Monday, December 09, 2013

When you take decades to destroy a great city, tough questions will follow-----Pensions in play in Detroit bankruptcy: What's equitable?

And no one in Muskegon county government seems to have a clue what's happening to Detroit.
Pensions in play in Detroit bankruptcy: What's equitable? | Crain's Detroit Business:
"All pensioners may have been made equal to other unsecured creditors who hold contracts with Detroit, by a federal bankruptcy court judge — but that may not necessarily put them on equal footing.

Now that Judge Steven Rhodes has found the city's 21,000-plus retirees are no different than many other creditors who have rights under a contract with the city, attorneys expect the city will submit what federal law calls a "fair and equitable plan" to restructure its debt by late February.

But what is equitable, for example, to former city employees who have been retired for years, are physically unable to return to work, do not receive Social Security if they were police officers or firefighters, and received promises from a city that was once in much better shape? "

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