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Stockton, Calif., Empowers City Manager To Seek Bankruptcy

By Erin Coe (June 5, 2012, 12:00 AM EDT) -- Officials for Stockton, Calif., voted Tuesday night to allow the city manager to declare bankruptcy if the city is unable to come to an agreement with its creditors this month that would prevent it from becoming the largest city to file for bankruptcy in the U.S....

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