It was October 1975 and New York City was about to run out of money. The city had to meet its payroll obligations for police, firefighters and other employees. Payments on the city’s bonds were due on the same day. There was not enough cash for both.Harrison “Jay” Goldin, who as the city’s comptroller was in charge of its finances, was summoned to a meeting with mayor Abraham Beame and a group of leading New York bankers and chief executives of companies including insurers and retailers.
Source: http://www.realclearpolitics.com/2011/02/27/municipal_bonds_a_balancing_act_251192.html
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