badlands journal editorial board
Stockton CA is making news ever since it declared it wouls seek bankruptcy protection a few weeks ago. Assured Guaranty, the Burmuda based insurance company that insures Stockton's bonds against default is livid because the city is "stiffing bondholders to give preferential treatment to employees and CalPERS.
The company called that 'a contortion of the bankruptcy rocess.'" Sacramento Bee, Aug. 3, 2010.
The conturbation grows as the off-shore finance operation lobs cannon balls across the bow of CalPERS, which manages many public employee pension funds in California, like a tax-evading Caribbean pirate ship.
CalPERS has seen it all before with the Vallejo bankruptcy and affirms that "pension obligations take precedence over lenders under California law."
There is no doubt that finance, insurance and real estate special interests have been screaming for the blood of public workers' pensions including every so-called "mainstream" newspaper, all of whom are so far in debt to the same special interests that independent thinking is not being encouraged.
So, if you just read this story about Stockton, it would look like the innocent port was being invaded by the above-mentioned pirates.
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Yet, it is Stockton. In 2011 Stockton City Council, apparently failing to publicly notice it, voted Mayor Ann Johnston a large raise. Johnston turned down the raise but it still went to the mayor's office, still, according to the Stockton Record,