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Keyword: bankruptcy

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  • The Right to National Bankruptcy

    07/18/2012 2:54:31 PM PDT · by BfloGuy · 1 replies
    The Mises Institute ^ | 18 July 2012 | Andrew Foy, M.D.
    People like me who believe the government should play a less active role in subsidizing healthcare costs are often asked the question "Do you believe healthcare is a basic human right?"While this is an important philosophical question to ponder, it often lends itself to unexamined answers and political demagoguery. The imprecise answer "yes" to this question by most governments around the world (including the United States) has served mainly to accelerate healthcare-cost growth and benefit the medical-industrial complex at the expense of the public. To appreciate this point, one must consider the reality of what having a right to...
  • Compton {California} To Consider Bankruptcy

    07/18/2012 7:36:08 AM PDT · by BenLurkin · 28 replies
    CBS) ^ | July 18, 2012 6:07 AM
    The city of Compton is reportedly facing bankruptcy following an announcement at a City Council meeting Tuesday night. During the four-hour meeting, two senior financial officials told council members they have to decide by September 1 whether or not to file for bankruptcy. The municipality has accumulated a $43 million deficit with no reserve. Funding for the city is expected to run out by the beginning of September. The Council added to Compton’s accumulated deficit on July 10 when it adopted a $161 million budget with a $9 million projected deficit. “Either you’re gonna pay these bonds . . ....
  • City of Compton (California) may declare bankruptcy by September: officials

    07/18/2012 3:01:10 AM PDT · by Zakeet · 49 replies
    Reuters ^ | July 18, 2012 | Ronald Grover and Jim Christie
    The City of Compton, a city of 93,000 people located on the outskirts of Los Angeles, must decide by September 1 whether to seek bankruptcy, according to its two most senior financial officials. Such a move would see it join a growing number of deficit-hobbled California cities that have used the filing to restructure onerous debt loads. Compton, which has an accumulated $43 million deficit and has depleted what had been a $22 million reserve, will run out of cash to make its payroll on September 1 at its current cash consumption rate, city comptroller Steven Ajobiewe told the city...
  • California, look to Wisconsin (Cities hoping to avoid bankruptcy should look east for ideas)

    07/17/2012 12:05:12 PM PDT · by SeekAndFind · 6 replies
    Los Angeles Times ^ | 07/17/2012 | Steve Malanga
    Now that three California cities have declared bankruptcy, perhaps it's time to consider the lessons of Wisconsin. One of the reasons Wisconsin Democrats couldn't unseat Republican Gov. Scott Walker in the state's recall election was that his challenger exemplified how Walker's narrowing of collective bargaining privileges for government workers benefited the state. As mayor of Milwaukee, Tom Barrett had relied on Walker's reforms to balance his city's budget. And Barrett wasn't alone among Wisconsin officials. Walker comfortably defeated Barrett in large part because in the 11 months that the governor's reforms were in effect, Wisconsinites got a good glimpse of...
  • California Cities Go Bankrupt, But Bullet Train Barrels On

    07/14/2012 7:51:42 AM PDT · by SeekAndFind · 12 replies
    Forbes ^ | 07/14/2012 | Bill Frezza, Contributor
    If we didn’t have California as a case study of fiscal insanity, someone would have to invent it. Nowhere else better illustrates what happens when a populist government fully embraces the progressive policies of tax, spend, and promise-public-employees-fantastic-pensions. What else can you say about a state whose leading growth industry is municipal bankruptcies, whose leading export is companies and citizens fleeing tax increases, whose political leading lights include Maxine Waters and Nancy Pelosi, and whose leading economic policy initiative is floating government bonds to “invest” in yet more money-losing boondoggles? Last week the California legislature endeared itself to both construction...
  • Barack Obama Keeps Campaign Promise – Patriot Coal Corp Files For Bankruptcy

    07/10/2012 2:10:04 PM PDT · by KeyLargo · 35 replies
    The Gateway Pundit ^ | July 10, 2012 | Jim Hoft
    Barack Obama Keeps Campaign Promise – Patriot Coal Corp Files For Bankruptcy Posted by Jim Hoft on Tuesday, July 10, 2012, 5:57 AM A one man wrecking crew– Barack Obama promised to bankrupt the coal industry during the 2008 campaign. “So if someone wants to build a coal-powered plant, they can. It’s just that it will bankrupt them.” On Monday Patriot Coal Corp filed for bankruptcy. Barack Obama kept this promise. Reuters reported: Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to...
  • San Bernardino bankruptcy: Why Other California cities could be next

    07/12/2012 9:44:15 AM PDT · by SeekAndFind · 26 replies
    Los Angeles Times ^ | 07/12/2012
    San Bernardino this week became the third California city to seek bankruptcy protection in the last month, and experts say it might not be the last. "There are likely to be more in the future, but it's hard to know, since a lot of struggling cities may manage to work things out,'' said Michael Coleman, a fiscal policy adviser for the California League of Cities. "Some cities may not go into a bankruptcy, but they may dissolve. They may cease to exist.'' Once rare, turning to bankruptcy has become a painful but enticing option for cities whose labor costs and...
  • Peregrine Files For Bankruptcy After $215M Goes Missing, Where Were The Regulators?

    07/12/2012 12:02:34 AM PDT · by STARWISE · 21 replies
    Forbes ^ | 7-11-12 | Halah Touryalai,
    *snip* The accusations began on Monday when Peregrine’s front-line regulator, the National Futures Association (NFA), hit the firm with an enforcement action prohibiting it from doing any more business after finding that it failed to meet key financial requirements. Yesterday the CFTC, a U.S. regulator, got involved and sued Peregrine for fraud by misappropriating customer funds, violated customer fund segregation laws, and made false statements in financial statements filed with the Commission. This isn’t just another firm going bust because for the second time in less than a year customer funds that should have been protected have gone missing amid...
  • The New Normal: Municipal Bankruptcy

    07/11/2012 12:56:40 PM PDT · by Cincinatus' Wife · 22 replies
    National Review Online ^ | July 11, 2012 | Michael Auslin
    Half a million Californians now live in bankrupt cities, as San Bernardino joins Stockton in declaring insolvency thanks to a $46 million deficit (a smaller city also declared bankruptcy this month). Lest anyone think this was a result solely of the 2008 housing bubble and financial crisis, Reuters reports that: the city attorney general James Penman said San Bernardino’s city officials had been submitting false accounting documents for 13 of the last 16 years in an effort to hide the real financial situation of the city. San Bernardino’s mayor since 2006, Patrick Morris, said he had never heard of allegations...
  • San Bernardino Is Third California City to Opt for Bankruptcy

    07/11/2012 6:16:30 AM PDT · by SeekAndFind · 24 replies
    San Francisco Chronicle ^ | 07/11/2012 | Michael B. Marois and Alison Vekshin
    San Bernardino’s City Council voted to become the third California city this year to file for bankruptcy, as it struggles with declining tax revenue, growing employee costs and accounting discrepancies in its ledgers. The council voted 4 to 2, with one abstention, last night to authorize a filing under Chapter 9 of U.S. bankruptcy law. The city of 209,000, about 65 miles (105 kilometers) east of Los Angeles, is so broke it can’t make its Aug. 15 payroll, interim City Manager Andrea Travis-Miller said. “If the employees are not paid on Aug. 15, on Aug. 16 there will be a...
  • Scranton, Pa. Mayor Slashes All Public Worker Wages to $7.25 per Hour, City Effectively Bankrupt

    07/10/2012 7:28:08 AM PDT · by SeekAndFind · 44 replies
    MISH'S Global Economic Trend Analysis ^ | 07/10/2012 | MIKE SHEDLOCK
    Scranton, Pennsylvania's, the state's sixth-most-populous city (population of 76,089 in 2010 census), is down to its last $5,000 and has no way to pay salaries. The mayor wants an immediate tax hike of 29% and 78% over three years. In every sense of the word, Scranton is bankrupt. NPR reports Scranton's Public Workers Now Paid Minimum Wage. The city of Scranton, Pa., sent out paychecks to its employees Friday, like it does every two weeks. But this time the checks were much smaller than usual. Mayor Chris Doherty has reduced everyone's pay — including his own — to the...
  • Yet Another Obama-backed energy firm nears insolvency. Hey, is there an echo in here?

    07/05/2012 2:19:49 PM PDT · by SeekAndFind · 7 replies
    Hotair ^ | 07/05/2012 | ERIKA JOHNSEN
    Breaking news: The Obama administration has once again demonstrated a phenomenal knack for trying to pick economic winners and losers, and invariably picking losers. It's shocking, I know. (Hint: If the government feels the need to "invest" in a venture, because the private sector hasn't or won't ... right away, wrong.)This time, it isn't solar, but rather a Department of Energy-backed geothermal company that's having trouble keeping its head above water. A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary...
  • Another Stimulus Backed ‘Green Energy’ Company Goes Bankrupt ( Pat Stryker mentioned )

    07/02/2012 6:29:29 PM PDT · by george76 · 8 replies
    The Heritage Foundation ^ | June 28, 2012 | Lachlan Markay
    Another stimulus-backed green energy company has filed for bankruptcy, further fueling criticism of Energy Department programs that backed highly-risky investments on the taxpayer dime. Like Solyndra and a number of other green energy investments made under this administration, Abound Solar had a very poor credit rating, but enjoyed a wealth of political connections. ... Abound had to remove an entire rooftop of defective solar panels from the headquarters of one of its top investors, Bohemian Companies, a venture capital firm owned by Pat Stryker. Stryker is particularly noteworthy, given her extensive ties to Democratic causes and politicians, including President Obama....
  • American flag seller files for bankruptcy

    07/01/2012 10:22:18 AM PDT · by OrangeHoof · 48 replies
    Wall Street Journal blog ^ | 06-27-12 | Katy Stech
    When selling the business of patriotism, put emphasis on the red. A little over a week before America celebrates its 236th birthday, Wisconsin-based flag seller Liberty Flag & Specialty Co. filed for bankruptcy protection.
  • Will Los Angeles Follow Stockton's Lead of Bankruptcy? (Stockton, CA might not be the last)

    06/29/2012 9:31:17 AM PDT · by SeekAndFind · 10 replies
    KCET ^ | 06/29/2012 | Jessica Levinson
    The City of Stockton, the now-infamous port city located in Northern California, is declaring bankruptcy. It is the largest U.S. City to take the drastic step of declaring bankruptcy. Stockton is facing a $26 million budget deficit, it has stopped making bond payments, and employee pay, and health and insurance benefits, have been cut significantly. Is Los Angeles next? There is no doubt that it is in bad shape financially -- and I mean really bad shape. But for a number of reasons I do not think Los Angeles will go the way of Stockton. Its leaders, hopefully, still have...
  • Cash-strapped Stockton (CA) votes to file for bankruptcy

    06/27/2012 9:25:58 PM PDT · by Olog-hai · 33 replies
    San Francisco Chronicle ^ | 03:26 p.m., Wednesday, June 27, 2012 | Kevin Fagan
    After desperately trying everything from huge budget cuts to secret negotiations with creditors, the Stockton City Council finally ran out of options Tuesday night and voted to file for bankruptcy. The 6-1 vote was to authorize a day-to-day operating budget, called a pendency plan, that will go into effect when city officials file for Chapter 9 bankruptcy protection in federal court in Sacramento. That filing is expected Wednesday. Stockton, a river port with 292,000 residents, will become the biggest city in U.S. history to vote itself into bankruptcy. The previous largest bankrupt city was Vallejo, which filed in 2008 and...
  • Stockton bankruptcy: 'All that's left is sadness' for city

    06/27/2012 11:28:01 AM PDT · by Oldeconomybuyer · 23 replies
    The Los Angeles Times ^ | June 27, 2012 | by Diana Marcum
    With the city of Stockton moving to become the nation's largest city to seek protection under the U.S. Bankruptcy Code, Tuesday night's City Council meeting was quiet, with an evident sadness on faces in the packed chambers. The working-class port city -- from where many of California's agricultural exports set sail -- lived largely on credit during economic boom times. The city borrowed millions of dollars for ambitious, eye-catching projects in the mid-2000s. Up went a sports arena, hotel and promenade. The city booked a Neil Diamond concert as a kickoff to better times. Houses in sprawling tracts sold quickly...
  • Stockton California Files For Bankruptcy, And Murder Is Surging After Police Corps Gets Gutted

    06/27/2012 9:08:20 AM PDT · by SeekAndFind · 71 replies
    Business Insider ^ | 06/27/2012 | Ben Duronio
    Stockton, California is filing for the largest bankruptcy of any U.S. city in history due to the decline in the once hot housing market and an intake of debt during its boom years. The city has cut more than $90 million in spending over the past few years, specifically in its police department. The city has cut over one quarter of its police jobs, which has led to a "surge in murders," and has created an "emboldened criminal element" in the city. According to police spokesman Joe Silva, the city has had 87 murders since the start of 2011, 29...
  • 7 Reasons Americans Are So Complacent About Our Country's Impending Bankruptcy

    06/26/2012 3:56:44 AM PDT · by Kaslin · 146 replies ^ | June 26, 2012 | John Hawkins
    America is on track to go bankrupt. Just like Greece. The signs are all around us. We've lost our AAA credit rating. Trillion dollar deficits are the new normal. The Fed is buying 61% of our own debt. Barack Obama's 10 year budget will leave Americans with “more debt than has been accumulated by all previous Presidents in American history combined.” Nobody on the Left or Right seems to believe we'll ever pay off all of the money we owe. Life as we know it is very close to ending and yet Americans seem to be infected with a tragic...
  • WWII Veteran Being Forced Out of Home and Forced to Exhume Wife’s Body: Needs Your Help

    06/19/2012 1:21:45 PM PDT · by Whenifhow · 17 replies ^ | 6.15.12 | Stewart Rhodes
    Warren C. Bodeker is an 89 year old World War II Army Airborne combat veteran and war hero, living in Montana, who is being thrown off of his own land and thrown out of his own house, by Montana Federal Bankruptcy Trustee, Christy Brandon, with the approval of the U.S. Bankruptcy Court in Montana. And to make matters worse, Warren’s wife Lorna just died of cancer this past year, and is buried there on their land, right next to the house. Warren had planned to live there till he died and then be buried right next to his wife, there...