May 17 (Bloomberg) -- California Controller John Chiang talks about the state's investigation into the city of Stockton's finances.
Stockton, which is trying to stave off bankruptcy, didn't reconcile its main checking account each month and left millions of dollars in library fees uncollected, fueling a fiscal crisis as managers left. Chiang spoke yesterday with Mark Crumpton on Bloomberg Television's "Bottom Line." (This is an excerpt. Source: Bloomberg)