Bond investors are calling New Jerseys actions to control Atlantic Citys teetering finances bizarre and confusing as the mayor says bankruptcy may be its best option.
In just the past week, theres been a flurry of moves:
–Governor Chris Christie rejecting measures that would have kept Atlantic City solvent past April, even after Democrats made changes he requested;
–State officials pushing a ballot question that would ask voters to end Atlantic Citys gambling monopoly, which would probably cause even more casinos there to shutter, Moodys Investors Service said in a report last week;
–Lawmakers seeking a takeover of the seaside community at a time when state oversight of cities nationwide is under scrutiny amid a water crisis in the emerg…
Read the full article at: http://www.bloomberg.com/politics/articles/2016-01-26/atlantic-city-s-road-out-of-distress-clouded-by-state-s-control