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Thread: Judge: Stockton, Calif., Can File for Bankruptcy

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    Judge: Stockton, Calif., Can File for Bankruptcy

    Judge: Stockton, Calif., Can File for Bankruptcy

    The Chapter 9 bankruptcy case is being closely watched nationally for potential precedent-setting implications.
    The $900 million that Stockton owes to the California Public Employees' Retirement System to cover pension promises is its biggest debt. So far Stockton has kept up with pension payments while it has reneged on other debts, maintaining that it needs a strong pension plan to retain its pared-down workforce.
    The creditors who challenged Stockton's bankruptcy petition are the bond insurers who guaranteed $165 million in loans the city secured in 2007 to pay its contributions to the CalPERS pension fund. That debt got out of hand as property tax values plummeted during the recession, and money to pay the pension obligation fell short.
    This is what voting for big-ass government will get you.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Is it the ruling, that the city can file for bankruptcy, or the debt it generated in the first place that has you upset? Or is it both?

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Wiseone View Post
    Is it the ruling, that the city can file for bankruptcy, or the debt it generated in the first place that has you upset? Or is it both?
    It is the fact that we have this test-tube example on our left coast of where we're headed, and yet we still vote to keep heading down that road.

    When you pee on an electric fence, you'd think you'd learn to stop doing it.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Erod View Post
    It is the fact that we have this test-tube example on our left coast of where we're headed, and yet we still vote to keep heading down that road.

    When you pee on an electric fence, you'd think you'd learn to stop doing it.
    One city goes bankrupt, therefore liberalism bad.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Where's Mitt Romney when you need him?

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    The city went bankrupt trying to cover its contributions to public pensions. At least it wasn't because of pet projects, but because of its desire to fulfill a fiduciary obligation to the public.

    The first city of many across the U.S., to be sure. I'm curious what austerity measures will now be forced upon the public as part of a bankruptcy deal.

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    Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Northern Light View Post
    The city went bankrupt trying to cover its contributions to public pensions. At least it wasn't because of pet projects, but because of its desire to fulfill a fiduciary obligation to the public.

    The first city of many across the U.S., to be sure. I'm curious what austerity measures will now be forced upon the public as part of a bankruptcy deal.
    Just one big reason why there should be no such thing as guaranteed defined public employee pensions, they're unsustainable and need to be phased out. Public employees can fund their own 401Ks if they want to retire some day.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by Erod View Post
    Judge: Stockton, Calif., Can File for Bankruptcy



    This is what voting for big-ass government will get you.
    I'd like to know what fool authorized the loaning of $165 million to a city to pay its contributions to a pension fund? That person, or persons, should be fired immediately. If a city is so far behind on its pension obligations, what makes a bank think they will be able to financially catch up and pay off a loan at the same time? Give a city a loan for something you can confiscate and sell if they don't pay - but giving them a loan for nothing tangible is just lunacy.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by StringBean View Post
    Where's Mitt Romney when you need him?
    "Restructure" the city, take millions in "consulting fees," sell off pieces and then run away only to have the city go under anyway? Yes, that sounds like the right idea.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Judge: Stockton, Calif., Can File for Bankruptcy

    Quote Originally Posted by CanadaJohn View Post
    I'd like to know what fool authorized the loaning of $165 million to a city to pay its contributions to a pension fund? That person, or persons, should be fired immediately. If a city is so far behind on its pension obligations, what makes a bank think they will be able to financially catch up and pay off a loan at the same time? Give a city a loan for something you can confiscate and sell if they don't pay - but giving them a loan for nothing tangible is just lunacy.
    CJ, Sorry, I haven't been following this...been too busy today! Are you saying someone in DC authorized this loan?

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