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Stockton Highlights Nationwide Risk of Conflict Between Muni Investors and Public Sector Unions
Forbes Link to more items from this source
Nov. 18, 2014
"While this most recent ruling clearly favored public employees over investors, in an earlier ruling the same judge made history in the Golden State by designating pensions as impairable -- subject to a haircut in the event of bankruptcy. Pensions may still get favorable treatment, but no longer in automatic fashion. Stockton is not alone. A new report from Moody's Investors Service shows just how widespread the risk runs as investors weigh whether to put their trust in municipal officials. The question is whether Stockton could be a wake-up call for city managers and union leaders across the country to tighten their belts and lower the temperature at the negotiating table."

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