Insolvent LA?

The 'b' word, or 'bankruptcy,' was first used provocatively in association with Los Angeles by former mayor Richard Riordan in a controversial Wall Street Journal opinion piece in May of 2010. But now the city's own Chief Administrative Officer, Miguel Santana, in a stunning new report has raised the prospect that the City of Angles could indeed be heading for insolvency unless it does something to grab control of employee costs, including pension costs.