"A republic, if you can keep it." Vegas, taxes.
"A republic, if you can keep it." Vegas, taxes.
In 2008, the California city of Vallejo took the unprecedented step of filing for bankruptcy. A combination of falling revenues caused by the collapse of the real estate bubble and rising public pension costs cratered their finances. Other California cities…
61% underfunded Illinois Teachers Pension Fund goes for broke, becomes next AIG-In-Waiting by selling billions in credit default swaps 81.5% of their portfolio is considered risky. Presumably their managers assume the fund will be bailed out if needed and, hey,…
Stanford University recently released an analysis of the three big public pension funds in California saying they are woefully underfunded, with a potential shortfall of over $500 billion, much larger than their publicly stated shortfall of $55.4 billion. They based…
The CalPERS [The mismanaged, incompetently-run State of California pension fund] financial bomb has gone off. The blast wave hasn’t arrived to knock us all down is all. A deficit of $7.4 billion is projected for CalPERS by the end of…
Pacific Grove CA may follow Vallejo in filing a Chapter 9 bankruptcy. A primary reason is that CalPERS, the state pension fund, is facing huge losses and can force public agencies like Pacific Grove to make up the difference. A…