The city of Dallas is going to end up in bankruptcy unless they get a bailout. They turned a blind eye to mismanagement and corruption in the Police and Fire pension fund.
You pretty much nailed it. So many of these pension plans were raided, not funded, borrowed against and managed by people that probably couldn’t run a lemonade stand. How many municipalities elect people, who in turn give jobs to their buddies, who have no clue. Not to say that the scumbags on Wall St are any better, but, those guys have a vested interest in the funds performing. Some clown in the mayors office, gets paid either way.