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Judge approves Stockton bankruptcy

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Posted: Tuesday, April 2, 2013 12:00 am

The people of Stockton will feel financial fallout for years after a federal judge ruled Monday to let the city become the most populous in the nation to enter bankruptcy.

But the case is also being watched closely because it could answer the significant question of who gets paid first by financially strapped cities — retirement funds or creditors.

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Welcome to the discussion.

3 comments:

  • Robert Jacobs posted at 11:35 am on Wed, Apr 3, 2013.

    Robert Jacobs Posts: 298

    This didn't just happen over night, or even in the past several years. This is the result of the continued, arrogant, greedy, and immoral behavior by people who have poorly managed the city by our local officials! Actually in many cases I would include criminal behavior by many of these so-called publicly trusted officials!

    This has been going on for the past fifty years in Stockton's (and all over this nation) local elected officials and those hired, such as the city manager (and managers past) who are all completely corrupt or close there of...

    This is just plain depravity of those who broke the trust of those whom the citizens elected to represent them!

    Many of these people belong in prison, plain and simple!

    Take heart though, you will answer for what you've done one day!

     
  • Jerry Bransom posted at 4:40 pm on Tue, Apr 2, 2013.

    Jerry Bransom Posts: 363

    I fail to see why the citizens, employees and workers have to pay for the gluttony of a few corrupt politicians. Let me do an Audit! I am starting with the bank.

     
  • Kim Parigoris posted at 12:43 pm on Tue, Apr 2, 2013.

    Kim Parigoris Posts: 470

    "But despite yesterday’s ruling, the fight over debt in Stockton, and the rest of California is far from over. Not only did Klein open the door for the city’s bondholders to take significant payment and principal cuts, but he also left open the possibility that the California Public Employees’ Retirement System (Calpers) would see their payments cut, too. Under state law, cities may not cut their payments to Calpers. But a federal court could rule that U.S. bankruptcy law trumps state law. That would open the door for hundreds of California cities to cut their payments to Calpers, which would only send the state government deeper into debt because Sacramento would have to make up the missing payments."

     
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