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Stockton Plan: Make Bondholders Feel Pain

Stockton, Calif. asked bondholders and bond insurers to take major hits during the mediation process that preceded the city's Chapter 9 bankruptcy filing.

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Comments (1)
Bonds are issued to pay for a politicians economically bloated campaign promises for unreasonable pensions only to later default. Government officials live in a never-never land where bondholders are fictious beings that haven't really paid hard-cash money for the bonds and it is morally justifiable to cheat the bond-holders out of their money.
Same approach as the GM bankruptcy. Same approach as the Greek default. Same socialist approach to every monetary problem.
Posted by Shane M | Monday, July 23 2012 at 7:20PM ET
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