Hard hitting global and local news
For details, please consider the New York Times article In Ruling on California Town’s Bankruptcy, Judge Challenges Sanctity of Pensions .
See original article: Book Review: The Money Bubble (What to Do Before it Pops) – Two Thumbs Up
Bloomberg reports Japan Says Bitcoin Not Currency Amid Calls for Regulation .
Before answering, let’s take a look at the charges as presented in Democracy Watch: Swaps, COPs & Lingering Questions . In 2005, the city of Detroit faced a monumental dilemma: It desperately needed to borrow more than $1.4 billion to help shore up its two pension systems, but doing so would far exceed the legal limit on the amount of debt it could amass
The inevitable shape-of-things-to-come has finally arrived in a major California city. I am pleased to report Voters in bankrupt San Bernardino sweep old guard from power .
Today, the New York Times reports Detroit Turns Bankruptcy Into Challenge of Banks . Amy Laskey,a managing director at Fitch Ratings, said in a recent report that she sensed an “us versus them†orientation toward debt repayment
More here: Pension Battle Shifts to San Jose, San Bernardino, Stockton; Rights of Dinosaurs vs. "Right Thing"
Yahoo!Finance reports Judge says Detroit Eligible for Bankruptcy Detroit is eligible to shed billions in debt in the largest public bankruptcy in U.S. history, a judge said Tuesday in a long-awaited decision that now shifts the case toward how the city will accomplish that task. Judge Steven Rhodes turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan to solve $18 billion in long-term liabilities
Mercury News reports BART workers’ paychecks already outpace their peers’ BART workers easily earned the most money on average last year among the 25 largest government agencies in the Bay Area, the newspaper’s review of public employee payroll data shows.