California Technically Bankrupt

It's official - the California State Auditor reports that the state has a negative net worth of -$127.2 billion. Even this figure does not include the unfunded public pension liabilities (estimated as high as $300 billion) or $60 billion for public employee health care. The fat lady is warming up just off stage.

blogs.sacbee.com/capitolalertlatest/2013/03/state-auditor-california-net-worth-at-negative-127-billion.html