Posted on 07/18/2012 7:36:08 AM PDT by BenLurkin
The city of Compton is reportedly facing bankruptcy following an announcement at a City Council meeting Tuesday night.
During the four-hour meeting, two senior financial officials told council members they have to decide by September 1 whether or not to file for bankruptcy.
The municipality has accumulated a $43 million deficit with no reserve. Funding for the city is expected to run out by the beginning of September.
The Council added to Compton’s accumulated deficit on July 10 when it adopted a $161 million budget with a $9 million projected deficit.
“Either you’re gonna pay these bonds . . . don’t pay the bonds, default on them, preserve your cash or you either need to have a serious talk about bankruptcy,” Douglas Sanders, Compton City Treasurer, said Tuesday night.
The city council meeting adjourned without any discussion of bankruptcy.
If filed, Compton would be the fourth California city to declare or consider bankruptcy. San Bernardino, Stockton and Mammoth Lakes have all announced this year that they would seek restructuring of their liabilities.
Compton has a population of 93,000.
Wiki on Compton.
http://en.wikipedia.org/wiki/Compton,_California
From reading the wiki it looks like Compton was a great place to live until the 1960s. But the Amish moved in...
and where ever a cursed people go they end up trashing that place.
“As someone living in this F’d up state, I hope more cities go bankrupt. In fact, I hope the entire state goes bankrupt. And I don’t want to see one dime of federal money to bail us out. Maybe the idiots who keep voting the commies in office will eventually wise up. Yeah.....maybe.”
Me too, and I’ve lived here all my life! The hard fact of the matter is that these municipal bankruptcies are just the tip of the iceberg. More will follow, and so to will some of the counties, and hopefully the entire state. Complete bankruptcy is the only way to recovery at this juncture. And it is going to be very painful for everyone. But the golden lining is that the PE employees are going to hurt the most. Payback will be a bitch for them. Why, they may be forced to sell their vacation homes and their ski boats!
Beat me to it!
I was going to post just such a pic.
Now, everyone, are you still going to stay stuck in your normalcy bias, or are you going to get ready for the inevitable economic collapse, USA and worldwide?
I guess I'll just have to stay away from the whole area, because I don't have access to such a "guide".
No, in commie class warfare it’s always someone else’s fault.
Take a look at who runs Compton:
http://www.comptoncity.org/index.php/Table/Elected-Officials/
Looks like a SoCal emulation of Detroit.
Apparently bankruptcy is the new recovery.
Can’t the city council just flash mob a Wal-Mart and steal enough stuff to pay off the bills?
Years ago San Diego should’ve filed for bankruptcy to break the untenable and underhanded giveaways to public employee unions.
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