Monday, March 11, 2013

Sinking into Lake Michigan

Illinois pension manager: "We are not in a death spiral!"

The SEC today: "Oh yes you are."  "Illinois has one of the worst-funded pension systems in the country. Governor Pat Quinn and the state legislature are currently locked in a political battle as to how best to fix an unfunded liability of $96.8 billion - a gap so large, it has led Illinois to have the worst credit rating among U.S. states."

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