May 16, 2010

Are museums sinking Harrisburg?

(Reuters) The story of how Pennsylvania's capital city Harrisburg has lurched toward the precipice of financial ruin is a cuckoo tale involving one man's vision of creating a hub for museum lovers, a possible FBI investigation, and a $45,000 tomahawk that may or may not have been owned by Chief Crazy Horse.
But if this historic city of nearly 50,000 does end up defaulting on its debt — a move that would send shockwaves through the $2.8 trillion municipal bond market — most of the blame can be placed squarely on a single incinerator. Continued