Credit Draw Highlights Chicago Pension Problems – The Bond Buyer

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J.A. Herzrent
8 years ago

The contribution puts additional dollars in a place more difficult for bondholders to reach following default and the inevitable bankruptcy. It will keep the fund solvent for a few more months so that those already retired or closest to retirement will get their benefits for a few more months. Each stopgap measure makes the problem worse and postpones the inevitable. Maybe there is a longer term strategy being hatched: a federal bailout that grandfathers the benefits of those above a certain age. Those who cause the problem deserve to be sheltered from the consequences. After all, they have the greatest… Read more »

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