Comments on: Stockton bankruptcy judge’s pedigree, history offer hope

By: cornell

cornell — Mon, 19 Jan 2015 05:52:17 +0000

chapter 9 Sockton CA

By: nonoise

nonoise — Fri, 03 Oct 2014 16:21:28 +0000

Wow. Funny that memories can be so convenient. Monies paid into Calpers are nothing more than wages paid for work already done. To those of you who say they should take a haircut on their pay, let’s see what happens when someone tells you that due to someone else’s shortsightedness and greed, they can help themselves to your pay.

There’s this meme going around that public employees have it easy. I’m one of them and I can tell you that there’s not a bigger lie out there right now. If you can’t get your finances in order, don’t jump on the “blame the public worker” bandwagon. I haven’t had a raise in over eight years. My Calpers is a contract for work that I’ve done and not some kind of investment ‘gamble’ that bondholders take. My pension will be less than half of my take home. That, and Social Security will keep my head just above water when I retire. My situation is representative of the vast majority of public service workers.

Yes, there are those in the system who will take an extremely comfortable payout but they are the exception to the rule and represent a tiny fraction of payouts and benefits. Has everyone here forgotten what Wall Street did in 2008? Back then we were warned that this would happen: that pensions would be targeted next so the con was on to lend to cities that were already in trouble and set them up as patsies in order to grab the pension holdings or anything they could get their greedy hands on. Take a look at Detroit and Chicago. Not only are the pensions being robbed, but the buildings, artwork and utilities are being taken. This is just another scam in a long line of scams.

By: Pierre Yankopolus

Pierre Yankopolus — Thu, 28 Mar 2013 04:59:27 +0000

Amazing this is even going to court. I am from Greece. Let me just sum this whole thing up. Be fiscally conservative.
There is no way you can continue to pay for extravagant retirements and benefits. You work for 20 years and want to do nothing and have everything. Go to Greece and see how well that has worked out. I have become aquainted with so many Californians’ who worked for 20% of their lifespan and get more money yearly than anybody who works in the service industry 5 days a week year round. The people of Stockton have a debt to pay and the pensions cannot be sustained at a royalty level. Don’t go down the path Greece took. It ends horribly. Do not let greed ruin your pensions. Pay your debts, get involved with rebuilding your city and be proud that you built a foundation for your children and grandchildren. There is no free lunch.

By: mbecker908

mbecker908 — Thu, 28 Mar 2013 02:00:25 +0000

One way or another, the world of municipal bonds is on the verge of a totally new existence. Underwriting is going to get significantly more rigorous, interest rates are absolutely going up and you can expect new bonds to be tied to revenue streams to make the payments. The days of free spending by city officials for fancy toys and the days of floating a bond to make payments to unions is about to hit the wall.

California made it’s bed – as did Illinois, another blue nightmare – and they’re about to discover the bed of roses is full of thorns.

By: us citizen

us citizen — Thu, 28 Mar 2013 00:08:04 +0000

So CA is going to be the next Cypress…………better go hide your money fast.

By: SkippingDog

SkippingDog — Wed, 27 Mar 2013 22:53:19 +0000

Unlike the retiree health benefits contract which was the subject of Judge Klein’s earlier decision you adore, pension benefits are specifically addressed and protected by the state constitution.

Chapter 9 specifically prohibits the imposition of remedies that violate state laws. If you hoped for legal outcome is correct, and Judge Klein can ignore the pension provisions of our state constitution, there is no reason he could not choose to ignore other state constitutional provisions as well, such as the taxing limits imposed by Prop 13.

If one state constitutional provision is in play, they are all in play.

By: Sean Morham

Sean Morham — Wed, 27 Mar 2013 22:17:43 +0000

Can see this appealed all the way. The unions will never, never back down. I am sure some of their members would make Occupy Wall Street look like a KIndergarten field trip. Personally, my 401k has money invested in funds consisting of some the bonds the city of Stockton desires to take a haircut instead of calpers, and I am sure many of the ” public servants’ think that is only right. To all of them, FU.

By: eyeamok

eyeamok — Wed, 27 Mar 2013 15:33:05 +0000

Then wall st will jack up the prices of bonds issued in the state and everyone will get slammed.

Which is why I advocate for ALL INTEREST DUE for Monies Borrowed SHALL BE PAID BY PUBLIC EMPLOYEES through a Separate Payroll Tax for “Public Employees” on Income and Pension Benefits, We The People can be responsible for the Principle, but ALL INTEREST SHOULD BE PAID BY GOVERNMENT EMPLOYEES and Recipients of GOVERNMENT PENSIONS. This would immediately stop all the Wild eyed Borrowing.

By: Hondo

Hondo — Wed, 27 Mar 2013 15:25:39 +0000

Even if this judge does a back flip and rules in the unions favor, it is still a catastrophe for the state. Then wall st will jack up the prices of bonds issued in the state and everyone will get slammed.
There is no good option here.
And even if the judge rules against the union, then Calpers then appeals to the state supremes or the 9th circut.
Hondo…..

By: Barb

Barb — Wed, 27 Mar 2013 14:52:57 +0000

Finally, someone with common sense!