HARRISBURG PATRIOT-NEWS Column: …Filing for Chapter 9 bankruptcy has been an appealing solution for some. City Controller Dan Miller has been an advocate of that option.
The city of Stockton, Calif. took that route last June and the new city management found that the city’s financial statements had hidden the real costs of employee compensation and retirement obligation.
The new city manager was quoted in The Journal, saying: Stockton’s financials had “eerie similarities to a Ponzi scheme… (more)
EDITOR: If we do not resist the predators, the same will occur even here in conservative Lancaster. First the Convention Center, perhaps now the LCSWMA … To date, we fought off the street cars. But the predators will keep on seeking to exploit public assets and bonding capacity until there will be nothing left as is the case with Harrisburg.
Who are the predators? The upper 1/10th of 1% (bankers, lawyers, consultants), their minions and sycophant media. More on this soon.
