Voters in Bankrupt San Bernardino Sweep Old Guard From PowerFebruary 5, 2014 – In The News
Michael Sweet was quoted in the Reuters article “Voters in Bankrupt San Bernardino Sweep Old Guard From Power.” While the full text can be found in the February 5, 2014, issue of Reuters, a synopsis is noted below.
Residents of the bankrupt city of San Bernardino, California have voted to sweep the city’s old guard from power, electing officials who have pledged to try to reduce pension costs.
As the city enters into a fourth month of mediation with creditors, voters elected Carey Davis as the new mayor.
"It sure looks like the voters of San Bernardino wanted some change and that's what they have gotten," said Michael Sweet.
Sweet also noted that the city members in charge of the bankruptcy were almost entirely different than those that made up the team when San Bernardino was found eligible for bankruptcy a year ago.
"Whether that means the city could take a significantly different direction in the bankruptcy remains to be seen," Sweet said. "It's conceivable they will take a harder line when it comes to concessions that may be made to Calpers."