How bad are things in California?
Mon Nov 16 2009 6:45 pm
by Bob Morris.
“I looked as hard as I could at how states could declare bankruptcy,” said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. “I literally looked at the federal constitution to see if there was a way for states to return to territory status.”
States are not legally permitted to file bankruptcy. But presumably territories can.
Posted in: Unfiled.
Tagged: California budget crisis
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