[vette6387]

This is just the tip of the CalPers iceberg! They are responsible for State PE Employee retirements to the tune of more than $500 billion! Back in 2000, they got the legislature to pass SB400 which gave all “retirees” a “substantial bonus” because times were good. Then CalPers was predicating their benefit payouts on the Dow being at 28,000 by now. So as I see it, city by city, county by county, there will be continuing bankruptcies which will sink CalPers and for massive changes to both current and future PE pensions. Buy lots of popcorn, this is going to be fun to watch! Rev. Wright was clairvoiant, de chickens ha done come home to roost.

[marsh2]

Wait till the County’s start on that road. If they are “charter counties” they are incorporated and can fiel for bankruptcy. However, “general counties” are a subdivision of the state and their debt would default to the state.