http://market-ticker.denninger.net/archives/1910-Fiduciary-Responsibility-Where.html
Is my understanding of this right, the taxpayer is going to be tapped again to make up for the gambling debts of another high rolling advisor?
Where does it end?
And how long before the average taxpayer just says "FUCK YOU"?
I can't afford to pay for your garbage anymore!
Stick your investment lossses up your ass
You ain't double dipping out my pocket or mouth no more.
Because it is going to happen
Jan. 27 (Bloomberg) -- The California State Teachers Retirement System, the second biggest U.S. public pension, will need to ask taxpayers for more money after investment losses left it underfunded by $42.6 billion.
The pension’s unfunded liability, the difference between assets and anticipated future costs, almost doubled from $22.5 billion in June 2008, according to a report Chief Executive Officer Jack Ehnes will deliver to the board Feb. 5. The fund will ask lawmakers next year for an increase of as much as 14 percent to what the state and school districts already pay toward employee retirement benefits, said the report, which was posted on the fund’s Web site today.
