Central Falls Bankruptcy Casts Pall on Pensions
Fifth Municipal Bankruptcy
By Michael McDonald, David McLaughlin and Laura Keeley - Central Falls, Rhode Island, whose motto is “a city with a bright future,” has cast a shadow across the rest of the state by entering bankruptcy. Rhode Island’s poorest city sought court protection yesterday after retirees failed to accept cuts in pensions and benefits. That pushed the municipality into insolvency, according to Robert Flander...