"Stockton has kept current on its payments to CalPERS ... even as it has defaulted on some bond payments and declared its intention to wring concessions from Wall Street creditors. Thus CalPERS has supported Stockton's bankruptcy filing, while the so-called capital-market creditors have opposed it.... In San Bernardino, none of this has happened.... San Bernardino's Wall Street creditors -- some of them the same as in Stockton's case -- have supported its quest for bankruptcy eligibility, because the city is treating them and CalPERS equally. And in another mirror image to Stockton, CalPERS is opposing San Bernardino's request for bankruptcy protection."  MORE >>