hank paulson Archive

  • When the town of Vallejo, California, declared bankruptcy this spring, Mayor Osby Davis predicted -- and rightly so -- that he'd get an earful from his constituents, employees and retirees. What he didn't anticipate was the chorus of phone calls from mayors outside the city, both close by and clear across the country. They told him they were watching Vallejo's bankruptcy proceedings closely, and some of them, he says, indicated that "they find themselves not too far behind us."

    California bankruptcy problems continue –

    Posted on December 14, 2008 | 1 Comment
    When the town of Vallejo, California, declared bankruptcy this spring, Mayor Osby Davis predicted -- and rightly so -- that he'd get an earful from his constituents, employees and retirees. What he didn't anticipate was the chorus of phone calls from mayors outside the city, both close by and clear across the country. They told him they were watching Vallejo's bankruptcy proceedings closely, and some of them, he says, indicated that "they find themselves not too far behind us."

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