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San Diego urged to consider bankruptcy

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http://www.moneynews.com/StreetTalk/San-Diego-Consider-Bankruptcy/2010/06/17/id/362289?s=a l&promo_code=A17C-1

“It seems the grand jury report is looking to bust open the discussion about the irrevocable nature of pension obligations.”

Ironically enough, while cities teeter on the verge of bankruptcy, municipal bond prices continue to rise.

"The day of reckoning is here," Jeffrey Schoenfeld, chief investment officer of Brown Brothers Harriman, told the Wall Street Journal.

"But municipal investors continue to act as if there's no default risk in municipal bonds."

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