On Fri, 16 Apr 2010 02:32:57 -0500, the infamous F. George McDuffee
scrawled the following:

On Thu, 15 Apr 2010 18:51:39 -0400, Wes
wrote:
snip
What I'm really interested in is can a state or city declare bankruptcy? Government
pension obligations are another ticking timebomb.
snip

Indeed and the ticking is getting louder.

It appears under ERSIA and the PBGC, some of the pension
obligations of these local/state governments may fall back on the
American taxpayers in the case of bankruptcy/conservatorship, at
least up to the PBGC limits. It all depends how the state/local
governmental pension plans are legally structured and controlled.
FWIW -- it appears that many of these plans have been "skimmed"
and "looted" just like the private pension plans.

And we haven't heard of a clubbing, shooting, hanging, or
tar-and-feathering of these folks yet. Interesting.

--
STOP THE SLAUGHTER! Boycott Baby Oil!