4th californian city declares bankruptcy, with the city attorney backing away from his suggestion that fraudulent accounting may have contributed to the city's problems.
* Concerns that California could face wave of local bankruptcies
* San Bernardino third California city to declare bankruptcy
* City's revenue fell as housing market collapsed
By Jim Christie
SAN FRANCISCO, July 11 (Reuters) - Officials in San Bernardino, California, scrambled on Wednesday to explain the city's surprise decision to seek bankruptcy protection, with the city attorney backing away from his suggestion that fraudulent accounting may have contributed to the city's problems.
(
fluffybunnykiller Is feasting on the clitoris of life, Thu 12 Jul 2012, 10:50,
Reply)
California has been excessively permissive in its spending.
It wants to do things its own way, but will likely call for some type of federal bail-out, making other parts of America pay for its libertine lifestyle.
(
BrokenCoccyx doesn't mind if you grope on, Thu 12 Jul 2012, 15:22,
Reply)