Delphi's bankruptcy leads to predictable devastation

Stephen Roach, the Morgan-Stanley analyst who warned of an Economic Armageddon this winter, is weighing in on Delphi. He has found the correct issue. More than $600 billion in pension funds may be at stake and it’s not likely that these dominoes can be stopped. There’s another $1.5 trillion of state and local pensions that are at risk. This is not just the pensions of Delphi and GM workers we’re talking about. It’s the pension of billions of schoolteachers, police officers and government workers whose pension funds are deep in GM and Delphi stock through mutual funds.

http://bluestalkin.blogspot.com/2005/10/delphis-bankruptcy-leads-to.html