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Municipal Bankruptcy

Government Blows Deadline To Prosecute Bankers

Reuters | Posted 02.08.2014 | Business

By Jonathan Stempel NEW YORK, Dec 9 (Reuters) - A federal appeals court said the U.S. government had waited too long to prosecute thre...

Dave Jamieson

Union Chief Pledges Payback On Rick Snyder After Detroit Pension Ruling

HuffingtonPost.com | Dave Jamieson | Posted 12.04.2013 | Politics

The president of the union representing thousands of retired Detroit employees called Tuesday's bankruptcy decision "inhumane" and promised a robust c...

Why Detroit's Future Looks Grim

Reuters | Posted 09.24.2013 | Detroit

(Repeats to additional subscribers) * Vallejo still struggling with a budget deficit * Jefferson County has little money...

Study: Controversial Law Helps Avoid City Bankruptcy

Reuters | Posted 09.23.2013 | Detroit

(Corrects first paragraph to show name of organization is Pew Charitable Trusts, not Pew Center on the States) * Michigan one of 19 st...

Report: Detroit Could File For Bankruptcy This Week

Posted 07.18.2013 | Detroit

The City of Detroit is preparing to to file for federal bankruptcy, the Detroit Free Press reports. The filing process, which would begin with a one- ...

Is Bankruptcy Right For Our Municipal Governments?

Mike Barnhart | Posted 02.27.2013 | Business
Mike Barnhart

Local leaders and citizens need to be aware of the municipal bankruptcy process and what it means to their community. Unless government officials learn to exercise budget control, more and more municipalities may face the prospect of bankruptcy.

American Cities Going Broke

24/7 Wall St. | Michael B. Sauter, Alexander E.M. Hess, Samuel Weigley | Posted 10.27.2012 | Business

From 24/7 Wall St.: Earlier this year, the city of Stockton, California, defaulted on its debt and filed for bankruptcy. For analysts at ratings agenc...

Bankrupt Town's Mayor Committed Massive Foreclosure Fraud

Reuters | Posted 11.19.2012 | Business

* US prosecutors to recommend prison for mayor, backer * City saw 156 foreclosures in 2008 * Central Falls filed for ban...

The Worst May Be Over For Struggling Cities

Reuters | Posted 11.12.2012 | Business

Sept 13 (Reuters) - U.S. cities face falling revenues for a sixth-straight year but their finances have passed the worst point in the wake of the re...

Bankruptcy Plan Saves Tiny City, But Not Without Scars

Reuters | Posted 11.03.2012 | Business

* State intervention protects bondholders, stops contagion * Retirees' pensions slashed, elected officials stripped of power ...

Will Wall Street Heart Paul Ryan?

The Huffington Post | Jillian Berman | Posted 08.14.2012 | Business

Thing One: Will Wall Street ...

Matt Sledge

Hershey, What? This Town Used To Be Called Chocolateville!

HuffingtonPost.com | Matt Sledge | Posted 08.22.2012 | Business

Central Falls does not have much. The former industrial Rhode Island town, with a population of around 20,000, is in the news mostly for its calamitou...

Third California City Files For Bankruptcy

Reuters | Posted 10.01.2012 | Business

* Third California city to file for bankruptcy * Follows Stockton and Mammoth Lakes * Fears other cities will file for b...

Scranton Cuts A Deal To Pay Cops And Firefighters For Doing Their Jobs

The Huffington Post | Alexander Eichler | Posted 07.31.2012 | Business

Good news, Scranton firefighters: You will once again be making more than the fry cook at your local McDonald's. The city of Scranton, Pennsylvania...

Bankrupt City Slashes Benefits

Reuters | Posted 09.26.2012 | Business

By Jim Christie and Peter Henderson SAN FRANCISCO, July 27 (Reuters) - A federal bankruptcy judge on Friday cleared the way for Stock...

U.S. Cities With Economies That Surpass Those Of Entire Nations

The Huffington Post | Harry Bradford | Posted 07.23.2012 | Business

Never underestimate the power of an American city. U.S. cities comprise more than one-third of the 100 largest economies in the world, and that's ...

'Bankruptcy Brings A Brutal Recognition Of The New Normal'

AP | HANNAH DREIER | Posted 09.21.2012 | Business

VALLEJO, Calif. (AP) — Cobblestones show through the decrepit pavement in Sheila Dodson's downtown neighborhood, prostitutes ply the sidewalks in br...

'I Don't Want My City Dissolved'

Reuters | Posted 09.16.2012 | Business

By Laura L. Myers GOLD BAR, Washington, July 17 (Reuters) - Residents of a century-old Washington state town facing possible municipal...

Bankrupt City Did 'The Same Stupid Things' Every Year

Reuters | Posted 09.14.2012 | Business

By Jim Christie and Tori Richards SAN FRANCISCO/SAN BERNARDINO, July 15 (Reuters) - In August 2010, almost two years before the San Be...

Troubled County Began Eminent Domain Talks In Secret

Reuters | Posted 09.12.2012 | Business

* San Bernardino began talks with investor group in January * County and Mortgage Resolution Partners agreed not to disclose ...

Third California City To File For Bankruptcy

Reuters | Posted 09.09.2012 | Business

* Government owes NNPC for helicopter, maritime security * Borrowing raises doubts over NNPC's future independence * Ear...

Bankrupt Town's City Manager: Retirement Benefits A 'Ponzi Scheme'

Reuters | Posted 09.03.2012 | Business

* City manager: Retirees' healthcare "a Ponzi scheme" * Police officers can retire at 50 years old with pension ...

California Ski Town In Trouble

AP | Posted 09.01.2012 | Business

LOS ANGELES (AP) — Councilmembers in a small ski town high in California's Sierra Nevada voted unanimously Monday to file for bankruptcy, the second...

Local Governments' Financial Woes Putting Retirees' Benefits At Risk

Reuters | Posted 09.01.2012 | Business

By Joan Gralla July 2 (Reuters) - U.S. states and localities have run up more than $2 trillion of unfunded pension lia...

Why Stockton, California, Is Bankrupt, And Your Town Isn't

Bloomberg View | Josh Barro | Posted 06.28.2012 | Business

Bloomberg View: The Stockton City Council yesterday approved a petition for bankruptcy, the largest of a city in U.S. history. Municipalities all o...