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There is new controversy surrounding the bankruptcy filing by the city of Stockton, California. City leaders are apparently going to protect union workers at the expense of everyone else. In Stockton, California there is a single fire fighter earns three times what the average family brings in, and they can retire at the age of 50 with a pension worth 90% of that loaded salary. Instead of making cuts to the over spending that occurs, Stockton is planning to re-neg on its debt responsibilities to its investors. Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox News to explain what the city of Stockton, California, is doing with its bond debt and what investors should take away from this.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
Tags: bankruptcy, bond debt, california, ed butowsky, financial advisor, investors, money, pensions, stockton, union, wealth manager