Dan Walters: Detroit bankruptcy rulin...

Dan Walters: Detroit bankruptcy ruling puts public employee pensions on the table in California

There are 5 comments on the Sacramento Bee Newspaper story from Dec 4, 2013, titled Dan Walters: Detroit bankruptcy ruling puts public employee pensions on the table in California. In it, Sacramento Bee Newspaper reports that:

A legal showdown over pension obligations in municipal bankruptcies was averted in both Vallejo and Stockton, largely because officials in both chose not to make that fight.

Join the discussion below, or Read more at Sacramento Bee Newspaper.

anonymous

Vallejo, CA

#1 Dec 4, 2013
The ruling by the Detroit BK judge clearly says pensions are contracts that can be voided, despite what a state constitution says. If this is not a wake up call to the concept of greed or at least overreaching by public pension plans and their members in California, they are living in angry denial. It is now time for unions and their sensible members to cooperate with government or cause more and more bankruptcies or the total failure of government as we know it. There is a huge difference between a Detroit pensioner getting $25,000.00 a year and a California pensioner getting $75,000 or more each and ever year coupled with lifetime medical for 20 to 45 years after retirement at 50, 55, or even 60. Do the math. California is a formula for failure.
Anonymous

Vallejo, CA

#2 Dec 4, 2013
Detroit bankruptcy given green light as judge says it should have happened years ago and thousands of workers and retirees protest over pension cuts
http://www.dailymail.co.uk/news/article-25177...

- Judge Steven Rhodes ruled that city is eligible to shed billions of dollars of debt that accumulated during the city's decades-long decline
- Wondered aloud why the bankruptcy had not happened years ago
- Pensions can be altered just like any contract because the Michigan Constitution does not offer bulletproof protection for employee benefits
- Attorney representing employees said city officials got 'absolutely everything' and is planing to appeal judge's decision
Crybaby Miller

Vallejo, CA

#3 Dec 4, 2013
Then by all means Gomes should take one last swing at unions before she leaves by advocating for another bankruptcy immediately.
Right? Why wait?
anonymous

Vallejo, CA

#4 Dec 4, 2013
Crybaby Miller wrote:
Then by all means Gomes should take one last swing at unions before she leaves by advocating for another bankruptcy immediately.
Right? Why wait?
Don't be so stupid.
Jumper

Vallejo, CA

#5 Dec 4, 2013
anonymous wrote:
<quoted text>
Don't be so stupid.
Stupid? The gist of the judges ruling is that pensions can be heaved IN BANKRUPTCY. We plan on declaring bankruptcy again? Didn't think so, now STFU.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Personal Finance Discussions

Title Updated Last By Comments
News Equity makes an acquisition in Independence 10 hr Mr Elliot 4
News Social Security disability fund projected to ru... Wed LBJOCKJOCK 89
News Affordable housing plan for Ruidoso approved Wed Voter 1
News Rep. Fattah charged with conspiracy Wed Black Annie 1
Bitcoin Wallets for financial independance Wed enjoybitcoins 1
News How Undocumented Immigrants Help Strengthen Our... Wed Bakker 205
News Witten to be sworn in Tue Really 4
More from around the web