Detroit Bankruptcy plan of adjustment filed

[corktownyuppie]

I hope so too. It really stinks that some folks will have pensions cut 34%, but it's better than the funds drying up and the checks bouncing. The pensions of the past are not sustainable.

There are many creditors taking a much bigger cut than what pensioners are taking, some will only get 20 cents on the dollar of what they're owed.

This is a case where Wall Street is getting the shaft, and I don't think I'll lose much sleep over tonight.

There is a sweetener there for the pensioners as well. If they agree to the cuts instead of fighting in court, police and fire will only lose 4% of their pension. Gen. retirees will only lose 25%. In both cases they will reevaluate the pension funds in 10 years, and if there are better than expected returns, partial benefits can be restored at that time.


it's hard to say that I would be happy to hear this news, but given the context of the situation and desperate need to boost services in the city, I think this is a pretty reasonable offer. Especially for police and fire.