Judge: Detroit pensions can be cut in bankruptcy

So what’s the big deal? 

 

In the “Bankruptcy Reform Act of 2005” the banksters got the US Congress to pass a law classifying repos and derivatives as secured assets with “super-priority” in bankruptcy.  Pensions are classified as unsecured assets so the pensioners are paid AFTER the banksters. Basically,  the current assets in the Pension Accounts will be used to payoff the Banksters derivative cons.

 

Judge: Detroit pensions can be cut in bankruptcy – Encore – MarketWatch.

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