Page 816 - Pensions News Today

Ahead to file for bankruptcy. in the ruling tuesday, the federal judge said this one is proud and prosperous city cannot pay debts. it also has an opportunity for a fresh start. its the first time a court ruled pensions could be reduce the despite a state constitutional ban. but its not just detroit where pensions are at risk. chicagos credit rating is downgraded for a $19 billion pension short fall. and its a problem for other states, too. the pension funds in 34 states cover less than 80% of t...

Good guy. brian? >> the president repeatedly promised he wouldnt let detroit go bankrupt when he bailed out the auto industry. >> and so when some people said we should let detroit go bankrupt, we decided, no, were going to make a bet on the american worker and american industry. even when there were some politicians who were saying lets let detroit go bankrupt. and with one million jobs on the line, we werent going to let that happen. >> we refuse to throw in the towel and do nothing. we refuse...

The free press says it, quote, sets the stage over the battle for pension reductions, sale of assets and proposed cuts to financial creditors. while each battle will have its own challenges the fights over pension cuts will no doubt be the most controversial of them all. judge rhodes ruled pensions can be cut saying nothing distinguishes pension debt from other types of debt. he also said he wont approve changes to the citys pension plans unless they are, quote, fair and equitable. detroit has o...

Opinion that city employees dont like. the pensions are not protected. like any other contract or obligation they are subject to changes or reductions as the bankruptcy moved forward. kevin orr said that is unavoidable. >> we are trying to be thoughtful and measured and human about what we have to do. i can tell them, the reality is there is not enough money to address the situation no matter what we do. >> reporter: the employees union ask me, filed an appeal saying that employees are left hang...

He eventually lost radio contact with them. four family members were reportedly on board with him. friends are surprised smith would run into anything he couldnt handle. >> if theres anyone who is able to survive a difficult situation, it would be dale. >> he was a really good pilot. i would be surprised if anything happened. maybe he ran into bad weather. >> authorities are trying to remain hopeful. they say they may have landed somewhere safely. the planes built in emergency locator is designe...

>> well, pope francis, hes got it going on. what did i do growing up? i was a bus boy. >> really? >> country club of maryland. i loved it when the guests would leave behind the rolls. first thing id do is eat them. love those rolls. yeah. anyway, chris, thanks so much. the agenda next hour, healthcare.gov, the little internet engine that could. with the wind at its back president obama goes into campaign mode to get america shopping for insurance. and hes sitting down with chris matthews on thur...

Local media now reporting firefighters have that massive eight-alarm fire in boston under control. just look at this video. in a matter of minutes it engulfed a five-story brick building in south boston. windows on the first three floors were reportedly blown out. a local station reports fire crews were able to get the upper hand in about an hour. the building was under renovation and everyone, thankfully, inside escaped without injury. and can detroit proceed with its record bankruptcy? they ...

Families to be treated equally. dignity and to obtain economic rights. we must do this as a country. >> let me ask you while i have you, today a federal judge cleared the way for detroit to go bankrupt and ruled that pensions of city workers can be cut as part of that bankruptcy. what is your reaction as the international president of afscme? >> its a dark day in the city of detroit. its a dark day for the retirees who have worked 30 and 35 years, given their life to public service in that city....

Theyre hoping that the public can help with his identity. anyone with any information is asked to call miami dade crime stoppers. 305-471-tips. jenna: big story and this just in, a judge making a key ruling in detroits bankruptcy filing. mike tobin is live in detroit with this. mike? >> well, the ruling is that this historic chapter nine bankruptcy filing can move forward. also what -- the opinion that was handed down from judge roach, something here that these people behind me here do not want ...

Will be released. last december gunman adam lanza shot his way into the elementary school killed 7 children and 6 teachers. >> happening today a judge is expected to decide if the city of detroit bankruptcy filing can go forward. the judge must determine if officials did everything they could to avoid bankruptcy including negotiating with cred fo tore -- creditors. they would begin reducing the 18 billion in debt. some are afraid it would include clashing pensions. it is located by a em too of e...