...said a very good friend, "because people are not that good at looking
after their futures."
A pension is a promise. "If you do the work we ask, we'll pay you a salary today and give you lots of money in the future. We promise! It's right here, in writing!"
What could go wrong?
"The city of San Bernardino filed for bankruptcy protection three months
ago, and shortly afterward was reported to be under investigation by the
federal Securities and Exchange Commission, allegedly for hiding
deficits by diverting money intended for sewers, roads and construction
to pay ongoing bills instead.
"Now, the Wall Street Journal reports the Inland Empire city of about
210,000 residents "has stopped making its regular payments to the
California Public Employees Retirement System" and owes $5.3 million
toward its employees' pensions. A San Bernardino official told the
Journal the city needs to be put on a payment plan because it doesn't
have enough cash to pay its bills. "
http://www.ocregister.com/opinion/san-375479-bernardino-bankruptcy.html
after their futures."
A pension is a promise. "If you do the work we ask, we'll pay you a salary today and give you lots of money in the future. We promise! It's right here, in writing!"
What could go wrong?
"The city of San Bernardino filed for bankruptcy protection three months
ago, and shortly afterward was reported to be under investigation by the
federal Securities and Exchange Commission, allegedly for hiding
deficits by diverting money intended for sewers, roads and construction
to pay ongoing bills instead.
"Now, the Wall Street Journal reports the Inland Empire city of about
210,000 residents "has stopped making its regular payments to the
California Public Employees Retirement System" and owes $5.3 million
toward its employees' pensions. A San Bernardino official told the
Journal the city needs to be put on a payment plan because it doesn't
have enough cash to pay its bills. "
http://www.ocregister.com/opinion/san-375479-bernardino-bankruptcy.html
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