"Analysis shows Detroit pension funds in better shape than Orr says."
Last edited Sat Aug 3, 2013, 10:45 PM - Edit history (1)
http://www.freep.com/article/20130802/BUSINESS06/308020076
The conventional wisdom tells us that "greedy unions" and "bloated pensions" are at the root of Detroit's problem but *surprise* Morningstar feels future obligations can be met and Detroit's pension structure is 90% funded. Meanwhile, Orr hurried into bankruptcy and offered a little over twenty cents on the dollar to pensioners while offering bondholders around 75 cents.
Bondholders get paid and while the well funded pensions earned over a lifetime get stolen. That's a goal, not an unfortunate fact or a "tough choice" and what you are seeing in Detroit is going to be a model for liquidating pensions.
= new reply since forum marked as read
tomorrow the world. Far as I am concerned glad to see more people attending the Party. 
Detroit has been the brunt of ridicule for so long. When really they blame Detroit and the Auto industry for the Southern flight. Unlike Rush's comments about white flight out of Detroit. Governor Snyder, nor Kevin Orr have done a damn thing for Detroit. The people who talk smack about Detroit have not picked up one piece of paper in the street. They don't belong to any block clubs in the city. Have not planted one community garden. Have not cut one neighborhood park. Have not cut one lawn in front of the abandoned house. Neither one of them have never got up at 4:30 in the morning to be ready by 6 am to catch the bus in the dark to go to a job across town that pays $7.40 an hour and only get 20 hours a week. These are the things going on in my neighborhood. They all have a vision for Detroit. From Governor Snyder to Dan Gilbert. But their vision doesn't include Detroit's current residents. Funny how they were all screaming Let Detroit Go Bankrupt. Now that they found out a lot of the pensions around the Country and around the State are tied to Detroit, now they want to save their pensions. What about those of us who have been fighting about when Wall Street was jacking pensions and retirement funds and peoples homes. Oh all was fine and good as long as it didn't affect them personally. Funny how the thought of going hungry gets really personal. Because now you can see that they are just trying to destroy the middle class once and for all. They get Detroit, they will make their move across the Country. Make no mistake this is a National agenda. And as I said before there were some of us who have been at this Party listening to the same song for years and have been fighting for them to change the record. Now others must listen to the same music. So I say Welcome to the Party!!!!! As for Repugs lying to steal, that is nothing new!!!
