Central Falls, Rhode Island Files For Bankruptcy

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Mon, 08/01/2011 - 14:03 | 1513563 snowball777
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Couldn't pick a better name to begin the muni collapse with, bitchez.

Mon, 08/01/2011 - 14:16 | 1513607 Ahmeexnal
Ahmeexnal's picture

 

 

Welcome to the recovery!

 

This is evidently a joke. Can't really take it serious from someone named "Hilarious Marius".

Please stay calm in your couch, and stay tuned to your next episode of "As the Worm Turns".

Mon, 08/01/2011 - 14:24 | 1513654 anynonmous
anynonmous's picture

the town's website is priceless

they actually have a welcome page for the reciever

"A City with A Bright Future"

 

Central Falls

Welcomes

Office of the Receiver

 

Receiver : Robert G. Flanders, Esq.

 

 

Nestled between the City of Pawtucket and the Towns of Cumberland and Lincoln, Central  Falls' History dates back to 1731 and the early History of the Town of Smithfield. This tiny City with 1.5 square miles and over 18,000 residents proudly boasts its distinction as recorded in "Ripley's Believe It Or Not" as the Smallest most densely populated City, not only in Rhode Island, but  in the Nation.  Proud home of Elizabeth Buffum Chace, Conductor in the Underground Railroad, abolitionist and the first woman in Rhode Island History to be commemorated with a statue in the Rhode Island State House. Learn more interesting and notable facts about this proud little City, its Government and its Leaders by browsing and viewing this website.

http://www.centralfallsri.us/

Mon, 08/01/2011 - 15:14 | 1513934 Yen Cross
Yen Cross's picture

  I wonder if Flanders took his { Bar Exam} on a stone tablet,  whilst digging for ( XAU) nuggets?...

Mon, 08/01/2011 - 14:24 | 1513660 Fish Gone Bad
Fish Gone Bad's picture

This is truly bad.  I was listening to a retiree this morning on the radio complaining that he was going to have to take $6000 cut, so he rejected the deal.  I am thinking that the $6000 cut looks really good right about now.

Mon, 08/01/2011 - 14:40 | 1513736 Popo
Popo's picture

Zero sympathy for any mentally-competent person who is asked to take a cut or settle in bankruptcy court,  and opts for the latter.

These people do not seem aware of the fact that generations of corrupt politicians literally BOUGHT their votes with promises that could not be kept.

 

On another note:   Meredith Whitney is probably going through her rolodex and asking about 10,000 of her peers, one at a time "How you like them apples bitch?"

 

 

 

 

 

 

Mon, 08/01/2011 - 15:20 | 1513963 SwingForce
SwingForce's picture

I think Providence had a Mayor who was serving a prison sentence while at the same time holding office! Mebbe 10 yrs ago? Just to prove your point that there are corrupt politicians up there, generations perhaps as you say Pops.

Mon, 08/01/2011 - 15:55 | 1514166 Shitters_Full
Shitters_Full's picture

Buddy Cianci was the guy you're thinking of.

Mon, 08/01/2011 - 16:35 | 1514308 G-R-U-N-T
G-R-U-N-T's picture

 

http://abcnews.go.com/US/rhode-island-city-turns-pensioners-avoid-bankru...

Cry me a river...One policeman says he would rather sacrifice his whole pension than settle for what the city is offering....What an idiot!

One rule of fight club...Never ever depend on the government to take care of you!!!

Mon, 08/01/2011 - 20:19 | 1515063 dizzyfingers
dizzyfingers's picture

Wouldn't it more accurately be "as the screw turns?"

Mon, 08/01/2011 - 14:03 | 1513565 docj
docj's picture

The first of many.

Mon, 08/01/2011 - 14:12 | 1513606 TSA Thug
TSA Thug's picture

These are just legal tricks used to shaft their creditors. Do you really think they have no assets?

Come on get realz!

Mon, 08/01/2011 - 14:15 | 1513622 docj
docj's picture

Have you ever been to Central Falls, RI?

I cut through there every once in a while on my way home from Providence, where I work.

I could easily believe they have precisely zero in the way of marketable assets.

Mon, 08/01/2011 - 14:23 | 1513659 Larry Darrell
Larry Darrell's picture

You're not following his trolling very well.

See his handle -?> TSA Thug

Most of the comments I've seen him/her post have been support of the status quo in the manner of HamyWanger.

It's not the best trolling I've seen, but he/she has given me a few chuckles over the past week or so.

 

Mon, 08/01/2011 - 14:27 | 1513678 anynonmous
anynonmous's picture

perhaps hamy was reincarnated

Mon, 08/01/2011 - 16:15 | 1514252 Max Hunter
Max Hunter's picture

Yeah.. I noticed him.. Noticed the same thing you did.. but.. but.. he has a welcoming user name that everyone can relate to.. Expect more of this as the criminals step up their campaign to fool people into thinking we are getting upset about nothing...

Mon, 08/01/2011 - 14:25 | 1513668 TSA Thug
TSA Thug's picture

no land/buildings/cash/water.sewer revenue/water or mineral rights/schools/jenks park?

drunk driver with impaired vision?

sell assets, settle debt, start over. Simple!

Mon, 08/01/2011 - 14:29 | 1513694 Boston
Boston's picture

Yup, a total dump.  Don't know why you'd risk cutting thru it.

Mon, 08/01/2011 - 16:26 | 1514280 docj
docj's picture

Generally only do it if the traffic is simply unpassable on I-95 going north. Happens pretty much whenever there's an accident in the S-curves, which is, blessedly, not often.

As long as you stick to the main road(s) it's only about as bad as the dump I work in around the west-side of Providence (out near Johnston). I don't ever take any secondary roads, though. Nasty.

Mon, 08/01/2011 - 15:20 | 1513962 chunga
chunga's picture

If you're willing to take the (very real) risk of having your car stolen, Stanley's Hamburgers on Dexter Street is great. At least it was years ago.

Mon, 08/01/2011 - 14:28 | 1513691 Ryman1075
Ryman1075's picture

I used to live in Pawtucket, RI.  I can confirm that they have no assets.  Only 30% of the houses in this one square mile city are owned by people who reside in the homes.  The majority of the properties are owned by people that are out of state landlords (the marjority are owned by MA residents).  This has been coming for a long time, the only thing that surprises me is that the ratings agencies didn't have them listed as AAA+. /SARC

Mon, 08/01/2011 - 14:56 | 1513841 Smiddywesson
Smiddywesson's picture

I grew up in Pawtucket, and can support Ryman's observations.  Every day, it is either too hot or too cold.  Everyone speaks like they were raised by Jersey City mobsters, and the rivers run a different color each day due to the textile mills.  USAToday ranked Pawtucket 298 out of the 300 worst places to live in 1990.  It has only gone downhill since then.  Still, Pawtucket beat Central Fall hands down.

RI is a very small, and very corrupt state.  Corruption is the issue, not just finances.  That's why you see Illinois failing.  This is just the beginning.

Mon, 08/01/2011 - 19:26 | 1514834 krispkritter
krispkritter's picture

19,000 people in a square mile? Are you nucking futs? I wouldn't live there if you paid me...y'know, like a pension or something...

Mon, 08/01/2011 - 15:34 | 1514053 Oboneterm
Oboneterm's picture

Uhm....wrong City of Vallejo in bankrupt California has the distinction of being first to declare BK

 

http://www.ci.vallejo.ca.us/GovSite/default.asp?serviceID1=712&Frame=L1

Mon, 08/01/2011 - 16:30 | 1514292 docj
docj's picture

Ah, good catch. I stand corrected.

Mon, 08/01/2011 - 14:04 | 1513568 Dick Darlington
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Related to Ned Flanders?

Mon, 08/01/2011 - 14:07 | 1513585 snowball777
snowball777's picture

In-deedley-doodley, neighbor.

Mon, 08/01/2011 - 14:04 | 1513571 EscapeKey
EscapeKey's picture

B-b-but they told me Meredith Whitney was wrong!

Mon, 08/01/2011 - 14:30 | 1513704 Fish Gone Bad
Fish Gone Bad's picture

+1

Mon, 08/01/2011 - 16:17 | 1514256 Max Hunter
Max Hunter's picture

B-b-but they told me Meredith Whitney was wrong!

That's right.. She even got called to the principal's office to explain her actions

Mon, 08/01/2011 - 14:05 | 1513573 orangedrinkandchips
orangedrinkandchips's picture

"Hens love roosters....

Geese love Ganders....

Everyone loves Robert Flanders!"

 

NOT ME!!! (Homer and the Unions)

Mon, 08/01/2011 - 17:35 | 1514497 andybev01
andybev01's picture

'Nedna' YES?

'Nedna' NO?

Mon, 08/01/2011 - 14:24 | 1513575 Mr Lennon Hendrix
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Meredith Whitney just had her first climax.  More to come.

Mon, 08/01/2011 - 15:05 | 1513882 stormsailor
stormsailor's picture

NOW THAT I WOULD LIKE TO SEE

Mon, 08/01/2011 - 15:18 | 1513949 Mr Kurtz
Mr Kurtz's picture

Ughh..a pun. Still it is funny.

Mon, 08/01/2011 - 16:24 | 1514272 Tortfeasor
Tortfeasor's picture

On CNBC now!  Hope she does it live!!

Mon, 08/01/2011 - 14:06 | 1513578 Forgiven
Forgiven's picture

<-----  There be more Municide on the horizon.

<-----  Transitory bitchez

Mon, 08/01/2011 - 18:29 | 1514644 docj
docj's picture

And yet, the radio continues to be filled with commercials of investment houses selling "TRIPLE TAX FREE" municipal bonds. Assuming you have $10K or more to spend, of course.

Count me in!! Where can I sign-up for some Freddie/Fannie paper while I'm at it?

Mon, 08/01/2011 - 14:06 | 1513580 Variance Doc
Variance Doc's picture

But, but, CNBC told me Meredith was wrong.

 

 

 

 

Mon, 08/01/2011 - 14:08 | 1513584 g
g's picture

This is great actually, busting the unsustainable public unions. I have no problems with unions if they can compete in the private market, but they have no business in the public sector. A great precedent for future municipal and state bankruptcies. Public unions better look at this closely and decide that they to need to share in the bleeding that everyone else is experiencing.

And for the public sector, scrap Davis-Bacon and end collective bargaining.

Mon, 08/01/2011 - 14:43 | 1513769 weinerdog43
weinerdog43's picture

Exactly!  Jim the janitor doesn't need a dental plan.  Soros, Icahn & Blankfein are looking for enough $$$ for another island or two.

Mon, 08/01/2011 - 18:32 | 1514651 g
g's picture

I am fine with public employees receiving health insurance, but they should have to pay for it like the rest of us, instead of the taxpayer footing the whole bill. Lets consider pensions, that is the big 'back breaker' for most municipalities, it is unsustainable, moreover it is unjust, to the taxpayer who pays for it, that fact that it bankrupts these municipalities, and that the taxpayer gets no such benefits.

Mon, 08/01/2011 - 14:08 | 1513590 Mad Max
Mad Max's picture

It's time to outlaw conventional pensions.  In bankruptcy the pensioners get completely screwed, and many of them are not living large and just want to have a decent retirement, not yachts and jets.  But the pension promises, often made absurdly large by union demands and/or undermined by underfunding of the pension funds for immediate gains, are unfair to the people now living and working in the cities or companies that once committed to them.  Either go to defined-contribution plans, or if you still want a defined benefit plan, require that the cost of it be paid to an unrelated, separate, well capitalized entity with each and every paycheck to the worker, so that the worker's employer can't cheat on their commitments now only to be found out decades later when the people doing the cheating are gone and mostly dead.

Mon, 08/01/2011 - 14:39 | 1513747 CH1
CH1's picture

How about just abandoning the system and looking after ourselves?

Mon, 08/01/2011 - 14:50 | 1513806 Mad Max
Mad Max's picture

Oh, but that's not the American Way!  Hasn't been for years!

 

You must have us confused with some freedom-loving capitalistic society.  Like China in 2020, for example.

Mon, 08/01/2011 - 20:25 | 1515076 dizzyfingers
dizzyfingers's picture

That's anarchy. Is that allowed?

Would doctors then comes to our homes?

Would manufacturing return to the US?

Would the authority for schools return to the communities where they're located and where people actually pay for them?

Could we get home delivery of milk again, with top cream?

Mon, 08/01/2011 - 14:48 | 1513796 SWCroaker
SWCroaker's picture

Option 1:  Make it illegal to lie, cheat and steal.  End result feels good, but relies upon a portion of the current perps (government) to regulate unpopular laws against their friends (states and corps), resulting in null change that merely gets you shafted by some novel dodge in place of the current one.

Option 2: Peeps grow up, embrace TANSTAAFL (There Ain't No Such Thing As A Free Lunch) as a mantra to live by, and scoff/reject/callBS on any future employer offering of a convential pension, be it corp, public, or something as established as Social Security.  "How 'bout you just give me my money now, and I'll see to my own welfare, thank you kindly."

Mon, 08/01/2011 - 15:25 | 1513995 SwingForce
SwingForce's picture

Nobody would agree to that, better take a number at the Chapter 9 counter.

Mon, 08/01/2011 - 14:09 | 1513591 Eagle Keeper
Eagle Keeper's picture

What, no bailout?!

 

Mon, 08/01/2011 - 14:17 | 1513634 docj
docj's picture

RI is also broke - and since RI as a state and RI-1 as a CONgressional district are both rock-solid, reliably "blue" there's no need for Barky to spend what little political capital he has remaining on this.

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