Matt Taibbi in Rolling Stone brings some light to the sad, frustrating, infuriating story of how public pensions have been invited to a dinner where they are the main course:
There’s an arcane but highly disturbing twist to the practice of not paying required contributions into pension funds: The states that engage in this activity may also be committing securities fraud. Why? Because if a city or state hasn’t been making its required contributions, and this hasn’t been made plain to the ratings agencies, then that same city or state is actually concealing what in effect are massive secret loans and is actually far more broke than it is representing to investors when it goes out into the world and borrows money by issuing bonds.
Read the whole thing. Green has made (some of) us very mean.