Tag: Pension Debt
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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…
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More Bad News on the Pension Crisis
If I was Rahm I would so totally throw Daley under the bus on this issue. The debt from 10 Chicago-area pension plans swelled more than 600 percent to $27.4 billion between 2001 and 2010, according to a study released Monday by the nonpartisan Civic Federation. That’s $8,993 for each man, woman and child in…
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JP Morgan: Public Employee Pension’s Set to Explode
But they wanted to keep the story to themselves: JPMorgan recently circulated a “strictly confidential” report among leaders at the bank and with trusted hedge fund allies outside of the bank which details an impending public pension crisis. And we mean big time nastiness. Massive cuts in services will have to happen, or massive tax…