http://www.nytimes.com/2013/08/29/us...ptcy.html?_r=0
The judge in California, after much deliberation, approved the bankruptcy petition of the city of San Bernardino. This appears to be at least a short run victory for those who wish to solve the financial problems of troubled cities by reducing their pension obligations. Will this set an example for other troubled cities in bankruptcy or at the cusp of bankruptcy?