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San Bernardino yesterday became the third Californian city to file for bankruptcy protection,...

San Bernardino yesterday became the third Californian city to file for bankruptcy protection, saying it owes over $1B to 10K-25K creditors. San Bernardino's filing, as well as those of Stockton and Mammoth Lakes, will be major test cases of whether distressed cities will be permitted to go back on their bond and pension obligations.
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Comments (3)
  • WMARKW
    , contributor
    Comments (10672) | Send Message
     
    ??? 10k - 25k creditors? Seems like you could just go to your Accounts Payable register and print a list and count them up and identify the "exact" number of creditors?
    2 Aug 2012, 05:52 AM Reply Like
  • gabello
    , contributor
    Comment (1) | Send Message
     
    Isn't buying a muni like signing a contract. The issuer agrees to pay you and you agree to pay the issuer. How can all these counties just break these contracts and not pay?
    2 Aug 2012, 02:59 PM Reply Like
  • Josh ODonnell
    , contributor
    Comments (229) | Send Message
     
    Because they dont have the money. california is like $60 billion dollars in debt and counting. Its the brokest state in the union...and houses some of the richest americans..
    amazing.
    2 Aug 2012, 11:21 PM Reply Like
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