Mayor suggesting Chicago bankruptcy

Says the Mayor Daley (The one not connected to the mob):

Mayor Richard Daley this afternoon expressed his frustration with the city’s pension situation, suggesting that the retirement funds need to be fixed before leaders are forced to declare them bankrupt as a way to restructure.
Speaking on a Global Metro Summit panel at the University of Illinois-Chicago with Philadelphia Mayor Michael Nutter and Los Angeles Mayor Antonio Villaraigosa, Daley at first appeared to indicate that allowing the pensions to go bankrupt so they could be reorganized was something he believes could happen.
“I’m one who believes that pension funds can go bankrupt and then you reorganize, and that’s the hardest thing to say,” Daley said.
Moderator Richard Stengel, managing editor of Time Magazine, then asked Daley: “Let them go bankrupt?”
“Yes, and then you reorganize it,” Daley replied.

I don't mind watching crooked politicians squirm. Is that rubber necking?