Tag: Bankruptcy
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More Bankruptcy Coming (to a city near you)
The top 10 biggest U.S. cities on the brink of pension bankruptcy. #1 Philadelphia – Unfunded liability of $9 billion, $16,696 per household, only 1 year before the pension accounts are empty #2 Chicago – Unfunded liability of $44.8 billion, $41.966 per household, money runs out in 4 years #3 Boston – Unfunded liability of…
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Pensioners Take Note, Municipal Bond Storm Coming
[B]ut California too is now starting to hand it to bondholders. Cities in California are now testing the limits of bankruptcy law, and not paying the debt nor the payments for retirees to the state system. Thus this article describes how the state retirement system (CALPERS) is suing to demand payment, and saying that retiree…
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Obama a Real Contributor to Subprime Loan Failures
President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. As few as 19 of those 186 clients still own homes with clean credit ratings, following…
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U.S. Postal Service is Dying, Why You Should Care
The USPS has been teetering on the brink of bankruptcy. A key reason was a 2006 law that required the postal service to make annual payments of about $5.5 billion for 10 years to pay for future retiree health benefits. … In the three months that ended June 30, the agency reported net losses of…
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Bankrupt Stockton Chicago
Yesterday’s news: Officials in Stockton said Tuesday that mediation with creditors has failed, meaning the Central California city is set to become the largest American city ever to declare bankruptcy. … The river port city of 290,000 in Central California has seen its property taxes and other revenues decline, while expensive investments and generous retiree…