Fourth California Bankruptcy Comes Knocking
― Just outside Los Angeles is the City of Compton, home to 93,000 people…a city running out of money. As the city treasurer eloquently put it, he has $3.0 million in cash and $5.0 million in bills due in the next month. (Source: Reuters, July 18, 2012.) ∙ If debt restructuring decisions are not made soon, the City of Compton could file for bankruptcy as early as September. ∙ Due to the fact that Compton has a $43.0-million budget deficit hole, it has been unable to secure a line of [...].
