Relevant:
- Vallejo Bankruptcy Plan Offers Unsecured Creditors 5-20%; JPMorgan CEO Forecasts More Municipal Bankruptcies; Bernanke Will Not Rescue Cities
- Vallejo is set to declare bankruptcy
- Vallejo, California City Officials Vote to File for Bankruptcy
- JPM Privately Panicking Over Muni's: Unfunded Pension Liabilities Now $4 TRILLION!
- California City Moves Closer to Bankruptcy Filing
2008-05-08 — blogspot.com
"Cities and municipalities have been promising government workers more in salaries and pension benefits than can possibly be met. Unfunded liabilities are mounting and the ticking time bomb finally went off. What had to happen, did. Vallejo California Declared Bankruptcy."
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