Stockton, CA CalPERS – The Next Cyprus-like Haircut?

STOCKTON-BANKRUPTCYSTOCKTON, CA – BANKRUPT!

If you don’t think the Wall Street corruption and securities fraud, including mortgage-backed securities, isn’t affecting everyone – think again. Stockton, California has succumbed to bankruptcy due in large part to bad securities investments.

Look out California public employee retirees for the next Cyprus-like haircuts. Continue reading