I saw this from Mayor Nagin and immediately wondered if this is true or is he making wild ass statements again. I don't understand economics enough to know how can a city just all of a sudden become bankrupt? Did the hurricane really cause this?
Mayor says New Orleans now bankrupt
Sep. 13, 2005 at 9:02AM
New Orleans Mayor Ray Nagin says the hurricane-devastated city is bankrupt and is scrambling for loans to pay its employees through the end of the year.
"Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money."
He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.
However, Nagin was emphatic state and federal officials would not railroad through city reconstruction until it had passed city muster.
"I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said
Mayor says New Orleans now bankrupt
Sep. 13, 2005 at 9:02AM
New Orleans Mayor Ray Nagin says the hurricane-devastated city is bankrupt and is scrambling for loans to pay its employees through the end of the year.
"Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money."
He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.
However, Nagin was emphatic state and federal officials would not railroad through city reconstruction until it had passed city muster.
"I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said