Motor City is Bankrupt — Page 2

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#26

Motor City is Bankrupt

Posted: 7/21/13 at 5:22pm

"TheatreDiva90016 - another good reason to frequent these boards less."<<>> “I hesitate to give this line of discussion the validation it so desperately craves by perpetuating it, but the light from logic is getting further and further away with your every successive post.” <<>> -whatever2

#27

Motor City is Bankrupt

Posted: 7/21/13 at 9:05pm

The main issue facing the city of Detroit is the huge obligation it owes former city workers in pension plans. These pension plans were negotiated via unions that worked hard to elect the people they were going to negotiate with (most of whom had a D after their name). And Detroit is not alone; Chicago and LA both have over $30 billion in unfunded liabilities.

Even FDR was against unionizing public employees.

Updated On: 7/21/13 at 09:05 PM

#28

Motor City is Bankrupt

Posted: 7/22/13 at 11:53am

Coupla questions regarding public pension plans.

1. Are public pension plans like the City of Detroit's eligible for insurance coverage offered by the federal Pension Benefit Guaranty Corporation (PBGC)?
2. What would happen if PBGC became insolvent? Note: during the most recent Wall Street meltdown some attorney friends of mine were suggesting that PBGC was grossly underfunded to withstand a tsunami of investment bank bankruptcies.

I'm told that San Diego, CA is not out of woods either.

#FactsMatter...your feelings not so much.

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