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Municipal Debt

Detroit Must Grow Up and Liquidate Assets

Steve Siebold | Posted 10.08.2013 | Politics
Steve Siebold

The message we're sending other cities as well as our own citizens is it's OK to mismanage all of your money because the government will come riding in on the white horse to save you.

Save Detroit the New York Way

Rep. Hansen Clarke | Posted 02.20.2013 | Detroit
Rep. Hansen Clarke

Detroit is known as the nation's manufacturing capital for good reason: it still has the facilities, the firms, the research institutions, the workforce, and -- of course -- the grit to justify the title. The right kind of assistance could get Motor City rolling again.

Bankers' Rigging Cost Desperate Cities, States BILLIONS

The Huffington Post | Mark Gongloff | Posted 10.09.2012 | Business

If you think Libor fraud is a victimless crime, the muni-bond market has 6 billion reasons it begs to differ. States, cities and other municipal bo...

Bankers Guilty Of Scamming U.S. Cities

Reuters | Posted 10.31.2012 | Business

* Part of U.S. probe of $3.7 trillion muni bond market * Fraud by ex-UBS employees spanned five years -prosecution * Def...

Report: S&P, Moody's Inaccurately Reporting Critical Stat

The Huffington Post | Bonnie Kavoussi | Posted 08.17.2012 | Business

After bank analyst Meredith Whitney prophesied a wave of defaults by U.S. cities two years ago, many investors mocked her when her prediction failed t...

Report: Rating Agency Drastically Underreporting Muni Defaults

The Washington Post | Danielle Douglas | Posted 08.16.2012 | Business

Defaults on municipal bonds for decades have been far higher than reported by rating agencies, bringing into question the true risk of a common inves...

Will Wall Street Heart Paul Ryan?

The Huffington Post | Jillian Berman | Posted 08.14.2012 | Business

Thing One: Will Wall Street ...

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...

Mayor On City's Financial Collapse: 'The Chickens Came Home To Roost'

Reuters | Posted 09.24.2012 | Business

By Hilary Russ July 25 (Reuters) - The mayor of Pennsylvania's distressed capital city Harrisburg on Wednesday release...

'This Could Get Ugly In A Hurry'

The Huffington Post | Mark Gongloff | Posted 07.11.2012 | Business

The news on Wednesday that cities and states are suing some of the world's largest banks over Libor manipulation shows how this scandal could blow up ...

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...

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...

Weak Local Governments May Want To Think Twice Before Filing For Bankruptcy

Reuters | Posted 08.28.2012 | Business

(Repeats analysis story initially published late on Wednesday) * Stockton, California, bankruptcy filing expected by Friday ...

Janell Ross

No-Tax Town Would Rather Die Than Levy

HuffingtonPost.com | Janell Ross | Posted 03.08.2012 | Business

In Youngtown, Ariz., city officials are contemplating the legal equivalent of shutting down. The city of about 6,500 people 30 minutes northwest o...

The Great Unraveling: Yonkers, Stockton and Municipal Bankruptcy

Richard Brodsky | Posted 05.07.2012 | Business
Richard Brodsky

The great national battle about the size of government and the level of taxation will be played out in the streets of small cities across America

County Gets Go-Ahead To Proceed With Huge Bankruptcy

Reuters | Posted 05.05.2012 | Business

March 5 (Reuters) - Alabama's Jefferson County is fully eligible for Chapter 9 bankruptcy protection and can proceed with its $4.23 billion filing, ...

In Over Half Of U.S. States, Spending To Exceed Revenues

Reuters | Posted 03.10.2012 | Business

By Lisa Lambert Jan 9 (Reuters) - More than half the U.S. states will not have enough revenues to cover spending demands in the fiscal...

Meet Detroit's Financial Review Team

Free Press | Posted 12.27.2011 | Detroit

Gov. Rick Snyder on Tuesday announced the 10 members of Detroit's financial review team who will meet under Michigan's emergency manager law. The team...

GE Admits Former Traders Rigged Bids, Agrees To Pay Millions To Stop Probes

Posted 12.23.2011 | Business

WASHINGTON (Reuters) - General Electric Co acknowledged that three former traders at a finance unit engaged in bid-rigging of municipal bonds and...

Simone Landon

Council Cuts Christmas Checks

HuffingtonPost.com | Simone Landon | Posted 11.30.2011 | Detroit

City retirees won't be receiving extra cash from the city pension plan this holiday season after Detroit City Council voted Tuesday to prevent the cit...

Mayor Dave Bing: 1,000 Job Cuts Amid Detroit Budget Crisis

AP | JEFF KAROUB | Posted 01.18.2012 | Detroit

DETROIT — Detroit plans to cut 1,000 jobs by early next year to help deal with the city's budget crisis and avoid the possibility of a state-app...

Jackie Ginley

How A City's Affordable Housing Loans Became A $10 Million Mess

HuffingtonPost.com | Jackie Ginley | Posted 11.18.2011 | San Francisco

Reporters Bob Porterfield and Jackie Ginley are exploring the financial challenges facing Hercules for The Huffington Post and Hercules Patch. Read th...

Occupy Detroit Joins #N17 Day Of Action

The Huffington Post | Posted 11.18.2011 | Detroit

Occupy Detroit protesters on Thursday were set to join nationwide protests on the two-month anniversary of the Occupy Wall Street movement's initial e...

Jackie Ginley

City's Affordable Housing Initiative Spent Nearly $50 Million, Produced Nothing

HuffingtonPost.com | Jackie Ginley | Posted 11.17.2011 | San Francisco

Reporters Bob Porterfield and Jackie Ginley are exploring the financial challenges facing Hercules for The Huffington Post and Hercules Patch. Read th...

From Local Officials To Wall Street Blame For County Bankruptcy Casts Wide Net

Posted 01.11.2012 | Business

From corrupt and incompetent local officials to Wall Street's credit crisis and toxic bonds, there was plenty of blame to go around on Thursday, a...