Article

2013-04-01 Economy

Judge: Stockton, Calif., Can File for Bankruptcy

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Posted by DarthVader 2013-04-01 18:02|| || Front Page|| [11130 views ] Top

#1 Another win for Union control. Bond-holders get screwed, Public "servants" get to keep outragious pensions.

Posted by Deacon Blues 2013-04-01 19:04|| 2013-04-01 19:04|| Front Page Top

#2 I don't remember this episode on "The Big Valley"???

Posted by JosephMendiola 2013-04-01 19:33|| 2013-04-01 19:33|| Front Page Top

#3 Or was it "Lancer"???

Posted by JosephMendiola 2013-04-01 19:33|| 2013-04-01 19:33|| Front Page Top

#4 Maybe they can convince nervous Russians to buy bonds, like the gullible one's who bought the stuff in Greece and Cyprus cause anyone else with an once of sense wouldn't touch the paper. Better to blow the money in Vegas, at least there you had some chance of return, little, but some.

Posted by Procopius2k 2013-04-01 19:34|| 2013-04-01 19:34|| Front Page Top

#5 I read the details of the benefits, especially lifetime health care for all retirees no matter how long they worked for the city. If I were a money fund manager and lender, I would never -- NEVER -- buy another penny of Stockton municipal bonds until all that got changed. Which I don't think it will given the way this has been handled.

Posted by Steve White 2013-04-01 19:47|| 2013-04-01 19:47|| Front Page Top

#6 FORWARD to the Stocktonification of America.
FORWARD to the Detriotification of America.

Does Vegas have betting lines on which city is next? Maybe it is time for some mayors and union leaders to double down and hedge their bets.

Posted by Airandee 2013-04-01 19:49|| 2013-04-01 19:49|| Front Page Top

#7 I thought bankruptcy allowed the (city or whomever) to abrogate the union contracts.

That would get some panties in a wad. :-D

Posted by Barbara 2013-04-01 19:56|| 2013-04-01 19:56|| Front Page Top

#8 San Bernardino's bankruptcy is asking for a renegotiation of contracts. IIRC, Stockton's may have; I don't recall anything about pensions though.

Posted by Pappy 2013-04-01 20:35|| 2013-04-01 20:35|| Front Page Top

#9 I guess if the pensions and benefits can't be canceled by bankruptcy then somebody has to pay, and if the city doesn't have it, they'll just have to raise taxes. Of course that will eventually chase everyone BUT the city employees and pensioners out of town; then they can just pay themselves, I guess. (No, Uncle Sam - you & me - will bail them out.)

Posted by Glenmore 2013-04-01 21:09|| 2013-04-01 21:09|| Front Page Top

23:36 Procopius2k
23:28 Procopius2k
23:15 CrazyFool
23:03 JosephMendiola
22:28 JosephMendiola
22:25 JosephMendiola
22:09 newc
22:08 JosephMendiola
21:55 Procopius2k
21:44 Barbara
21:09 Glenmore
21:06 Glenmore
21:03 Glenmore
20:35 Pappy
20:03 Steve White
19:58 DJ Curtis C
19:56 Barbara
19:54 Airandee
19:49 Airandee
19:47 Steve White
19:44 JosephMendiola
19:41 JosephMendiola
19:34 Procopius2k
19:33 JosephMendiola