Tag Archives: california

Stockton, CA Declares Bankruptcy

Stockton bankruptcy can move forward, judge rules: The $900 million Stockton owes to the California Public Employees Retirement System to cover pensions is its biggest debt -– as is the case with many cities in California. Stockton slashed its police … Continue reading

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Good News, California!

Illinois’ credit rating downgraded; state drops to worst in the nation.

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Stockton, CA Going Bankrupt

Reuters – Stockton, Calif. to take up bankruptcy budget plan: Stockton, California was poised on Tuesday to take a major step toward becoming the largest U.S. city ever to file for bankruptcy after talks with its creditors on Monday at … Continue reading

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This is Your Train on Drugs: CA Train Versus Endangered Species, Asthmatic Children

LA Times – Environmental objections in path of bullet train: The California bullet train is promoted as an important environmental investment for the future, but over the next decade the heavy construction project would potentially harm air quality, aquatic life … Continue reading

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Repo Man Visits Stockton, CA; Tows Away City Hall and Parking Garages

Mish – Wells Fargo Seizes Stockton California City Hall, Parking Garages; City Prepares Bankruptcy Contingency Plans; Bondholder Mediation Underway: The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city … Continue reading

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This is Your Train on Drugs: Garbage In, Garbage Out

Now we know how California’s high speed train got approval. They lied about everything in the study justifying its construction. City Journal – Solyndra Times Seven: The bullet train’s “reasonableness of financial estimates” is questionable, beginning with the project’s revenue … Continue reading

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Stockton, California Shuffling Towards Bankruptcy

Mish – Stockton California, Population 292,000, Takes Steps Toward Bankruptcy, City Manager Says: Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt … Continue reading

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California Dreamin’ is Meetin’ with Reality

How Much Could California’s Government Pensions Cost Taxpayers?: This week both of California’s largest government employee pension funds, CalPERS and CalSTRS, released their portfolio earnings numbers for the most recent twelve months. In a statement released on January 24th, “CalSTRS … Continue reading

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California Dreamin’ is Meetin’ with Reality

CalPERS Earned 1.1% on Investments in 2011, Plan Assumptions are 7.75%: The nation’s largest public pension fund, the California Public Employees’ Retirement System, posted a 1.1% return on its investment portfolio in 2011, Chief Investment Officer Joseph Dear told his … Continue reading

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California dreamin’ is meetin’ with reality

Michael Lewis in Vanity Fair – California and Bust: At that point, if not before, [San Jose] would be nothing more than a vehicle to pay the retirement costs of its former workers. The only clear solution was if former … Continue reading

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In Bizarro World Bankruptcy Am Good

Zero Hedge – 32 States Now Officially Bankrupt: $37.8 Billion Borrowed From Treasury To Fund Unemployment; CA, MI, NY Worst: Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the … Continue reading

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Chicago Going as Bankrupt as California

Mish – Illinois Doesn’t Pay Bills; Crisis Pushes Businesses to Edge of Bankruptcy: Illinois isn’t bothering with the formality of issuing IOUs, as California did last year. It simply doesn’t pay. Right now, $4.4 billion worth of bills, some dating … Continue reading

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California Uber Alles

Ride Fast – The California Way – Stealing from the wage earners: As of yesterday, California is stealing an additional 10% of wage earners pay, by pre-deducting today your future taxes of tomorrow. They say it’s all wonderful and rainbow, … Continue reading

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CalPERS actuary says pension costs “unsustainable”

Mish – CalPERS Admits California “Pension Costs Unsustainable” – So What To Do About It? The CalPERS chief actuary says pension costs are “unsustainable,” and the giant public employee pension system plans to meet with stakeholders to discuss the issue. … Continue reading

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California pensions loses 23% of assets, managers get millions in bonuses

Sacramento Bee – CalPERS, CalSTRS award big bonuses despite losses: California’s two biggest public employee pension funds handed out millions of dollars in bonuses last year to their top executives and investment managers, despite losing billions of dollars. The biggest … Continue reading

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