[2banana]

Soon, very soon...

Many cities will collect tax money and spend not ONE DIME for any services for their citizens.

It will ALL go to public union pensions and benefits for retirees.

Public servants? Leeches that have killed their hosts even past death.

[The Working Man]

Fun times! Who to root for though?

Calpers invests in Wall Street stocks and bonds. Wall-Street wants to insure that it gets repaid for investing in a bad bet in California.

In the End though? California is going from the bowl of the Crapper into the sewer system. How soon before it gets to the Treatment plant and gets treated and sterilized to start the whole cycle all over again?

[kingu]

It should be highlighted that these payments are not for current obligations; these are not payments as part of payroll or for any current employee. The payments that Calpers is fighting over are payments of interest on the losses suffered by Calpers during the dot.com bust. Calpers is more than willing to defer the repayment of the principal lost, but it will not budge on the city paying for the interest those assets supposedly would be earning today.

It has become Calper’s magic wand; guaranteed assets that give a guaranteed 8-10% return. Phantom money that it lost through mismanagement of funds and political investing that cities and counties are obligated to pay for at some point, and more to the point, pay the interest on immediately.

I'm sure there's some financial genius on here that gets at least an 8% return on investment each and every year. But to do that as an institution while operating under a political agenda is a pretty far stretch. Especially with investments in green energy that has done only one thing - lost vast amounts of cash.

So, who am I rooting for in this? I'm rooting for the citizens of San Bernardino who should be, right now, bashing down the doors of city hall and demanding the city, and indeed, all of it's debts, be dissolved immediately.

Form a new city charter and incorporate again, and in the mean time, shed this outright usury from Calpers.

Oh, and a message to every other city and county in California: You can't survive this. There's no way possible for you to continue to use the Calpers charge card. The monthly payments are bankrupting your cities and counties, and you just have to say ‘enough is enough.’

[mac_truck]

Just what San Bernadino needs..another expensive legal battle.

[Psycho_Bunny]

CalPERS calling “sham” on another entity?

Really?

CalPERS?

Lol

[RetiredTexasVet]

After Calpers lost billions in the stock market, through fraud and mismanagement by employees and the pixie dust 8-10% expected return on investment, they simply passed all the losses onto the state and local government agencies as increased required payments. This is on top of the ridiculously high pensions in the first place.

[Sergio]

bkmk

[longtermmemmory]

this is pathetic.

every big shot creditor always files a motion claiming the bankruptcy filing is a sham.