Is Dallas About to go Brankrupt??? (University Park, Highland Park: HOA fees, condo, credit rating)

[loves2read]

Re the mayor's lawsuit??
Does he even have standing to file a lawsuit asking that the large withdrawals are prohibited?
He is not a member of the pension fund...and while Dallas could be damaged if the fund fails, it seems the people who,have the standing to sue would be other members of the fund who would be directly damaged by large withdrawals...even if technically those are still allowed by the fund's operating guidelines...

the judge didn't throw it out...only tabled it so the pension board could meet...but don't think anything of note was achieved...they seem to be paralyzed by infighting...

[iberanon]

The real solution is to get that 500 million in losses back from Wall Street, and jail all those responsible. Of course they won't do that so Dallas is going bankrupt next year.

[Johnhw2]

Right lets put all wall street in jail and be all our problems go away. Lack of accountability is a problem in my world too as is the obama economy where zero interest rates have been the norm and screwed up more people and pensions than just Dallas.

[aggie972]

Originally Posted by iberanon

The real solution is to get that 500 million in losses back from Wall Street, and jail all those responsible. Of course they won't do that so Dallas is going bankrupt next year.

Haha, please explain why you think this is wall street's fault.

[tcualum]

I never thought I'd defend Wall Street but here goes. Wall Street didn't tell them to build that white elephant of a high rise apartment building.

[numbersguy100]

Originally Posted by tcualum

I never thought I'd defend Wall Street but here goes. Wall Street didn't tell them to build that white elephant of a high rise apartment building.

It also didn't tell them to guarantee the debt on the building. That's seriously a rookie mistake (though in fairness, other poorly run pension plans have done the same thing in the past).

[Johnhw2]

The City sure seems to be stepping up with some funding at this stage. This makes sense to me given the city needs good firefighters and police etc. But not having a say in things that helped cause this makes no sense to me. But then a lot of things about the government does not make sense.

[octo]

If this is mainly about the museum tower fiasco then the city should get ownership of that building and turn it into Section 8 housing.

[tcualum]

I'm not sure if the museum tower mess is the sole cause but I'm sure it didn't help.

[iberanon]

In Unprecedented Move, Dallas Pension System Suspends Withdrawals | Zero Hedge