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  • Missing Boy From Lake Cushman Area Found

    sarjuly2514A 10 year old boy missing overnight in the Lake Cushman area was found about 10AM Friday morning. Nathan Hernandez was picking berries with his sisters yesterday when they lost track of him. The family searched from noon until dark before… Read More +

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  • 300 Homes Burned In Washington Wildfire

    fire july2514A sheriff in Washington state says a massive wildfire has burned 300 homes, double the number previously estimated. Frank Rogers, the sheriff of Okanogan County in north-central Washington, said Friday that the Carlton Complex of fires has consumed about 300… Read More +

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  • Orioles over Mariners 4-0

    marinersSWie-Yen Chen allowed five hits over eight innings and Delmon Young hit a three-run homer to give the Baltimore Orioles a 4-0 victory over the Seattle Mariners on Thursday night. Chen (11-3), who has won his past four starts, scattered five singles, walked one and struck out three. His 11 wins ties him for third-most in American League. On the road, Chen is 6-1 with a 3.94 ERA in nine starts.

    Read More
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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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