Judge Approves California City’s Bankruptcy-Exit Plan [Sacred Pension Cows Go Untouched!]

Wall St . J ^ | October 30, 2014 | KATY STECH and DAN FITZPATRICK

[Steelfish]

Judge Approves California City’s Bankruptcy-Exit Plan Stockton to Slash Payments to Bondholders and Raise Taxes While Not Further Cutting City Pensions By KATY STECH and DAN FITZPATRICK The federal judge overseeing the two-year-long bankruptcy of Stockton, Calif., ruled Thursday that the distressed city can exit court protection without deeper cuts to its pension obligations.

U.S. Bankruptcy Judge Christopher Klein called the city’s reorganization plan, which raises taxes and slashes payments to bondholders, “the best that can be done” during a hearing in Sacramento.

The decision is a victory for...

[ogen hal]

For...injustice, ignorance and corruption.

[Lurkina.n.Learnin]

So screw the retirees who hold bonds. It’s all about protecting public pensions. Anyone who buys a bond from any public entity is out of their mind.

[Parley Baer]

The value of California munies will take a hit over this one.

[martinidon]

That's ok, they will be back in Bankruptcy again in the near future. Slashing Bond payments will prevent them from raising money in the future and raising taxes will run businesses and people that actually pay those taxes away. So it will not be long before they will run out of money again...

[Cen-Tejas]

........u nailed it!

[who_would_fardels_bear]

Government pensions = Stealth reparations

[cherry]

sadly, the same ones that gouged the system will the the same ones sitting pretty in Idaho receiving their fat pensions.....isn’t it funny that these state workers always go to a fiscally conservative state to retire in????

[martinidon]

Very true, my in-laws used to live in a very nice community in SC and they had a neighbor who was in his mid 50’s and retired from a State job in the Northeast. Both he and his wife were retired drawing State pensions with full medical for the rest of their lives. They played golf almost everyday and traveled a couple of times a year.

[VeniVidiVici]

So screw the retirees who hold bonds. It’s all about protecting public pensions. Anyone who buys a bond from any public entity is out of their mind.

I've thought that since Obama got into office. What are municipal bond rates doing nowadays?

[1010RD]

Government is a club. Members get benefits.

[1010RD]

The Law of Unintended Consequences: It’s like gravity for Democrats.

[1010RD]

Just about every Cook County Dem longs to retire in Florida.

[AppyPappy]

It’s the morons who agreed to pay the pensions that are to blame.

[publius911]

So screw the retirees who hold bonds. It’s all about protecting public pensions. Anyone who buys a bond from any public entity is out of their mind.

Most public employees are so stupid and self focused that they don't realize that most of their future income is totally dependent on what will be future worthless mostly public agency or state bonds!