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California City Files for Bankruptcy to Get Out of Generous Obligations to Public Employees
CNNMoney.com 
June 3, 2008 Excerpt: Back at the turn of this century, when the stock market was still booming, public pension plans across the country were suddenly overflowing with surplus money. Politicians responded by handing out heavily sweetened pensions. Then, even though the stock market collapsed, politicians couldn't stop the trend. In 2001 alone, pension benefits were increased in at least 17 state plans, as well as some major cities. |
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