Municipal lenders had better remember the old saying — “Fool me once, shame on you, fool me twice, shame on me.” If they ever lend to municipalities with a history of generous pension payments again, they deserve all the screwing they get.
Puerto Rico and several US cities are all but bankrupt. Why anyone would lend them a penny or buy their worthless bonds is beyond me. IF you buy bonds make sure what its investments are. Obviously some will leave you holding the bag.
that just about covers every municipality in California