So, What happens?
Will bankruptcy get Stockton out of the parking garage debt?
STOCKTON - State Controller John Chiang, in a visit to Stockton on Wednesday, said his office will begin scouring the city's finances in little more than one month.
His small team of auditors first must finish its work in the East Bay city of Hercules. Then, in Stockton they will seek to bring greater transparency and look through the financial history for any "lessons learned."
As in any audit by his office, Chiang said the end goal is to help Stockton make sound financial decisions in the future. The city is in pre-bankruptcy mediation with its major creditors after years of overspending and poor accounting.
"We just want to provide the information to strengthen the financial picture," Chiang said in an interview. "Stockton is a great area. We just want them to succeed.
If it comes to pass, Stockton would become the nation's largest city to file for bankruptcy.http://www.recordnet.com/apps/pbcs.dll/article?AID=/20120419/A_NEWS/204190324