Page 855 - Pensions News Today

Disposal to respond effectively to any of north koreas provocation. we have plans in place with our south korean allies and we naturally hope never have to put any into place. >> megyn: thats the latest he threat from north korea, released its leaders, kim jong-un, studying charts for a strike on american soil. were also watchg for new fallout today after a federal judge lets stockton, california become the biggest american city ever to declare bankruptcy. very unusual. the ruling opens the door...

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>>brian: its official stockton, california, has officially gone bust. judges ruling the failing city can enter bankruptcy making it the largest municipality to enter chapter 9. what does this mean for other bankrupt cities heading that way? will taxpayers be on the hook? lets ask stuart varney. >> let me backtrack for a second. the big problem in stockton, california, as it is across the country is pensions to retired city workers. stockton spends 40% of its entire payroll paying retirees. 40% g...

Bankruptcy. so this is a state of affairs right now. so now the city says that they will have trouble making cuts as they have in the past in the pension fund. theyre doing a lot of cuts in that town. they are home to nearly 300,000 residents. it is about 80 miles east of san francisco. stuart varney the anchor of "varney & company" of course and of fox business network and here almost every morning. good morning, stuart, good to have you. there is a large precedent being set here. the possibili...

Collapsed, stockton suffered more than any other place and made all of these investments, that this was going to go on forever and it found itself in a really, really bad situation. >> greta: im always curious when everything looks so great and everyone is flush with cash and im curious, are the people who set the pensions back at the time that it will look so great and either making bad government decisions or bad economic predictions? are they themselves now getting these pensionses and receiv...

Live. stockton wants to default on a $165 million loan it took out back in 2007, money that it used to pay calpers. the california employee retirement system. it represents the citys biggest debt. during a three-day hearing in federal court creditors argued its unfair for them to lose money while the retirement fund negotiated back when times were good remains untouched. this is the first bankruptcy case to challenge state pension law. most experts believe the judge will allow stockton to enter ...

Time and we dont know what the ruling will be. is he going to say that the federal bankruptcy law controls, not so good for the unions or california law controls, which is better for the unions. if he finds against the union, because the city owes apparently 900 million to pay for the public union retirement. 900 million bucks. if he finds against the union and says, you know what, the city can file for bankruptcy protection and youre going to have to be treated like a regular creditor. what doe...

Times," its said california is on the way back. >> this reminds me of the national championship game between notre dame and alabama where alabama went up something like 28 or 35 to 0? theres no contest. california is taxing itself out of competitiveness, and what is leally amazing is california dot have a lot loot -- does have a f advantages in terms of port and climate, but their frittering it away. theyre being strangled by government employment and high pensions for state and local workers. i...

Think well hear the same outrage after an easter sunday mass with the president and first family and other folks present turns political? thats coming up right here. fox news alert. were expecting a ruling any moment now. literally any moment now, in a bankruptcy case that, you know, who normally cares? but it actually has big significance for cash strapped cities, including yours. a federal judge is about to decide whether stockton, california can be the biggest city in america to get bankruptc...

Isnt there some sense in that? were sending -- got the numbers. 12.1 billion business e-mails a year. 5.4 billion personal e-mails. a 1 cent tax on each of those, youre getting some money. >> what the post service does now, the bulk of what they send is what i like to call physical spam which is worse for the environment. its rather unpleasant and now the postal service is saying the federal government has undermined them by saying they have to personally fund their pensions. thats crazy talk. s...