Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

[quikag]

It has $3.3 billion in future obligations, so it is well beyond bankrupt, actually.

The City of Dallas has only four seats on the board, the city doesn't make the investment decisions. The citizens of Dallas don't owe that pension fund jack shit.

They just need a quick 50% return before those future obligations are due and they are golden.

My Dad got dicked out of his retirement when Delta Airlines filed for bankruptcy back in 2005. The airline did that on purpose to dump obligations.

[Broncojohnny]

They just need a quick 50% return before those future obligations are due and they are golden.

My Dad got dicked out of his retirement when Delta Airlines filed for bankruptcy back in 2005. The airline did that on purpose to dump obligations.

That sounds like bullshit. I don't like the idea of a company or any other entity calling the shots on a pension and then being able to get out of it. In this instance though, their board was made up of members who got put there by the rank and file or their union.

[svauto-erotic855]

It has $3.3 billion in future obligations, so it is well beyond bankrupt, actually.

In the present it is in the black and the depositors are trying to remove the money from their own accounts that they deposited into their own accounts and they are being prevented from doing so even though there is no law or rule that gives the funds administrators the power to do that.

[majorownage]

They just need a quick 50% return before those future obligations are due and they are golden.

My Dad got dicked out of his retirement when Delta Airlines filed for bankruptcy back in 2005. The airline did that on purpose to dump obligations.

That's exactly what's going on here.

Time to buy CDS protection on muni bonds because Dallas is not the only city with unfunded liabilities.