Mish – Stockton California, Population 292,000, Takes Steps Toward Bankruptcy, City Manager Says:
Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt and bookkeeping errors that misrepresented accounts, city officials said today.
They’ve cut city workers, including a 25% cut in the police force. Now they want bondholders to take a cut.
As these bankruptcies proceed, how will it affect rates for other municipal governments?
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