- The city invested in new technology,
- at a too-good-to-be-true price,
- unproven at the scale they wanted,
- from an entrepreneur who was uncertain that he could deliver, and
- despite being unable to find insurance to cover the city in case the project didn't work.
- To top it off, the one council member who voted against the project was not re-elected.
Monday, October 17, 2011
How does a city go bankrupt?
All it takes is a series of bad investment decisions: