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Judge Approves California City’s Bankruptcy-Exit Plan [Sacred Pension Cows Go Untouched!]
Wall St . J ^
| October 30, 2014
| KATY STECH and DAN FITZPATRICK
Posted on 10/30/2014 8:52:49 PM PDT by Steelfish
Judge Approves California Citys 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 citys 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...
(Excerpt) Read more at online.wsj.com ...
TOPICS: Business/Economy; News/Current Events; US: California
KEYWORDS:
1
posted on
10/30/2014 8:52:49 PM PDT
by
Steelfish
To: Steelfish
For...injustice, ignorance and corruption.
2
posted on
10/30/2014 9:01:06 PM PDT
by
ogen hal
(First amendment or reeducation camp)
To: Steelfish
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.
3
posted on
10/30/2014 9:08:42 PM PDT
by
Lurkina.n.Learnin
(It's a shame nobama truly doesn't care about any of this. Our country, our future, he doesn't care)
To: Steelfish
The value of California munies will take a hit over this one.
To: Steelfish
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...
To: martinidon
6
posted on
10/30/2014 9:47:19 PM PDT
by
Cen-Tejas
(it's the debt bomb stupid)
To: Steelfish
Government pensions = Stealth reparations
To: martinidon
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????
8
posted on
10/30/2014 10:54:35 PM PDT
by
cherry
To: cherry
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.
To: Lurkina.n.Learnin
So screw the retirees who hold bonds. Its 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?
To: Steelfish
Government is a club. Members get benefits.
11
posted on
10/31/2014 5:10:51 AM PDT
by
1010RD
(First, Do No Harm)
To: martinidon
The Law of Unintended Consequences: It’s like gravity for Democrats.
12
posted on
10/31/2014 5:11:59 AM PDT
by
1010RD
(First, Do No Harm)
To: cherry
Just about every Cook County Dem longs to retire in Florida.
13
posted on
10/31/2014 5:12:31 AM PDT
by
1010RD
(First, Do No Harm)
To: Steelfish
It’s the morons who agreed to pay the pensions that are to blame.
To: Lurkina.n.Learnin
So screw the retirees who hold bonds. Its 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!
15
posted on
11/04/2014 10:29:44 AM PST
by
publius911
(Formerly Publius6961)
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