Friday, September 02, 2011

Think that Public Pension Is Golden?

Central Falls, R.I.:

Central Falls filed for bankruptcy Aug. 1, and receiver Robert Flanders said then that he wanted to submit an exit plan to U.S. Bankruptcy Court Judge Frank Bailey within 30 days. But Tropical Storm Irene forced Flanders to push back the self-imposed deadline. 

...Flanders has already ordered reductions of up to 50% in Central Falls retirees’ pensions and suggested he will need to slash the police and fire budgets by 40%. --Mish quoting

Just a little reminder to Capper....

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