In San Bernardino, Pensioners Fare Better than Bondholders

According to San Bernardino’s bankruptcy exit plan released last Thursday, pension bondholders will get just 1 penny for every dollar while the state pension fund, Calpers, will get paid in full. A bankruptcy court judge ruled last Monday that retirees do not need to shoulder losses alongside of bondholders. Perhaps restating the obvious, Moody’s Investors […]

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