Broken Budgets Pension Bonds

January 3, 2013 - 4:32 PM
FILE - In this Oct. 13, 2011 file photo, Oakland Mayor Jean Quan gestures during a news conference at Oakland City Hall in Oakland, Calif. The city of Oakland took a big risk this year when it decided to borrow nearly $213 million to cover pensions owed to its retired police and firefighters. Rather than laying off more staff or reducing library services, leaders in this Northern California port city are betting that the stock market will improve. (AP Photo/Paul Sakuma, File)