from yesterday's L.A. Times (8/14):
Complex financial deals and energy projects cost Vernon millions
By Sam Allen and Hector Becerra
August 13, 2011, 7:16 p.m.
"In the last six years, the tiny industrial city has amassed nearly half a billion dollars of debt and lost more than $130 million through aggressive investments and energy projects that one expert called 'too risky.'" ...
"The city of Vernon has amassed nearly half a billion dollars of debt and suffered major losses over the last six years in an aggressive pursuit of investments through its electric utility, according to a Times analysis of the city's financial records.
"Even as the city's losses mounted, Vernon's leaders continued to push for more complex and grandiose projects. Officials bought a 15-year supply of natural gas at a fixed rate ..." ...
For the complete story
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