[lbo-talk] NJ pension raiding

[michael perelman]

There are 2 kinds of raiding.  1. Borrowing from the fund & 2 not
funding it sufficiently by pretending that the pensions could make
unachievable rates of return.  So to make their obligations possibly
achievable, they had to engage in speculation, which lost billions of
dollars.

On Thu, Jan 6, 2011 at 3:48 PM, James Leveque <jamespl79 at gmail.com> wrote:
> This story focuses on NJ, but I'm wondering if similar pension raiding has
> occurred in other states, especially my home state of California.
>
> http://www.nakedcapitalism.com/2011/01/nj-public-pension-slugfest-reporting-omits-15-years-of-governors-stealing-from-workers.html
>
> James
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-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com