#p21 #tlot #tcot #teaparty #union #iww #occupy #ows #p2 In Stockton, Calif., Investment House Franklin Templeton Eviscerates Pensions http://www.aflcio.org/Blog/Corporate-Greed/In-Stockton-Calif.-Investment-House-Franklin-Templeton-Eviscerates-Pensions In the Los Angeles Times, Michael Hiltzik lays out the tale of how investment house Franklin Templeton Investments is attempting to gut the pensions of 2,400 retirees from the city of Stockton. The city has been involved in bankruptcy proceedings recently, and Franklin Templeton is trying to further cut pensions that already have faced cuts in recent years. After a judge ruled that the pension contract could be adjusted as part of the bankruptcy proceedings, Franklin Templeton suggested that the city not pay the $1.6 billion termination fee to CalPERS, the state retirement system, which would then pass those cuts along to retirees, cutting their retirement income. The $1.6 billion fee normally would be required to cover the termination of the pension contract, Hiltzik says, in order to cover the existing pension obligations...