Compton, Calif., has until September 1st to decide whether it will become the fourth city in the Golden State to declare or consider bankruptcy this year, according to two city officials.
“I have $3 million in the bank and $5 million in warrants due in the next 10 to 12 days,” said city treasurer Doug Sanders. “By then, the council will have a decision to make: don’t pay the bonds, default on them, or have a serious talk about bankruptcy.”
And this shouldn’t come as a surprise. The city’s finances have been a mess for a while now.
The domino's are beginning to fall, just as predicted by economists, bankers, & anyone else who can add (or subtract a lot, in these cases). I wonder what the "spin" will be as this spreads?
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