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Date: 03/21/2011
Event: Is Bankruptcy a Viable Solution to the States' Fiscal Crisis?
Location: Cardozo Law School, 55 Fifth Avenue (and 12th Street)
Time: 06:00 PM

John Chiang, Controller, State of California
Dan Rutherford, Treasurer, State of Illinois
Thomas Nitido, Deputy Comptroller for Budget and Policy Analysis, State of New York
Jonathan Henes, Partner, Kirkland & Ellis LLP
Todd Snyder, Managing Director, Rothschild Inc.

Peter Lattman, Reporter,The New York Times


As states confront massive budget deficits and underfunded pension plans, they need to develop plans to fix their fiscal future over the long-term. If their fiscal issues are not addressed quickly and comprehensively, states may find in the not so distant future that their pension plans run out of assets and they lack the money to pay their debts as they come due. Unlike other insolvent entities, states are prohibited from declaring bankruptcy to work out their issues in one venue on a comprehensive basis. This panel discussion will address whether new legislation, providing states with the bankruptcy option, is needed as it would create an important tool for states to resolve their fiscal issues. The speakers will further discuss the dynamics of such an option, other options for fixing the states' fiscal woes, and how bankruptcy or another process would impact union contracts, pension plans and the municipal bond markets.

This event is open to the public and free of charge. 2.0 NY CLE credits are available in the category of professional practice for non-transitional lawyers.