Judge approves California city’s bankruptcy plan. Do they have a bond status that’s below junk? Stockton just hit it. $2 billion down the credit tube.
This post was last modified on January 26, 2021
Judge approves California city’s bankruptcy plan. Do they have a bond status that’s below junk? Stockton just hit it. $2 billion down the credit tube.
This post was last modified on January 26, 2021
This website uses cookies.
View Comments (33)
What Stockton needs to revitalize itself is a high speed rail connection to Modesto.
What about a HS rail to Alcatraz? I'm sure that would be productive.
I think the high speed rail should begin AND end in Manteca, the city named after lard.
Manteca to Modesto, a 2 minute ride on the Jerry Brown Ass Clown high speed choo choo...
I almost moved to Manteca in the 80's, thank God I didn't.
I can understand someone moving FROM Manteca, but why in the world would you want to move TO Manteca?
Then, not too far away, is Los Banos. Literally translated, The Toilet.
Another thing: they vanished $32 million of Franklin's money, while the attorneys hired by the city to usher it through bankruptcy were charging $13 million to do so. Something about those two numbers doesn't seem fair.
So they raped the bond holders at Franklin while leaving the gargantuan pensions of city retirees intact. And what CAUSED the bankruptcy? The pensions. We live in a weird world, where the law and justice mean nothing. I hope Franklin appeals this all the way to the SC.
No what caused it was a Marina, Arena, Ballpark, multiple parking garages, a theater complex and a new city hall, about 100 million dollars in all.
Oh and Franklin loaned them money after the Housing crisis hit.. I don't feel a bit sorry for Franklin, their investors are mainly Silicon Valley types...You know Democrat contributors....Bill Clinton's buddies.
You might not like Franklin, you might not like the timing of their loans, but the fact is the city signed a contract to pay those loans and now they're reneging... while keeping pension recipients, all good Democrat voters I'm sure, whole. Either we are a nation of laws in which a contract means a legal obligation, or we are a nation where politics decides who gets paid.
But, they're not keeping the pensions whole. He just said how many of the guys that stayed lost more than he did, because he left before it was too late.
According to the link, pensions were untouched. Newly hired employees will be placed on a new lower pension system. That says to me that those flagrant pensions that are the cause of government deficits all across the state were left alone. Honestly, when you see the actual numbers on what government retirees in California receive, you just won't believe it. Prison guards retire as millionaires. It's ridiculous. Any municipality that enters bankruptcy and exits without touching those pensions has screwed the pooch. Notice that the judge ruled that the pensions were fair game, but the city chose to leave them alone. That's politics.
This was Pre=bankruptcy, Stockton Bought a "participation Bond" to pay Cal-Pers. When they started having trouble they stopped paying on the bond, which in turn chopped a few dollars off pensions. A lot of people don't know that because it happened before the city went under.
I haven't been in Stockton for years. Last time was right off the freeway (southside) that 4 extension that cuts over to 99. What a 'nice' area.
Runs right past the police department, just south of there is an area we used to call the 300 block, it was like a drug supermarket, and was one of the shittiest areas of town, just on the south-side of the crosstown freeway..A lot of it is gone now, They even built a grade school on the side of what used to be Gleason Park, where you could not go after dark and more people dies from drug overdoses than anywhere else in town, they had a 8 foot fence around it, and you could go by and see the bumper crop of syringes growing in the middle..what a shithole.
I got lost there years ago, they have some fugly hookers too.
Yes they do....And some of them are not "like" the others.....
I'd hate to be getting close enough to find out which ones.
Another spot that I make sure I have the fuel to go right past, never exiting the 99.
Just more proof of how the blue model in the PRoC is working. After 7 years of environmentals killing irrigation, the world's bead basket is dying. The tree nut trees were a huge asset that will take decades to come back...but hey we have useless smelts in the delta...Yeah.
WINNING FASCIST DEMOCRAT STYLE.
Citrus and almond groves being bulldozed, hundreds of acres at a time. And it's ALL politics. Along with those trees goes thousands of jobs. But hey, they were mostly illegals, they can collect welfare.
Along with those trees goes an increase in CO2 that they would have processed! Kalifornia is anti-green!
In obamanomics they have a bond that's bunk
I have no sympathy for California, I just hope the rest of the country isn't saddled with their failure to run a state responsibly.
I hate Stockton and I worked there for almost 20 years..I lost a lot including part of my retirement, so the next time a city promises you anything, don't believe it for a minute. Stockton is run by retards, The mayor appeared at a press conference a while back wearing a metal helmet and holding a sword. The whole thing reminded me of "Airplane" where the pilot asks the little boy, "Do you like movies about Gladiators?" and "have you ever seen a grown man naked?"..There was some press about him filming kids changing at his house by that got buried by the local press which is a leftist rag know as the Stockton Record...Aka Pravda. I got a job with another agency right before they went bankrupt....Damn glad I left, about 150 other officers left the department, they are now about 70 percent rookie cops..same with the Fire Department and other city services...And one of the city council members just got busted by the CHP for DUI. If ever there was a west coast poster child for corruption..it is Stockton.
Sorry you lost part of your retirement. I was hoping it would be saved. Seems nothing promised is legit unless it's promised to a Demotard.
Because of when I left, I came out way better than anyone who left after the bankruptcy, so I can't bitch about that part.
Bummer on the retirement. Rookies explains why that car of bank robbers with the woman hostage inside had 4,000 rounds shot at it. That should make for an expensive lawsuit.
Actually it about about 120..some were inside going out, others outside going in, the lady who was killed, Ms. Singh, her lawyer has been ramping up for his lawsuit and exaggerating the numbers, but it was the most bizarre thing I have seen in my entire career, and Got thing I left, I would have been right in the middle of it..
I was exaggerating, too. Watching it though it seemed like 4,000 rounds.
What always amazes me, when you hear of a bunch of cops unloading hundreds of rounds at a car, or a person, is the low percentage that actually HIT the target. Makes you wonder where the rest of them went.
The low hit count is generally explained by quick moving targets, the excitement of the moment, and the fact that the target is usually hiding behind something substantial.