Re "Pensions aren't an investment" (Letters, July 17): Here's some Accounting 101 for the author of that letter: bankruptcies are caused by debt, and the debt to CalPERS isn't different than the debt to any other creditor. Debt is debt, plain and simple.
As for the argument that Templeton, who lent money to Stockton, were taking known risks and should therefore be hit disproportionately than CalPERS, consider this: did Franklin Templeton know that in the event of a bankruptcy, its loan would be cut disproportionately to all other debts? If so, they never would have made the loan, nor would any other lender, leaving the city without operating funds, causing it to go bankrupt that much sooner.
You also don't seem to realize that those funds also include retirement funds from people who contributed all of the money in those accounts, and were not subsidized by taxpayers.
-- David Tunno, Valley Springs