City Of Stockton, Calif., Files For Bankruptcy, Citing $26 Million Deficit

SACRAMENTO, Calif. - The City of Stockton, Calif., last night filed its Chapter 9 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of California, becoming the largest city in the country to file for bankruptcy after months of anticipation that insolvency was imminent once negotiations...

Stockton, California Chapter 9 Filing - Another Outlier, Or Harbinger?

Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way . The wave, however, has yet to materialize, and the bankruptcy filing of Stockton, California will likely not...