11-12-2004 Gardena L.A. Suburb Faces Financial Collapse
GARDENA, Calif. - A disastrous gamble in the insurance business has pushed this Los Angeles suburb to the brink of financial collapse and raised fears that Gardena's bankers might seize the city's parks, gymnasiums, even the swimming pool.
With a $26 million debt payment due next month, the city with the slogan "Rich Heritage, Bright Future" could join the short list of U.S. municipalities that have gone bankrupt.
We took one credit card and went, `Give us another credit card,'" Lansdell said.
It's like being CEO of the Titanic," said sole employee Dennis Evans.
City officials are so desperate they have even discussed begging homeowners for more than $1,000 each.
In a recent interview, Lansdell thumbed through manila folders stuffed with financial documents but no answers.
"Got any ideas for me?" he asked darkly. "A lot of car washes?"
GARDENA, Calif. - A disastrous gamble in the insurance business has pushed this Los Angeles suburb to the brink of financial collapse and raised fears that Gardena's bankers might seize the city's parks, gymnasiums, even the swimming pool.
With a $26 million debt payment due next month, the city with the slogan "Rich Heritage, Bright Future" could join the short list of U.S. municipalities that have gone bankrupt.
We took one credit card and went, `Give us another credit card,'" Lansdell said.
It's like being CEO of the Titanic," said sole employee Dennis Evans.
City officials are so desperate they have even discussed begging homeowners for more than $1,000 each.
In a recent interview, Lansdell thumbed through manila folders stuffed with financial documents but no answers.
"Got any ideas for me?" he asked darkly. "A lot of car washes?"
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