In the latest sign that some U.S. cities are barely making ends meet, the city of Oakland, California Thursday priced a $211 million taxable bond which will help it cover pension obligations. Yes, borrowing money to cover retiree pay.
Moody’s Investor Service has proposed adjusting its U.S. public sector pension data to put the unfunded liabilities at $2.2 trillion, nearly triple what they were two years ago.
While market reaction [...]
Yesterday, a federal judge orderedOakland’s police department to submit a plan to address numerous unresolved complaints regarding their handling of the Occupy Oakland protests, warning that failure to comply within a week could lead to sanctions. District Judge Thelton Henderson’s mandate comes just a day after the release of a report by an outside monitor that concluded Oakland police used “an overwhelming military-type response” to Occupy’s demonstrations — the first official report [...]