Mish's Global Economic Trend Analysis: Detroit's Emergency Manager Threatens Pension Fund Takeover; Blame the Unions:"Detroit's emergency manager Kevyn Orr says a pension fund takeover is a "right, if not an obligation" after Orr learned of extra, unwarranted pension payments.
Kevyn Orr said in a recent interview that at the current pace, the city's General Services System pension fund could lose its ability to pay pensions owed to current and future retirees within 12 years.
A takeover is a "right, if not an obligation, that I have to consider under the statute, and we're considering that right now," he said."
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