Miami Faces Financial Meltdown; SEC Investigates "Financial Shell Game" Asks For Records On All Major Bond Deals Since 2006

With most eyes on California, proponents of the Watched Pot Theory likely thought the first major blowup in the US would be someplace else. That someplace might be Miami.

Though the fiscal year has barely begun, Miami leaders are bracing for a budget hole that could nearly wipe out the city's entire reserve.