Brown Compares City Bankruptcies to Going into Surgery
Wednesday, July 11, 2012
Governor Jerry Brown says he hopes more California cities won’t file for bankruptcy but warns of a “continuing rocky ride.”
Governor Jerry Brown says he hopes more California cities won’t file for bankruptcy – but warns of a “continuing rocky ride.”
Last night, San Bernardino became the state’s third city in recent weeks to approve its own bankruptcy. In Los Angeles today, Brown said the bankruptcy process can help cities get control of their finances. “It’s almost like going into surgery. A lot of anticipation, anxiety, but California is strong, our cities are strong and give us enough time and we’re coming back.”
The governor says many American businesses have gone through bankruptcy and come out in better shape than before. He says cities that don’t have enough money must take whatever reasonable steps they can under the law.
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