GotZoom
Senior Member
New Orleans Mayor Ray Nagin says the hurricane-devastated city is bankrupt and is scrambling for loans to pay its employees through the end of the year.
"Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money."
He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.
However, Nagin was emphatic state and federal officials would not railroad through city reconstruction until it had passed city muster.
"I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said.
http://www.washtimes.com/upi/20050913-084248-8471r.htm
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Couple of observations.
1. It sounds like Hurricane Katrina isn't to blame for this; this was a long time coming. We are only hearing about it now?
2. State and Federal officials would not railroad through city reconstruction - "I don't want anybody outside of NO planning nothing as it relates to how we're going to rebuild this city without us signing off on it."
Umm...hey dude..you're bankrupt...beggars can't be choosers. Besides, it doesn't look you did very well on your own this time.
"Technically today we're out of cash," Nagin told reporters in Baton Rouge. "The city is bankrupt ... We have no money."
He said the city spent its last available cash last week on city employee payroll and was seeking bank loans, federal assistance and other means of financing to continue paying its bills and staff, the New Orleans Times Picayune reported Tuesday.
However, Nagin was emphatic state and federal officials would not railroad through city reconstruction until it had passed city muster.
"I don't want anybody outside of New Orleans planning nothing as it relates to how we're going to rebuild this city without us signing off on it," Nagin said.
http://www.washtimes.com/upi/20050913-084248-8471r.htm
--
Couple of observations.
1. It sounds like Hurricane Katrina isn't to blame for this; this was a long time coming. We are only hearing about it now?
2. State and Federal officials would not railroad through city reconstruction - "I don't want anybody outside of NO planning nothing as it relates to how we're going to rebuild this city without us signing off on it."
Umm...hey dude..you're bankrupt...beggars can't be choosers. Besides, it doesn't look you did very well on your own this time.
