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Bailouts for Cities?
Advocates for cash-strapped municipalities want Washington to clean up their mess.
Detroit's July bankruptcy filing, prompted in part by its huge worker-retirement debts, has led to calls for a federal bailout of the beleaguered city — and also, by extension, of retirement debt in other fiscally squeezed municipalities. From the New York Times to blogs and union-issued position papers, bailout supporters argue that the citizens and workers of Detroit and other troubled places aren't to blame for their retirement debts...
Tag Archives: Pension Funds
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Usually when you hire an analyst to help invest your money you want to look for a sharp investor with a good record of success. Pension funds, however, don’t seem quite so discerning. A new report from NYT‘s Dealbook found that of the 94 percent of pension funds that hire outside investors to aid in making investment decisions, few look at (or even have access to) data on their consultants’ past performance. A new study from the University of Oxford suggests that they are paying a high price for their negligence...