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July 11, 2012

It’s a trend: San Bernardino the third California city to seek bankruptcy

  • $46 million budget shortfall puts city in a tough spot source

» And they have company, too: San Bernardino, population 202,000, is not a small city. Nor is Stockton, population 291,000, which announced its intention to declare bankruptcy last month. Both fell on hard times after a boom-and-bust period. The much-smaller Mammoth Lakes also filed for bankruptcy protection recently, but unlike the recession-related reasons for the other two cities, their reason was lawsuit-related. (That city owes $43 million in a breach-of-contract lawsuit to a developer, which is far more than their yearly operating budget.) Anyone want to take bets on which California city falls prey to bankruptcy protection next, if any? (Edit: Spelling)

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12:10 // 2 years ago