Straight outta Compton, a crazy Motherf**er named Bankruptcy!

To be honest, i thought that town was already bankrupt!

Compton, Calif., has until September 1st to decide whether it will become the fourth city in the Golden State to declare or consider bankruptcy this year, according to two city officials.

“I have $3 million in the bank and $5 million in warrants due in the next 10 to 12 days,” said city treasurer Doug Sanders. “By then, the council will have a decision to make: don’t pay the bonds, default on them, or have a serious talk about bankruptcy.”

And this shouldn’t come as a surprise. The city’s finances have been a mess for a while now.

“The municipality has accumulated a $43 million deficit with no reserve. Funding for the city is expected to run out by the beginning of September,” CBS Los Angeles reports.

“The Council added to Compton’s accumulated deficit on July 10 when it adopted a $161 million budget with a $9 million projected deficit,” the report adds.

[link to www.theblaze.com]

Last Edited by Nostril Domus on 07/19/2012 11:59 PM