Saturday, February 23, 2013 – 11:30 a.m.
You really gotta hand it to the leaders of bankrupt San Bernardino, California.
The city, which filed for Chapter 9 Bankruptcy protection last summer has, will full-knowledge, chosen a new city manager with a bumpy past. A move certain to be the focus of the financial press.
I use the word bumpy, rather than something more caustic, out of personal experience.
The hypocritical and highly-judgmental local media is teeing-up on this latest episode involving the hiring of new City Manager Allen J. Parker.
Parker has his share of personal experiences that now, whether justly or not, haunt him and city leaders.
You see, Parker has declared personal bankruptcy twice during his lifetime. He’s reportedly been fired as a city manager (Like many others haven’t! It goes with the job.) He’s has also been sued.
The latest bankruptcy was a couple years ago when Parker was trying to unsuccessfully save his underwater home from foreclosure. A move made by millions of Americans since the 2008 financial collapse. The first bankruptcy was more than twenty years ago.
Keep in mind that many Harvard and Yale business geniuses never saw the financial collapse, a result of a housing finance bubble, coming at them. Let alone all our local governmental managers, and one local economist.
The looming question here is easy. Was Parker the best candidate available? One can bet there wasn’t too many takers or, if there were, they wanted a pretty penny to take on managing the dysfunctional strong-Mayor city government.
Nevertheless, the stage is set and contract approved. We wish Mr. Parker all the success is in his new position.
San Bernardino is once again in the national spotlight, and likely the butt of many jokes on Wall Street.