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 ...
San Bernardino is a craphole with many areas you dare not drive through, even in the daytime. I think it is the Calif murder capital.
I will. She has been accurate in her predictions all along, and taking flak for it all along. She took a lot of flak for predicting a slew of municipal bankruptcies. Some of the idiots criticizing her even mistook municipalities (cities, counties, parishes) for states. They mistook here to mean state bankruptcies. Other idiots understood what she meant, but called her nuts anyway. She’s a female Peter Schiff.
Another reason those running the city should resign and forfeit their government pensions due to reckless mismanagement.
Well, I admit I do enjoy the pursuits...They make NASCAR seem extremely boring.
......and college tuition at in-state resident rates.
Hey, hey...Governor Perry happens to agree with that!
They should invest in a few Chick-Fil-A franchises and pay that debt off.
WHOOPSEY
Things are only going to get worse (everywhere):
Just watch what happens in the bankruptcy. The union thugs will get to keep their pensions. The unsecured creditors..contractors and small business..will get zero. The bond holders will get a major hair cut. Just look at what happened with GM as a guide. The only question is whether or not the court can raise taxes.
Poor, poor San Berdoonians. If only they had more infrastructure and sustainable whatever thingies.
.
Is that true in all 57 states, or just California?
Cheers!
I like my car, live in the country, and commute to the country
for work. I also like my guns. I use them for hunting, trap
shooting, and home protection. I don’t shoot at people on freeways.
I am just one of many boring Californians.......and quite a few of
us read and post right here. Why don’t you stereotype another
state? It it is tired and not at all humorous.
Declaring the type of bankrupcy they filed for allows the city to void on union contracts, reduce medical payments even to retirees, reduce salaries. The city will enter into a structured bankrupcy, not a full blown bankrupcy where everything would be sold off to pay creditors. The unions will lose and the current workers.
“This old engine makes it on time/leaves central station bout quarter to nine/ hits river junction at seventeen to/at a quarter to ten you knows it’s travelin’ again’’. Couldn’t resist it. :-)
I wonder if they will move the county seat?
No, this is you, and all states
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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.
Speaking up...I like it!
Good job!
and what happens when nobody wants their bonds any more?
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