Page 841 - Pensions News Today

Including police and fire retirement system as well as citys 20,000 general retirees. emergency manager says all city workers, including current and retired, could see pension cuts. >> we will have a dialogue with the pension funds about what we can do. and there are two different funds. >> pension holders plan it make the argument that there cannot be a chapter 5 filings that would affect pensions. any federal resources, however, are already strained. the national debt remains well over 16 tril...

Years of manufacturing job loss and economic decay, the arsenal of democracy filed for bankruptcy. cnns poppy harlow has been covering the story from detroit. she joins us now. how does bankruptcy work for an entire city? this is the largest municipal bankruptcy this country has ever seen. >> reporter: thats right. this is the largest municipal bankruptcy by far in the history of this country, 18$18.5 billio in debt how red in debt this city is, unprecedented. the way it plays out in court is ye...

As smart as i am and they figure that out, too. >> i want to pick up that resignation question. nick, maybe you could explain to people. we talked about new jersey being the most powerful governorship in the country because not every governor running for president would be affected like christie. >> governor of new jersey has power over almost everything. they appoint district attorneys, county prosecutor, all judges, all election commissioners in the counties. i mean, its an absolutely -- and t...

Completely hands-off with the economy. we have to have a manufacturing policy. an advanced manufacturing policy and give states a chance to build a cluster to compete. >> some criticism from conservatives say, look, youve had 50 years of democratic rule in the city of detroit. youve had unions, not only in detroit but other cities, who are pursuing pensions and retirement policies that are completely unsustainable. and that there has been some level of denial. even you in 2009, "time" magazine i...

Said theres a lot of misinformation. let me just say this about cronyism. if you want it get detailed, you can find cronyism in any city government in this country. and this idd idea that, well its been under rule and city leaders for years, thats true. very true. thats why there were good wages, good pensions, good healthcare programs. there were things that people had earned. in city fathers knew they earned it. but the outside external pressures of outsourcing and free trade brought on by rep...

Retired and current city workers. their pensions and their health care benefits hang in the balance. thats what so much of the focus has been on here in detroit today in the wake of this bankruptcy. what is it going to mean for people who are counting on those pension checks to come in? now, heres what kevin worthy, the emergency manager of the city of detroit who made this decision along with the republican governor, rick snyder, of michigan, said, look, people are going to have to take cuts in...

17 minutes before the top of the hour. lets take a look at your money now. the dow ticked down just at tin bit on friday. it marked a fourth straight week of gains. reassurance from fed chief ben bernanke regarding the governments stimulus program helped push the stocks up. >> the motor city is running out of gas. big story this week. just a day after declaring bankruptcy on thursday, a judge actually ordered the city to withdraw the bankruptcy filing declaring it unconstitutional but michigans ...

Yesterday. she died at a six flags in texas. witnesses say they came out of her seat on a steep turn. her family was riding with her. the parks ride at six flags over texas is closed pending an investigation. three, now just a day after detroit declared bankruptcy, a judge ordered the city to withdraw the filing declaring it unconstitutional. michigans attorney general says hell appeal that decision. the motor city has a total of $18.5 billion in debt. now a major contributor to that number is...

Everybody lives on the outskirts and no tax base in it, and thats where the bailout is called for, not the bondholders, i wouldnt say the pensions or all the creditors. they will have to take a haircup. however, the federal government let this city collapse and does not provide security. people dont live there because its dangerous. they have the highest murder rate for like 20 years in america. we provide money to the mexican border to make it safer from the drug world violence, to many countri...

The negotiating table. we cant force you guys to give up your pensions but we can make this easy, partially fund that $12 billion and in exchange shift this over to a 401(k) and take a haircut. it has to happen because it would be unconstitutional to bankrupt them and get the pensioners off the hook. that will not work in michigan. its against the constitution. >> tracy, what do you think of that idea? >> i think, you know what, we blame 10, 20 years of unions controlling labor, politicians maki...