Are L.A. and Riverside next?
In the latest sign that some U.S. cities are barely making ends meet, the city of Oakland, California Thursday priced a $211 million taxable bond which will help it cover pension obligations. Yes, borrowing money to cover retiree pay.
Moody's Investor Service has proposed adjusting its U.S. public sector pension data to put the unfunded liabilities at $2.2 trillion, nearly triple what they were two years ago.
While market reaction to San Bernardino's pending bankruptcy has been "much calmer than expected," Envision Capital's Marilyn Cohen added, "people are asking 'Is Riverside next?'" referring to the other major city in California's Inland Empire.
The heat from three California bankruptcies in two weeks is fanning out like a late summer brushfire. Los Angeles County officials have ordered a review comparing their financial practices to now-bankrupt Stockton.
Read the rest of the article at CNBC
I truly like to reading your post. Thank you so much for taking the time to share such a nice information. I'll definitely add this great post in my article section.
ReplyDeleteBankruptcy Riverside Law Firm