Financial Times FT.com

California faces prospect of cash shortage

By Matthew Garrahan in Los Angeles

Published: December 4 2008 20:40 | Last updated: December 4 2008 20:40

Thousands of unsold cars are piling up at Long Beach, the docks that, together with nearby Los Angeles, represent the biggest port complex in the western hemisphere.

Unwanted by car dealers who cannot sell them, the Toyotas and Mercedes have turned the port into a huge car park and become an unwitting symbol of the fiscal crisis gripping California.

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