Economy

June 27, 2012 6:58 AM

Stockton, California to file for Chapter 9 bankruptcy

Years after betting on a sustained housing boom to bankroll a waterfront redevelopment and dole out salary and benefit perks to city employees and retirees, Stockton cashed in its chips Tuesday in a plan that will lead it into bankruptcy.

Related content

Comments

Videos

More Videos

Obama lays a wreath at Hiroshima Peace Memorial Park 02:18

Obama lays a wreath at Hiroshima Peace Memorial Park

Democrats yell "shame" on the floor of the House of Representatives 02:00

Democrats yell "shame" on the floor of the House of Representatives

Is America sick of Hillary's emails? 01:25

Is America sick of Hillary's emails?

President Obama thanks military members in Hiroshima, Japan 07:43

President Obama thanks military members in Hiroshima, Japan

The Buzz with Buzz: Benghazi & Hillary's emails are history repeating itself 01:47

The Buzz with Buzz: Benghazi & Hillary's emails are history repeating itself

Visitors pay respects at Vietnam Veterans Memorial 01:15

Visitors pay respects at Vietnam Veterans Memorial

Here's how a presidential candidate can qualify for Secret Service protection 01:02

Here's how a presidential candidate can qualify for Secret Service protection

Share Video

Editor's Choice Videos