Mayors and chief administrators in some big name, "fiscally challenged" communities need to parse their words more carefully when they make public assertions about their financial problems. I'm hearing some loose talk about "bankruptcy" and "insolvency" in various parts of the country. Sometimes these words are used by politicians while the city's financial officers are telling bond ratings agencies that everything is under control. That's asking for trouble.
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Richard Riordan was right—and it’s about time Mayor Villaraigosa admitted it.