Posts Tagged ‘San Bernardino’California government as organized looting, chapter 237Friday, April 5th, 2013 April 5, 2013 By Chris Reed The longer I've lived in California, the more governance here seems to resemble organized looting of taxpayers. It's not just the showy and ridiculous things, like the longtime president of the CalPERS governing board being a top official in the California Federatio... Bankruptcy judge rejects CalPERS’ claim to protected statusWednesday, April 3rd, 2013 April 3, 2013 By Chris Reed As John Seiler pointed out here Tuesday, Monday's court ruling by U.S. Bankruptcy Judge Christopher Klein isn't seen as definitive. Yes, the city of Stockton can proceed with its bankruptcy filing. No, Klein doesn't yet agree with the city's plan to only short bond... Judge: Stockton can go belly upTuesday, April 2nd, 2013April 2, 2013 By John Seiler It’s official: The city of Stockton is bankrupt. On April 1, U.S. Bankruptcy Judge Christopher Klein ruled that Stockton's bankruptcy can proceed. "It's apparent to me the city would not be able to perform its obligations to its citizens on fundamental public saf... Reuters bests state media at covering San Bernardino’s collapseMonday, April 1st, 2013 April 1, 2013 By Chris Reed If you had to fashion a nut graph to explain why so many local California governments are in deep fiscal trouble, here's my nominee for an honest generic overview: Over the past 20 years, the city/county/district's political leaders have often acceded to union de... More CA cities should declare bankruptcyFriday, March 8th, 2013 March 8, 2013 By John Seiler Last year, three California cities declared bankruptcy: Stockton, San Bernardino and Mammoth Lakes. Atwater nearly did. Mammoth Lakes lost a lawsuit. But for the other cities -- as well as for the Vallejo bankruptcy in 2008 -- what the cities basically are sayin... German mag laughs at crumbling CAFriday, January 18th, 2013 Jan. 18, 2013 By John Seiler The left-center, establishment magazine Der Spiegel is the Germany's equivalent of Time magazine. They just delighted in making fun of the decomposition of America, especially in California. After recalling that the uniform hamburger was invented by McDonald's i... Municipal Bankruptcy Can Restore Financial StabilityThursday, January 17th, 2013Jan. 17, 2013 By Todd C. Ringstad The threat of bankruptcy still haunts California. State and municipal finances have been improving, yet last year three cities filed for Chapter 9 bankruptcy: Stockton, San Bernardino and Mammoth Lakes. Around the country, Jefferson County, Ala. went belly ... San Bernardino may have to pay pensions before police protectionWednesday, December 26th, 2012 Dec. 26, 2012 By Wayne Lusvardi Do pension payments have the first claim to a bankrupt city’s revenues, even over providing essential police and fire protection? This is the half-trillion-dollar question currently before a Federal bankruptcy court concerning the insolvency of the city of S... You and what army are going to make me pay?Monday, December 24th, 2012Dec. 24, 2012 By Chris Reed The city of San Bernardino’s defiance of CalPERS’ demands for payment will be remembered as the first in a very long line of defiant acts from local governments in California as budgets that don’t add up force local officials to make tough and often unpreceden... CalPERS seeks to be new California ‘Octopus’Monday, December 17th, 2012 Dec. 17, 2012 By Wayne Lusvardi In 1901, Frank Norris wrote a novel, “The Octopus: A Story of California.” The book became famous for its description of the monopolistic Southern and Pacific Railroad that dominated California a century ago. Fast-forward to 2012 and the bankrupt city of... |