*** Newspaper says Los Angeles financial stability in threat

CobraBoy! (tbyars@earthlink.net)
Mon, 17 Nov 1997 08:24:52 -0800

The Los Angeles Department of Water and Power has racked up so much
debt it could threaten the city's financial stability, the Los
Angeles Times said Sunday. The newspaper examined the department's
financial documents and found it has $7.5 billion in debt, more than
twice the amount showing on its books. The paper said the utility
used "creative financing and accounting gimmicks" to keep most debt
off balance sheets. The debts may render the utility unable to
transfer funds to the City of Los Angeles. The utility provides tens
of millions of dollars to pay for police, fire and other essential
services. See
http://www.infobeat.com/stories/cgi/story.cgi?id=5987701-18a

You have no idea how happy this makes me. Los Angeles went in my lifetime
form a great city to one of the great shitholes in the world. That is why I
left, and hate going back.

Also, what's the dillio with the dept of water and power paying the Police?

heh.. great Monday.

Tim

--


You only get pronounced two things in life,
man and wife, and dead on arrival.   - Dennis Miller


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