I've written a lot about US public pension funds lately. Many of them are underfunded and will never be able to pay workers the promised benefits - at least without dumping a huge and unwelcome bill on taxpayers.
Here's a loaded question for you: "What could go wrong?"
"This Will Become One Of The Most Heated Battles Of My Lifetime"
This time is different are the four most dangerous words any economist or money manager can utter. We learn new things and invent new technologies. Players come and go. But in the big picture, this time is usually not fundamentally different, because
CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%
Many employees across the country are taking their pensions out. Why? Because they are in danger of losing their retirements. What is a poor man to do? Is civil disobedience in our future?
"There are folks that are saying you know what, I don't care, I'm going to lock in my retirement now and get out while I can and fight it as a retiree if they go and change the retiree benefits," he said.
Slowly but surely it is becoming increasingly clear to public workers in states with massively underfunded pensions that they've been lied to for the past several decades as their states can't possibly afford to pay for the retirement they've all bee
We've written quite a bit over the past couple of months about the pending financial crisis in Illinois which will inevitability result in the state's debt being downgraded to "junk" at some point in the near future (here is our latest from just this
GE has the largest pension shortfall in the S&P 500. It's a $31 Billion Balance Sheet Hole That Keeps Growing.
Harry Markopolos, the investigator who exposed the Bernie Madoff Ponzi scheme, has uncovered a new fraud.