Tag Archives: Bankruptcy

Nick Allen – Stockton, California, Set To Be Biggest US City To Be Declared Bankrupt – 23 June 2012

When 10,000 citizens of Stockton, California sang along with Neil Diamond at the opening of their city’s shiny new concert hall it seemed like the good times would roll forever.

It was 2006 and local officials were happy to pay the musician $1 million in taxpayers’ money to perform Sweet Caroline as they rode high on the back of a turbocharged housing market. Continue reading