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Read More: Vallejo, Mired in Pension Debt Again; Lesson for Stockton and Detroit – Shed Those Pension Obligations Now!
Originally posted here: Fiscal Crisis in Chicago: Pensions 31% Funded, Moody’s Downgrades Debt 3 Notches, Pension Liability is $61,000 Per…
Originally posted here: Fiscal Crisis in Chicago: Pensions 31% Funded, Moody’s Downgrades Debt 3 Notches, Pension Liability is $61,000 Per…
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Read More: "Tax Nightmare" of Eminent Domain Mortgage Seizures
On Friday, a Michigan Circuit Judge Rosemarie Aquilina ruled Detroit bankruptcy is unconstitutional . On Friday, a circuit court judge in Ingham County ruled that Detroit’s federal bankruptcy filing violated a part of Michigan’s constitution that protects union pensions.
What alternatives to “FDIC insured deposits†are out there so we can protect our money? I’m a daily huge fan and thanks for all your wonderful work. Sam P In the US, I do believe deposit insurance will be honored, but it shouldn’t be, at least on interest bearing accounts. And the only way deposit insurance could realistically work on non-interest bearing accounts was if there were regulations that banks could not lend deposits available on demand (checking accounts)
The Huffington Post describes the setup in Stockton Pensions Present Problem In Bankruptcy At the conclusion of a three-day trial, a judge on Monday formally granted the city Chapter 9 protection, over the objections of creditors who questioned whether it was fair for the city to fully meet its obligations to the state pension system while other debt holders go partly paid.
Note that the first step in liquidation will be the firing of 15,000 workers including the closure of 33 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores. At least a dozen readers sent emails in response to my previous two posts on Twinkies. One misguided soul from the Netherlands wrote "Your article on the bankruptcy of Hostess is so extremely biased