The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Bonds & Fixed Income Investments

URL:  http://boards.fool.com/the-radio-said-pension-holders-creditors-of-the-30785234.aspx

Subject:  Re: Detroit files for bankruptcy Date:  7/19/2013  11:07 AM
Author:  just1trader Number:  35019 of 35367

The radio said pension holders (creditors) of the city of Detroit are likely to receive 10 cents on the dollar. Go from $1600 per month pension to $160 per month. Wow that's a crime.

Best,

The real "crime" was to over-promise and to under-fund, and Detroit isn't the only municipality that did that. As Meredith Whitney argues in her recent book, Detroit's bankruptcy is merely the first of many that will be happening as cities, counties, and states make the necessary adjustments between revenues and expenses.

http://www.amazon.com/Fate-States-Geography-Prosperity-ebook...

Charlie
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us