(Source: The Examiner, August 4, 2013)
WASHINGTON, D.C. — Wall Street bankers are maneuvering to loot municipal pension funds across the country.
Detroit was the first big target. Chicago is next, according to the Economist.
The cover story of the London-based magazine’s July 27-Aug. 2 edition forecast a “domino effect,” starting with Detroit, moving to Chicago, and then across the United States, devastating municipal pensions.
Moody’s downgraded Chicago’s debt rating by three notches on July 26, at the demand of the Chicago Commercial Club. The move sets up deep cuts in the Windy City’s pensions.
Full story: The Examiner