crisis last month after a report said local government had tapped out its reserves and projected spending would top revenue by $45 million in the fiscal year that began on July 1.
The filing, made in the United States Bankruptcy Court, Central California District, states that the city has "more than $1 billion" in liabilities, and estimated that it has between 10,001 and 25,000 creditors.
(Excerpt) Read more at reuters.com ...
TOPICS: News/Current Events
KEYWORDS: 1billion; bankruptcy; billion; change; chapter9; debts; hope; pensionmadness; sanbernadino
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Not unexpected, but a surprise that they rushed to file BK, ahead of lawsuit filings by the cities unions....
HOPEY-CHANGEY!!
1
posted on
08/01/2012 8:47:15 PM PDT
by
tcrlaf
To: tcrlaf
75% of the City’s costs are for salaries and benefits.
2
posted on
08/01/2012 8:50:51 PM PDT
by
Carry_Okie
(The Slave Party Switcheroo: Economic crisis! Zero's eligibility Trumped!! Hillary 2012!!!)
To: tcrlaf
Don't you worry.
That high-$peed rail will fix everything all up. < |:/~
To: martin_fierro
Look at the number of stops between San Diego and LA... ain’t no way that leg is gonna be high speed.
4
posted on
08/01/2012 8:57:01 PM PDT
by
umgud
(No Rats, No Rino's)
To: tcrlaf
The big question is, will those running the city resign and forfeit their government pensions due to reckless mismanagement?
How about the fraud perpetrated by those in city government.
Where are the criminal charges?
5
posted on
08/01/2012 8:57:03 PM PDT
by
dragnet2
(Diversion and evasion are tools of deceit)
To: tcrlaf
California once again leading the way! What is it the libs in the “media” like to say, “As California goes, so goes....”
6
posted on
08/01/2012 8:57:42 PM PDT
by
FlingWingFlyer
(The NRA did not create James "The Joker" Holmes. Harvey Weinstein's Hollywood did.)
To: tcrlaf
7
posted on
08/01/2012 8:57:59 PM PDT
by
Jonty30
(What Islam and secularism have in common is that they are both death cults.)
To: Jonty30
I agree. Let all those union loving idiot municipalities go belly up.
To: tcrlaf
Maybe they can get a GM style bailout.
Build thousands of electric battery-operated fire trucks and owe us taxpayers $50 billion.
9
posted on
08/01/2012 9:02:15 PM PDT
by
quantim
(Victory is not relative, it is absolute.)
To: dragnet2
The big question is, will those running the city resign and forfeit their government pensions ..
..to pay for health benefits for illegals.
10
posted on
08/01/2012 9:02:15 PM PDT
by
Huskrrrr
To: tcrlaf
It’s only a billion bucks.....they couldn’t call “CareOne” credit counselors?
11
posted on
08/01/2012 9:02:50 PM PDT
by
Vendome
(Don't take life so seriously, you won't live through it anyway)
To: Carry_Okie
75% of the City’s costs are for salaries and benefits. Exactly, see #5.
12
posted on
08/01/2012 9:03:50 PM PDT
by
dragnet2
(Diversion and evasion are tools of deceit)
To: Vendome
It’s only a billion bucks.....they couldn’t call “CareOne” credit counselors?
To put things in glaring prospective, the U.S. is now in the hole for about 15 trillion.
It takes 1,000 billion to make just 1 billion.
They now need nuclear powered printing presses to keep up, as the old presses have burned through the floors.
13
posted on
08/01/2012 9:06:51 PM PDT
by
dragnet2
(Diversion and evasion are tools of deceit)
To: tcrlaf
Government should never be allowed to go into debt, especially local ones.
14
posted on
08/01/2012 9:09:15 PM PDT
by
GeronL
(The Right to Life came before the Right to Pursue Happiness)
To: umgud; martin_fierro
Californians like their cars, their traffic jams, and their freeway shoot-outs...
15
posted on
08/01/2012 9:14:56 PM PDT
by
DTogo
(High time to bring back the Sons of Liberty !!)
To: martin_fierro
The road to hell is paved with good intentions.
"HELL RAIL", high-speed service to hell and beyond.
16
posted on
08/01/2012 9:15:09 PM PDT
by
Scooter100
("Now that the fog has lifted, I still can't find my pipe". --- S. Holmes)
To: tcrlaf
1 billion, WOW! I remember in the 50’s when that burger joint on E St put up the sign “we have served over one million” and thought that was a lot.
17
posted on
08/01/2012 9:15:54 PM PDT
by
TruthWillWin
(The problem with socialism is that you eventually run out of other peoples money.)
To: tcrlaf
Will anyone say Merredith Whitney was correct?
18
posted on
08/01/2012 9:16:28 PM PDT
by
blam
To: Huskrrrr
The big question is, will those running the city resign and forfeit their government pensions due to reckless mismanagement?
How about the fraud perpetrated by those in city government.
Where are the criminal charges?
to pay for health benefits for illegals.
Well, given the fact this is a government sponsored invasion at all levels of government, it would seem appropriate. Let them eat what they wrought.
19
posted on
08/01/2012 9:17:11 PM PDT
by
dragnet2
(Diversion and evasion are tools of deceit)
To: Scooter100
The road to hell is paved with good intentions. I wish I had the contract for laying down the asphalt.
20
posted on
08/01/2012 9:18:35 PM PDT
by
Mr Ramsbotham
(Laws against sodomy are honored in the breech.)
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