Another Municide: San Bernadino, CA votes to seek Bankruptcy Protection

  by John Galt July 11, 2012 05:15 ET The third California city with financial difficulties in the last 2 weeks alone has elected to seek Chapter 9 Bankruptcy protection as San Bernandino, CA (Pop. 292,000) plans to file to avert missing the next payroll deadline for its employees on August 15th. The article covering this proposed filing from Bloomberg BusinessWeek has  a very interesting quote via City Attorney James Penman however, which adds to the traditional twist of why so many communities are in dire financial straits:   Penman said…

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