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Bond Insurer Blasts Stockton, California, for Favoring Pensions Over Other Debtors
The Sacramento Bee Aug. 3, 2012
"Wall Street lenders say they're getting a raw deal in Stockton's bankruptcy, losing millions while the city continues to fund pricey employee pensions.... [Bond insurer Assured Guaranty's] broadside raises new questions about a topic once thought to be out of bounds: whether governments can tamper with retirement plans. While some corporations have used bankruptcy to cut their obligations to retirees, public-sector pensions generally have been considered sacred: Once workers go on the payroll, their retirement can't be touched. Responding to Assured's claim, CalPERS said pension obligations take precedence over lenders under California law."
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