Go here if you have access to Reuters news service and read a report about the comments of Bankruptcy Judge Steven Rhodes in connection with an upcoming hearing on the eligibility of Detroit for Chapter 9 bankruptcy relief. Judge Rhodes echoed my opinion when he remarked that pensioners where unsecured creditors like unsecured bondholders and would not be eligible for "special protection."
It's almost as if he's read the early version of my article Fairness and Risk in Stockton: Pensions, Bonds, and Taxes -- When Doing Nothing is Doing Well (download here).
It's almost as if he's read the early version of my article Fairness and Risk in Stockton: Pensions, Bonds, and Taxes -- When Doing Nothing is Doing Well (download here).
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