Stockton California Takes First Step Towards Bankruptcy - "Somebody Has to Suffer"

"Somebody has to suffer and in this case the city manager has decided it should be the bondholders..."
As we go forward, more than ever before, it is all about managing counterparty risk, including 'accounting errors' and outright fraud.

Sometimes you may be able to adequately prepare and allow for risk of loss.

But at other times it can come suddenly and unexpectedly, as it did to the