Page 815 - Pensions News Today

Bankruptcy in july it was an open question if the city met the legal requirements for chapter nine. today, a bankruptcy judge ruled that it did, saying in part, quote, the city no longer has resources to provide the citizens with police, fire, and emergency services. of particular importance are those 20,000 or so city retirees with guaranteed pensions that are no longer guaranteed. the ruling holds that federal law supercedes. detroit is now officially out of voters hands. >> i dont think we ha...

Process. but it is a process that i think we need to take a lot of care because there are going to be pain for a lot of different people. >> joining us now is a former investment banker with goldman sachs where he specialized in stance. whats your reaction to todays court ruling? >> thank you for having me here. this thing of saying they can cut the pensions, that was all about the court saying we have the power to do it. they also said were going to be cautious about cutting the pensions and tr...

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City worker and its a troubled, financially troubled city, you should be worried because detroits bankruptcy sets a new pattern. it sets a new model because the detroit bankruptcy judge has said, yes, you can cut pensions. it doesnt matter what it says in the michigan state constitution. it doesnt matter what the unionize say. yes, says the judge, you can cut pensions. pensions for retired workers are the key problem for troubled cities across the country. now they have this new model. detroit s...

Bankruptcy. a judge handing down this landmark decision to approve the filing tuesday. so it now clears the way for the motor city to slash an estimates 18 millions in debt. including reducing pensions for city workers. its quite controversial. many of those workers protested that decision outside of the courthouse tuesday. an impressive move by the legislature. theyve approved an enormous plan to the states shortfall. public unions opposed the bill and promise to take legal action. they argue t...

Vulnerable. we cannot attack the most vulnerable. lets take pensions off the table. lets take a look at how taxes are being paid. lets look at what corporations are paying. lets maybe take a look at us cutting taxes rather than increasing taxes for those who can afford it. he didnt do that. he attacked the most vulnerable in that city and thats wrong. morally its wrong and we believe legally its wrong and thats why were appealing the decision. >> beyond that, obviously, and we talked about this,...

Across the country are not experiencing fiscal difficulty, they are. but weve got to be creative and weve got to think outside the box as far as how we resolve those kinds of problems. you dont resolve those problems by forcing retirees to give up more in pensions. you might want to resolve those problems by having corporations, having companies pay their fair share and not continue to give huge tax breaks equaling billions of dollars in cities and states across this country. its all about prior...

Can down the road and not make tough decisions. >> those tough decisions, the judge ruled billions in pensions can be cut even though michigans constitution prohibits cuts to pensionings. the citys largest employee union fwoild an appeal. the ruling could have implications across the country for retirees already struggling to make ends meet. >> we have an american dream that if you work long and you did the right thing, that you would end up being able to live comfort annual. what hes done now, ...

Pensions are protected by michigans constitution that say they cannot be cut. >> google is cutting prices on the cloud services in an effort to compete against amazon.com microsoft. they are cutting it 10 percent of the portion of the cloud services that allows the company to use the computer power and up to 60 percent on storage as they shut down the servers and move that data to the cloud. netflixs latest original series targets your kids and will be available christmas eve. turbo fast takes...

Boehner helped light the tree during the annual ceremony. >> 5, 4, 3, 2, 1. beautiful. the 88 foot tall tree adorned with more than 5,000 handmade ornaments made from children all across the u.s. >> it is cute. >> detroit is now the biggest city to be declared bankrupt. adam shapiro is here to explain what that means for state employees and for others. >> a lot of the cities and states across the country launching this. it is the largest city ever to declare bankruptcy. the bud the judge is ruli...