Should Cook County Declare Bankruptcy?

Here's a Chicago Tribune editorial:

Drawing on decades of experience as a business executive, Harry J. Seigle has a simple idea for tackling the fiscal problems of Cook County government: Throw it into bankruptcy.

Seigle wouldn't "rush to the courthouse," he said, but the building-supply entrepreneur believes the county requires such "fundamental" changes that only the most drastic measures will work.

Just as United Airlines parent UAL Corp. and other corporations have turned to bankruptcy in times of trouble, a rare municipal reorganization might be just the ticket for controlling what he considers runaway costs. "That's the only lever you have," he said.

Chapter 9.