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  • Hundreds Expected At Olympia Oil Train Hearing

    OIl-Train-1Environmentalists planned to pack the Thursday night public hearing in Olympia on the safety of oil train shipments through Washington. The Washington Environmental Council told The Olympian more than 600 people indicated they planned to attend. About 200 people attended a… Read More +

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  • Seattle Trades Away Smoak

    smoak3312014Seattle Mariners Executive Vice President & General Manager of Baseball Operations Jack Zduriencik announced today that first baseman Justin Smoak was claimed off waivers by the Toronto Blue Jays. The Mariners Major League, 40-man roster is now at 39 players. Smoak, who turns 28 on Dec. 5, appeared in 496 games for the Mariners after joining the club on July 9, 2010.

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Detroit Bankruptcy Could Affect City and State Workers Elsewhere

b_250_0_16777215_00_images_obgrabber_2013-08_cdf601aa29.jpgCraig Barritt/Getty Images(NEW YORK) -- If Detroit is allowed to proceed with its bankruptcy filing, it could lead to painful changes elsewhere for millions of teachers, firefighters, police and other city and state workers. "There's been a belief in the public sector that these pension promises are safe no matter what," finance professor Robert Novy-Marx of the University of Rochester.

But if the court allows Detroit to reduce its pension payments, Novy-Marx says that could lead to cuts elsewhere. "It is possible this is potentially an important precedent setting case," he says.  Some generous public sector pensions are seriously under-funded.

On July 18, Detroit became the biggest American city to file for bankruptcy after its emergency manager filed for Chapter 9 protection with more than $18 billion in accrued obligations.  In the filing with the U.S. Bankruptcy Court in the Eastern District of Michigan, state-appointed emergency manager Kevyn Orr indicated that the city's estimated number of creditors was "over 100,000."

Copyright 2013 ABC News Radio

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