The Great Pension-Bonus Giveaway Fiasco

The actuaries of busted municipal pension plans deserve as much opprobrium as the trustees.

Over the past month or so, readers have asked me to comment on Matt Taibbi's article about public pensions. I have various issues with his version of events, but his fundamental point -- public pensions should not be investing with hedge fund managers -- is quite sound. They shouldn't be investing with hedge fund managers.

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