Bankruptcy

Oakland = GM?

By Stephen Lubben

Where have I heard this before:

Oakland City Council members may have privately bandied about the possibility of the city filing for bankruptcy, an unusually rare event in U.S. history. But none says it's likely, and Mayor Ron Dellums virtually ruled it out Tuesday.

"Bankruptcy is not a strategy that has been seriously considered, nor is it being pursued at this point," he said in a statement.

Full story here.  At least the mayor qualifies his answer, unlike GM's prior management.

Full post as published by Credit Slips on June 11, 2009 (boomark / email).