Putting The Stockton Bankruptcy In Perspective

Law360, New York (January 18, 2013, 1:53 PM EST) -- Amid the economic hardships brought upon us by the Great Recession, the plight of cities, towns and other municipalities across the U.S. has received a significant amount of media exposure. The media has been particularly interested in the spate of recent Chapter 9 bankruptcy filings by Vallejo, Stockton, San Bernardino, and Mammoth Lakes, Calif.; Jefferson County, Ala.; Harrisburg, Pa.; and Central Falls, R.I.

A variety of factors have combined to create a virtual maelstrom of woes for U.S. municipalities — a reduction in the tax base...
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