PA state capital,Harrisburg,to go bankrupt

Parent Cafe
1

<p>City Council voted to file for bankruptcy today…</p>

2

<p>How very sad.</p>

3

<p>I caught the end of the controller’s interview with the CNBC’s talking heads. Filing for bancruptcy does not mean they are “going out of business”. It will allow them to re-negotiate some contracts put in place by the mayor who recklessly signed them (apparently, he was in the office for more than 25 years :eek:). It is a strategic move, I think, but it is very sad.</p>

4

<p>It almost entirely due to a single bad deal that the city guaranteed the bonds of:</p>

<p>[Harrisburg</a> Files for Bankruptcy on Overdue Incinerator Debt - Bloomberg](<a href=“Bloomberg - Are you a robot?”>Bloomberg - Are you a robot?)</p>

5

<p>and add to that the city of Reading is now the poorest in the nation!? Wow </p>

<p><a href=“Reading, Pa., Tops List Poverty List, Census Shows - The New York Times”>Reading, Pa., Tops List Poverty List, Census Shows - The New York Times;