General Discussion

bhikkhu

(10,789 posts)

15. Not to mention, has his own retirement plan to think about

Tue Dec 20, 2011, 09:43 PM

Dec 2011

If the money just isn't there, I imagine there would have to be some pain spread around, but I think all parties - including bondholders and other debt-holders - should balance things out with as much as possible left to the retirees.

I can't imagine anything worse than having spent a lifetime of work, looking forward to a little ease in one's waning days, and then getting the shaft instead. I know some retirees who could easily go back to work, and some that collect comfortably from a couple different sources, but there are many who worked themselves down to the bone and just don't have anything left to give.

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A Very Bad Idea Coming Soon to a City Near You [View all] McCamy Taylor Dec 2011 OP

Wouldn't a bankruptcy judge have to approve such a plan? badtoworse Dec 2011 #1

Will a judge more likely have a city financed retirement account or city bonds RC Dec 2011 #3

The judge is bound, one would hope, to enforce the laws. Igel Dec 2011 #10

Not to mention, has his own retirement plan to think about bhikkhu Dec 2011 #15

Wtf would a bondholder care about retirees? You don't want to pay you don't get debt to jtuck004 Dec 2011 #29

The pensioners would still be risking everything Nuclear Unicorn Dec 2011 #4

So the rest of us have to stick it to the bond holders to the degree where they no longer can profit saras Dec 2011 #6

If they cannot profit they will not put money in bonds Nuclear Unicorn Dec 2011 #9

I would think bondholders are pushing ahead of others in line in the bankruptcy, RickFromMN Dec 2011 #16

I was under the impression that bondholders are first in line in a bankruptcy proceeding badtoworse Dec 2011 #20

Typically, bondholders are first in line joeglow3 Dec 2011 #32

Good questions. Nuclear Unicorn Dec 2011 #27

I did not realize bondholders were first in line. RickFromMN Dec 2011 #36

Yes, and people to whom wages and benefits are owed are the first priority treestar Dec 2011 #25

Cutting pensions is immoral beyong belief. Odin2005 Dec 2011 #2

Why do you hate America? What are you some kind of commie? stillwaiting Dec 2011 #12

I was one in high school! Odin2005 Dec 2011 #13

How do i rec this? we can do it Dec 2011 #5

I think you click DU rec. aquart Dec 2011 #8

Employment contracts don't seem to be considered worthy of being honored. aquart Dec 2011 #7

Pensions are deferred pay. The RWrs have messaged pensions to mean some sort of golden parachute wiggs Dec 2011 #11

How will the Plutocracy protect itself if it keeps doing this to its police gangs? n/t Zalatix Dec 2011 #14

K&R (n/t) a2liberal Dec 2011 #17

Let's hope the officers who have harassed & abused OWS read this or hear about it. pacalo Dec 2011 #18

Another instance of "class warfare" from the top down. Disgusting in the extreme. n/t whathehell Dec 2011 #19

the main problem we(as citizens)have onethatcares Dec 2011 #21

Sad trends continue along with this austerity madness. mmonk Dec 2011 #22

I have been getting cuts to my pension in one way or another since 2004 NNN0LHI Dec 2011 #23

When my father was alive, he worked for a corporation that promised him and my mom medical care fasttense Dec 2011 #24

K'd & R'd nt DeathToTheOil Dec 2011 #26

Take 'em to court. lumberjack_jeff Dec 2011 #28

Us UAW retirees did just that when the retirees were not allowed a vote in the cuts NNN0LHI Dec 2011 #30

Seriously? The court ruled that retirees will just take whatever the current managers want to pay? lumberjack_jeff Dec 2011 #34

No, the court ruled we had to take what the current employees voted for in their contract NNN0LHI Dec 2011 #35

It's all part of the sick, twisted disgusting plan... Earth_First Dec 2011 #31

This is the same city that fired ALL it's teachers to break the union Marrah_G Dec 2011 #33