posted on Apr, 19 2014 @ 08:14 AM
a reply to: Bassago
Well, the 1B$ would pretty much take care of things actually.
The funds have come back somewhat, due to the Stock MArket doing well.
There is a school of thought that Orr and Detroit made the numbers look worse, first to get and EM in place, and second to make the bankruptcy get
IN addition to the [illegal] swaps deal to shore up the City's pension shortfall in contributions, the city has not paid its contributions since
December 2012....and that has added up.....over $200 millions and growing.
The Pension Funds have taken the City to court AT LEAST once to force them to pay up...and the Funds won at least once.
Detroit seems able to meet payroll these days....and pay the army of overpriced attorneys.
Detroit has allowed itself to slide into corruption and ruin.....and has had a lot of help there:
“There is policy and political blame aplenty to go around,” he explained. “That is, officials in Detroit kept a large city government that
was not proportionate to the city’s shrinking population in place. The state cut funding for infrastructure, education and transit. And the federal
government steadily withdrew urban support beginning in the 1980s.
“The folk wisdom in Detroit is, ‘Oh, it’s mismanagement in city hall that caused the city’s problems.’ City hall is a player for sure, but
the causes of this were far deeper. It had to do with macroeconomic and macro-political problems that were well beyond the boundaries of the
The retirees should not be held accountable for these crooks.
And, FWIW, pension reform is badly needed.....gone are the days of cushy defined contributions.