Severe issues could wreck potential Chicago bankruptcy

Although a recent report on financial red flags said Chicago is on a path toward insolvency, Wirepoints founder Mark Glennon says Chapter Nine bankruptcy might not work for the Windy City like it previously did in Detroit. Reason Foundation’s report on state and local government finances said Detroit’s financial condition at the end of fiscal year 2012 would trigger seven red flags, just like Chicago received in the organization’s report last month. In July 2013, Detroit became the largest city in U.S. history to file for bankruptcy. Glennon said Chicago, unlike Detroit, has sold most of its future sales tax...