I’m less shocked to find out in this news story that there’s financial shenanigans going on in San Diego …
The sewer bond sale was postponed. Alarmed bond-rating agencies have significantly downgraded the city’s credit rating, raising borrowing costs years into the future. The city was forced to admit that it had misstated its financial condition for the last several years, and it has not yet produced a certified financial statement for 2003. Several senior city officials abruptly resigned. Retired city employees, concerned that they would lose benefits because of mismanagement of the pension fund, sued the city, demanding immediate payments into the fund. Reputable analysts have begun talking openly about the possibility that the city will have to declare bankruptcy, as Orange County did a decade ago.
… but that it’s the seventh largest city in the US. I had no idea it was that high up the list.
We used to be the 6th largest city, but got passed by. The pension and sewer fiascos are just unimaginable to me; I think the mayor and most of the city council are dolts who never read what they are voting on. And you don’t even want to get started on the scheduling of the special election to replace my council member who died suddenly – it’s ridiculous!