Stockton, CA becomes most populous U.S. city to file for bankruptcy, setting up pension fight. “And, here’s where we run into an issue that will reverberate around the country. What wins out? Federal bankruptcy law, which ostensibly allows for the tearing up of contracts (even pension promises) or state and local laws, which protect pension promises?” Not the USA but the USB – United States of Bankruptcy.
This post was last modified on April 12, 2021
View Comments (6)
Corporate Greed stole their gold.
Corporate Greed? It's a city but that apparently makes no difference to a paulafarian.......You just drop in the same stupid comments in any thread that contains the magic word money....By the way your mom sent me a picture of you:
http://cheezburger.com/7168123136
And, once again, the courts will decide. One of the most redundant phrases in the English language is 'gutless politician'.
Californistan cities are dropping like flies- people's republic of illinois and some other blue states have some that are about to go too. It is no surprise that blue states are the ones proffering the worst run cities in our nation-its no wonder the brilliant economists running them are still spending like they have money trees in their town squares.
When exactly will Americans get wise and start taking care of business? When will the revolution begin-after HLS has distributed all the ammo and armored cars?
Part of the problem is that cities like Stockton, (with a very poor economic base) try and keep up with other cities, so they build an arena, marina, ballpark and do all kinds of building on bonds without a decent base to support it.
They had their city hall, and a couple parking garages foreclosed on, and that was after they went after all the employees. When I left the P.D. and in the following year, over 150 other cops left for other places or retirement. There P.D. is now about 50 rookies, so the crime goes up.
The city manager is a complete jerk, he was about to be fired in Sonoma county as the county administrator when those brilliant minds on the city council decided to hire him. He was hired to take the city to bankruptcy. But he makes $360,000 a year, and took NO pay cut. He is about as dirty as you can get.
They claim they can not sell any assets, so they have to go bankrupt. Between the city hall they lost, the other projects they built on someone elses dime that all loose about 20 million a year. This is the perfect example of why cities can niot and should never be allowed to own and operate arena's, Marina's theaters, ballparks or any other Business. These people have NO business sense.
Stockton and San Joaquin County have always been controlled by a couple rich folks (Spanos/Grupe) who like the low income poverty style they have created to have a cheap affordable workforce. They own the city council and even the school board. That's why their "friends" get all the contracts for work in the city and county.
It's been corrupt since the late 1800's, and always will be. It's like Bell but more under the table out of site stuff goes on, they are not so blatant with their payoffs and bribes.
There are other cities around here that are going to do the same thing, basically it's screw the citizens, what can the city leaders get for free? Like the freeloaders that like the free stuff that the democrats hand out.
There is already talk of having the FEDS "rescue" Stockton, and if a bunch of cities follow the path of Stockton, people all over the country are going to be paying to bail out Kalifornia cities, and the state will do nothing but "Oversee" the bailout and take a cut. Can't any more corrupt than that.
You're slow this month...lol https://www.ihatethemedia.com/calif-city-stockton-heading-to-bankruptcy-court