Will Dallas go bankrupt? That is a question that has been asked today by an article in New York Times. While there has been many companies that have moved to the Dallas metroplex for the Texas low taxes, one problem has been under the radar for awhile now, which can take Dallas down.
The city’s pension fund for its police officers and firefighters is near collapse and seeking an immense bailout. Over six recent weeks, panicked Dallas retirees have pulled $220 million out of the fund. What set off the run was a recommendation in July that the retirees no longer be allowed to take out big blocks of money. Even before that, though, there were reports that the fund’s investments — some placed in highly risky and speculative ventures — were worth less than previously stated.
You can read the full article in the New York Times.