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News Link • Economy - Economics USA

Wall Street lenders want bankrupt city to pay them before own retirees

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In 2007, Stockton borrowed $125 million in the bond market to pay for enhanced pension benefits and invested the money in its California Public Employees’ Retirement System (CalPERS) acount, where it lost about one-third of its value in the economic crash. Stockton still owes $124 million in payments on the bonds, but its bankruptcy plan calls for it to pay only $21 million.

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