Results 1 to 7 of 7

Thread: Bankruptcy looming for Providence, Rhode Island

  1. #1
    Senior Member HK in AK's Avatar
    Join Date
    Feb 2005
    Location
    quis custodiet ipsos custodes
    Age
    48
    Posts
    6,026

    Default Bankruptcy looming for Providence, Rhode Island

    I am loosing count on the number of cities that are contemplating or have filed bankruptcy.

    Providence, Rhode Islandís capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said today.

    ďI donít see how they can get out of it without going there,Ē said Flanders, a former state Supreme Court justice and a partner at Hinckley, Allen & Snyder LLP. He put Central Falls into bankruptcy in August and has used the cityís legal status to tear up contracts with city workers and cut pension benefits.
    Link: http://www.bloomberg.com/news/2012-0...udget-gap.html

  2. #2
    How's that Hopey Changey thing workin'? C.Puffs's Avatar
    Join Date
    May 2010
    Location
    Smooth as a porcupine.
    Posts
    24,804

    Default

    As long as we don't bail them out I'm past caring. Chickens are coming home to roost and there's no reason everybody should suffer from the stupidity of a few.

  3. #3
    Senior Member Mu-Meson's Avatar
    Join Date
    May 2007
    Location
    May 2001
    Age
    28
    Posts
    5,332

    Default

    The first stage in a bankruptcy procedure should be to find the politicians who made all the ridiculously expensive deals with public sector workers on wages, pensions and benefits, and then cancel their pensions. Seems fair to me.

  4. #4
    Banned user
    Join Date
    May 2006
    Location
    California
    Age
    47
    Posts
    24,839

    Default

    Quote Originally Posted by Mu-Meson View Post
    The first stage in a bankruptcy procedure should be to find the politicians who made all the ridiculously expensive deals with public sector workers on wages, pensions and benefits, and then cancel their pensions. Seems fair to me.
    Contracts are legally binding no matter the circumstances.

    Since Rhode Island is about the size of a typical California County, have all municipal public works, law enforcement, fire protection, administration within the state.....under a single entity for better economy of scale.

    For such a tiny state, there is no need for additional layers.

  5. #5
    Senior Member HK in AK's Avatar
    Join Date
    Feb 2005
    Location
    quis custodiet ipsos custodes
    Age
    48
    Posts
    6,026

    Default

    Quote Originally Posted by Ordie View Post
    Contracts are legally binding no matter the circumstances.
    Hmmm, you need to get out more. There are number of municipalities that declared bankruptcy and cancelled or reduced the pension benefits for retirees.

  6. #6

    Default

    [SIZE=2]This is why I'm leaving RI when I can. State is corrupt and Chafee is a dink.[/SIZE]

  7. #7
    Banned user
    Join Date
    Nov 2011
    Posts
    363

    Default

    Quote Originally Posted by Ordie View Post
    Contracts are legally binding no matter the circumstances.
    Unless discharged in the bankruptcy court. There is simply no money to pay what was promised! The taxpayers are walking out from the "property" they cannot afford.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •