Compton, California bears watching

LA Times from 5 Sept

Rating agency Standard & Poor's announced Wednesday that it has suspended its ratings on the city of Compton's bonds, as the city has yet to get an audit firm to sign off on its financial statements from last year. In June, the city's former audit firm, Mayer Hoffman McCann, refused to sign off on its financial statements and quit, citing allegations made by Mayor Eric Perrodin that waste, fraud and abuse of public funds may have contributed to the city's financial distress.