City of Houston is Bankrupt (So are California, Oregon, and Pension Plans in General)

By: Mish Shedlock
Global Economic Trend Analysis

Houston, we have a problem. We are bankrupt.

That is the finding of Bob Lemer, CPA, Retired Partner at Ernst & Young; Aubrey M. Farb, CPA, Retired Partner at Grant Thornton; and Tom Roberts, CPA, Retired Partner at Fitts Roberts.

Cover Letter
October 22, 2009
Name, Title and Address [see list below]
Subject: Finances of the City of Houston
Dear : [see list below]
Enclosed is our partial analysis of the very serious financial situation at the City of Houston. We would be derelict if we failed to share this financial analysis with you. This financial heads up will assist you in meeting your fiduciary responsibilities to Houston voters, taxpayers, readers, viewers or investors---as the case may be.
Continues: http://globaleconomicanalysis.blogsp...pt-so-are.html

SOURCE: http://solari.com/blog/ Catherine AUstin Fitts' blog.