By outward appearances, Stockton, a city of nearly 300,000 on the Sacramento-San Joaquin River Delta, seemed in the mid-2000s to be emerging from decades of struggle.
But then the recession hit, and the good times went bust. On Monday, California’s 13th-largest city begins federal court proceedings that could end with it becoming the most populous city in the U.S. to successfully enter bankruptcy, a move opposed by those who lent the money [...]
SAN BERNARDINO, Calif. — The gunshots ripped through a house party here, an hour before midnight on New Year’s Eve, wounding three and killing one. It was a brutal, if fitting, cap to a year that left this city bloody and broke.
Five months after San Bernardinofiled for bankruptcy — the third California city to seek Chapter 9 protections in 2012 — residents here are confronting a transformed and more perilous [...]
From Economic Policy Journal:
Here are the places with the most sunshine, low amounts of rain or snow, fewest days below 32 degrees or above 90 degrees, and low humidity — these locales came to mind for John Brady of TopRetirements.com
1. San Luis Obispo, Calif. — San Luis Obispo, Calif., a city on the Pacific Coast with an average January temperature in the low to mid-50s and an average July temperature [...]
Los Angeles (CNN) – The City Council of San Bernardino, California, is scheduled to vote late Wednesday on a resolution formally authorizing the filing of bankruptcy.
The council, scheduled to meet at 5 p.m., is to consider first another resolution declaring a fiscal emergency.
Last week, Interim City Manager Andrea Miller and Finance Director Jason Simpson issued a report stating that the city was facing insolvency and its expenditures are projected to exceed [...]
Because once the dominoes start, they don’t stop. Stockton, Mammoth, San Bernardino and now legendary rap and LA riots nexus – the City of Compton. Fear not: the ESM, and the German population whose retirement age will have to be in the quadruple digit range to fund a broke world, has got this, too, covered. Also, only squares don’t make fun of Meredith Whitney for saying municipal America is insolvent, [...]
NEW YORK (CNNMoney) — San Bernardino became the third California city to file for bankruptcy in the past few weeks … but it won’t be the last.
Many municipalities in the Golden State and around the nation are struggling to cover their costs as the economic malaise continues to hurt tax revenue streams, experts said. This will lead to more municipal bankruptcies, which have been rare until now.
“This is not the [...]
By Phil Willon, Catherine Saillant and Abby Sewell, Los Angeles TimesJuly 12, 2012
Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse.
For some, it may not be enough.
San Bernardino on Tuesday became the third California city to seek bankruptcy protection in the last month and, while no one expects the state [...]
Stockton, Calif., is set to declare bankruptcy as early as this week, according to local officials, a move that would make it one of the largest U.S. cities ever to file for reorganization.
On Monday, a state-required mediation with creditors to find a fiscal solution is scheduled to expire. Stockton’s City Council is then slated to meet Tuesday to decide whether to adopt a budget for operating in bankruptcy, a move [...]
The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city hall building.
The city paid $35 million to buy the 8-story building, but was not able to move in because of its money problems, and recently stopped making debt payments all together. This is the fourth building that was repossessed by Wells Fargo; the bank seized three city parking garages for the [...]
February 18, 2012
LOS ANGELES, Feb 16 (Reuters) – A report this week showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States, say experts and officials who have done studies in other parts of the country.
The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released [...]
September 21, 2011
In Orange County, California, it is illegal to hold a religious meeting in your home.
This is what Chuck and Stephanie Fromm, of San Juan Capistrano, discovered when they were fined $300 earlier this month for holding a Bible study class on their property.
Officialdom in the county said the couple were singled out because it is considered illegal to hold “a regular gathering of more [...]
“Frankly, this council is out of control.”
The Western Arizona town of Quartzsite was in a state of upheaval Monday after the Town Council ousted the mayor from power and declared a state of emergency, all because of an online video that shows a woman being arrested.
Mayor Ed Foster told The Associated Press on Monday that the Town Council held a last-minute meeting that was closed to the public [...]
May 9 (Bloomberg) — The top 20 highest-paid city employees in California earned on average $490,000 in 2009, led by Robert Rizzo, the disgraced city manager of Bell, and three police chiefs paid more than $500,000 each, state data shows.
Rizzo was paid $1.17 million that year and former city manager Angela Spaccia was paid $562,538, according to data provided by California Controller John Chiang. California’s [...]
1) U.S. import prices climb 2.2% in April
“The April advance follows the 2.7% jump in March and was stronger than the 1.6% gain that economists polled by MarketWatch had anticipated. Prices of imports are up 11.1% compared to April 2010. ”
Gold May Rise to $2000 as Alternative to Currency, Sprott Says
Deutsche Bank Sees Gold Surging as High as $2,000 as Soros Pares His Bets
ECB Rejects Restructuring as Greece [...]
Monica Almeida/The New York Times
Helen Nenadal, who has worked for the city of Costa Mesa, Calif., for more than 30 years, was one of hundreds of city workers to receive a pink slip.
COSTA MESA, Calif. —To solve a looming pension crisis and budget gap, city officials said, they needed to take drastic action. Now everyone agrees on one thing: they did.
Nearly half of this city’s workers [...]
Look at the City of Bell in California. The city manager was collecting almost $1 million a year salary. His pension would/will amount to of $800,000 a year. He in turn, rubber stamped massive salary increases to the Chief of Police (who was already getting a fat pension from another California city) and other members of the city of Bell council. Remember, the City of Bell is a low [...]