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Welcome

The oncoming wave of public pension debt is even bigger than it seems. The purpose of this website is to provide an overview of the multiple pension crises that are about to drown America's taxpayers. Our primary focus is on California, but we also track other state pension funds, corporate pensions, milti-employer pension funds, social security and international trends. Now finishing its 16th year, PensionTsunami was founded by and is edited by Jack Dean. (Contact: JackDean-at-PensionTsunami-dot-com or 916-644-0688 or @PensionTsunami)

Latest Newsclips     last updated October 28 12:00pm PST

Each day's headline summary is e-mailed to subscribers.

October 28, 2020

• As of 5:00 AM (Pacific Time):
• How to Start Defusing NYC’s Pension Bomb (op-ed - Michael Hendrix & John Hunt / New York Post)
• FDNY Firefighter With Annual $136,000 Disability Pension Moonlights as Stuntman (Carl Campanile / New York Post)

October 27, 2020

• How Much Pension Debt Does Your State Have? (James McAllister / Ballotpedia)

October 26, 2020

• The Fed Saved the Economy But Is Threatening Trillions of Dollars Worth of Middle-Class Retirement (Allan Sloan / ProPublica)
• GOLDEN OLDIE: California’s Record-Breaking Deficit Owes as Much to Its Progressive Politics as to the Virus Lockdown (Steven Malanga / City Journal)
• San Francisco’s Retirement Spending More Than Doubled From 2010 to 2019 (David Crane / Fox & Hounds)

October 23, 2020

• Singling Out Delphi, Trump Addresses Broad Pension Crisis (Warren Rojas / Bloomberg)
• Moody’s: Pension Liabilities Rise 25% for Government Plans (Rob Kozlowski / Pensions & Investments)

October 22, 2020

• California State Officials and Unions Will Never Have All the Money They Want (Ken Monroe / Fox & Hounds)

October 21, 2020

• Angelenos: Would You Vote to Increase Our Sales Tax to 12%? Or Increase Your Property Taxes by 22%? (Jack Humphreville / CityWatch LA)

October 20, 2020

• Pension Liabilities Are the Main Cause for Fullerton, California's Deficit, Says Council Candidate Bruce Whitaker (Chris Karr / The Epoch Times)

October 19, 2020

• Our Public Pensions in Crisis (Carrie McCabe / Forbes)
• GOLDEN OLDIE: But My Pension! That Was a Promise! (Geoffrey Norman / American Consequences)

October 16, 2020

• Social Security Announces COLA for 2021 (Rebecca Moore / PlanSponsor)

October 15, 2020

• California’s Next Big Tax Gulp (editorial - Wall Street Journal)
• If CalPERS Beats Earnings Targets, Its Next Investment Chief Could Take Home $2.4 Million (column - Wes Venteicher / Sacramento Bee)
• Debating Pension Reform (blog - John Bury / Burypensions)

October 14, 2020

• A Fisking of Yet Another Public Pension 'Explainer' and a Closer Look at Texas ERS (blog - Mary Pat Campbell / STUMP)
• Should Felons Keep Their California Pensions? This Court Case Could Give a New Answer (column - Wes Ventaeicher / Sacramento Bee)

October 13, 2020

• Most NYC Firefighters Retired With $100,000-Plus Annual Pensions Last Year (Carl Campanile / New York Post)

October 12, 2020

• Debt Reckoning: After Years of Federal Fiscal Recklessness, Is Washington's Bill Finally Coming Due? (Peter Suderman / Reason)

October 9, 2020

• Trump, Pelosi, and McConnell Are All Failing Multiemployer Pensions -- and the Rest of Us (Elizabeth Bauer / Forbes)

October 8, 2020

• NEW BRIEF: 2020 Public Pension Plan Investment Update and COVID-19 Market Volatility (Jean-Pierre Aubry / Center for Retirement Research)
• Census Bureau Releases 2019 Annual Survey of Public Pensions (press release - US Census Bureau)
• POLICY BRIEF: The State Pension Funding Gap: 2018 (Pew Charitable Trusts)
• 'Pathological’ Behavior by Pension Fund Trustees Leads to Billions Blown on Real Estate (opinion - Brett Arends / Market Watch)

October 7, 2020

• California State Controller Yee: 'More Work’ Ahead for CalPERS Board (Arleen Jacobius / Pensions & Investments)
• Getting Governance Right Is Key for Public Pension Plans (editorial - Pensions & Investments)
• EDITORIAL CARTOON: CalPERS' Governance (Roger Schillerstrom / Pensions & Investments)

October 6, 2020

• Pension and Finance Round-Up: 80% Funding Myth Sighting, Junky Illinois, and More (blog - Mary Pat Campbell / STUMP)

October 5, 2020

• Appeals Courts to Revisit 'California Rule’ Cases (Arleen Jacobius / Pensions & Investments)

October 2, 2020

• Study: Connecticut Public Employees Earn 28% More Than Private Sector, Costing Taxpayers $3.7 Billion (Marc E Fitch / Yankee Institute)

October 1, 2020

• California Cities Can’t Swap Pensions for 401(k) Plans if They’re in CalPERS Under New Law (column - Wes Venteicher / Sacramento Bee)

September 30, 2020

• Pension Reform Newsletter for September (Reason Foundation)
• As Ron Suber Departs San Francisco, Investor Alison Davis Sees Exodus Accelerating (Mark Calvey / San Francisco Business Times)

September 29, 2020

• California Supreme Court Issues Orders in Four Remaining Cases Challenging Legality of PEPRA (Ashley K. Dunning & Peter H. Mixon / Nossaman)
• Orders Signal More Court Review of California Pensions (Keeley Webster / The Bond Buyer)$$
• Rising Pension Costs Likely to Consume Big Chunk of Manteca, California's Tax Hike (Dennis Wyatt / The Bulletin

September 28, 2020

• California Supreme Court Passes on Marin Pension Case (Richard Halstead / Marin Independent Journal)

September 25, 2020

• Report: California’s Finances Were 'Dire' Prior to Covid, With Debt Burden of $275 Billion (Bethany Blankley / The Center Square)
• State and Local Bailout-Aid With Pension Reform Strings Attached? Lahood’s Plan Is Promising but Risky (Elizabeth Bauer / Forbes)

September 24, 2020

• Salary Cuts, Pension Debt and Charges of Racism -- Teachers Unions Clash With Their Own Employees (Mike Antonucci / The 74 Million)

September 23, 2020

• NEW REPORT: Financial State of the States 2020 (Truth in Accounting)

September 22, 2020

• Illinois Pensions and Madigan, CalPERS to Restrict New CIO, New Jersey Millionaire's Tax and More! (blog - Mary Pat Campbell / STUMP)

September 21, 2020

• Pandemic’s Toll on Public Pension Plans (Lou Cannon / Real Clear Politics)
• Politicizing CalPERS and CalSTRS Puts Pensions at Risk (Andy Nevis / Capitol Weekly)
• Palo Alto’s CalPERS Pension Liability Increases 4.7% to $476 Million (Palo Alto Daily Post)
• El Dorado County’s Unfunded Obligation to CalPERS Grows to $402 Million (Village Life)
• Borrowing to Fund Pensions (blog - John Bury / Burypensions)
• Ohio Teamsters Pension Fund Seeks Benefits Reduction (Michael Katz / Chief Investment Officer)

September 18, 2020

• Amid Movement Against Police Brutality, Former Orange County Sheriff and Convicted Felon Collects Big $200,000+ Pension (Ben Brazil / Daily Pilot)
• CalPERS Board Supportive of Move to Restrict Investments by Top Staff (column - Wes Venteicher / Modesto Bee)

September 17, 2020

• PBGC Multiemployer Program to Become Insolvent by 2026 (Michael Katz / Chief Investment Officer)

September 16, 2020

• The Bureau of Economic Analysis on State and Local Government Pension Funding (blog - Larry Littlefield / Saying the Unsaid in New York)

September 15, 2020

• Public Pensions’ New Inflation Dilemma (Girard Miller / Governing)
• States and Cities Under Fiscal Pressure: The Tales of Woe Rev Up Again (blog - Mary Pat Campbell / STUMP)
• Public Pensions Analysis: High-Level Changes in Unfunded Liabilities as a Percentage of State GDP (blog - Mary Pat Campbell / STUMP)

September 14, 2020

• Pandemic and Public Pensions: What Can We Expect During This Recession? (Matthew Cook & Patrick Murphy / Arnold Ventures)
• The Crisis of Multiemployer Pension Plans: Where Do We Go From Here? (Sarah Bryan Fask & Michael Romeo / BenefitsPro)

September 11, 2020

• CalPERS’ CIO Resigned in Controversy. Now the Board Is Ready to Tackle the Fallout. (Alicia McElhaney / Instututional Investor)
• CalPERS Cooks Its Books (blog - Yves Smith / Naked Capitalism)
• CalPERS’ Bad Numbers (blog - Yves Smith / Naked Capitalism)

September 10, 2020

• Exclusive: Pension Cuts Coming for Some California Retirees After State Supreme Court Ruling (column - Wes Venteicher / Sacramento Bee)
• California Legislature Fiddles in Hearing on Capitol Renovation Plans . . . While the State Burns (Katy Grimes / California Globe)
• Ask the Experts: State and Local Pension Reform (blog - John Bury / Burypensions)

September 9, 2020

• CalPERS Governance Watch: Fallout From Ex-CFO Meng's Resignation (blog - Mary Pat Campbell / STUMP)

September 8, 2020

• With Washington Deadlocked on Aid, States Face Dire Fiscal Crises (Mary Williams Walsh / New York Times)
• Cities and States Are Facing a $1 Trillion Budget Mess. There Will Be More Trouble Ahead. (Leslie P. Norton & Stephen Kleege / Barron's)
• US Launches Probe Into Pension Payments to Firefighters Union Leaders (Brody Mullins, Ted Mann & Aruna Viswanatha / Wall Street Journal)

September 7, 2020

• Happy Labor Day! Pension Retrospective: Pension Primers, POBs, MEPs, and More! (blog - Mary Pat Campbell / STUMP)

September 4, 2020

• California's Political Leaders Made Wildfire Season Worse (Steven Greenhut / Reason)

September 3, 2020

• CalPERS Retirees Call for Board President to Resign (Randy Diamond / Chief Investment Officer)
• CalPERS Board President Must Go, Group Says (Arleen Jacobius / Pensions & Investments)
• Forget Pension Obligation Bonds. Two Cities Are - No Joke - Leasing Their Streets to Fund Pensions. (Elizabeth Bauer / Forbes)

September 2, 2020

• The End of an Era: Where Are the 80% Funding Myths of Yesteryear? (blog - Mary Pat Campbell / STUMP)

September 1, 2020

• State Senate Bill Nail in the Coffin for California Pension Reform (editorial - Orange County Register)
• Retired Cop Calls Black Lives Matter Protester a 'N-Lover' in Seal Beach Video (Manthan Chheda / International Business Times)
• CalPERS Board Member Calls for No New Private Equity Investments Until CIO Probe Over (Dan Primack / Axios)

August 31, 2020

• Will Your Tax Dollars Bail Out California’s Reckless Spending? (Thomas W. Smith & Adam Andrzejewski / The Center Square)
• The Lunacy of Using City Streets to Collateralize New Municipal Bond Deals (Marilyn Cohen / Forbes)

August 28, 2020

• Chuck Reed Warned of City Services 'Insolvency’ After the Great Recession. He Thinks the Corona-Crisis May Be Worse. (Andrea Riquier / MarketWatch)
• Covid-19, Management Turmoil Put New Pressure on CalPERS (Mark Anderson / Sacramento Business Journal)$$
• HEROES Act: Democrats' Wasteful Bailout (Thomas W. Smith & Adam Andrzejewski / Real Clear Politics)

August 27, 2020

• Ending Payroll Tax Would Drain Social Security by Mid-2023 (Melanie Waddell / Benefits Pro)

August 26, 2020

• Public Pension Investments Largely Recover, But Drop in State Revenues Presents More Immediate Issue (Pew Charitable Trusts)

August 25, 2020

• Public Pension Funding And Reform -- Or Lack Thereof -- When We’re Not 'All In This Together’ (Elizabeth Bauer / Forbes)
• Sales Tax 101 (column - Pat Orr / Victorville Daily Press)
• Massive Teacher Retirements Could Hurt Pensions (Lee Barney / Plan Adviser)
• City Streets Back New Bonds California Cities Issue to Fund Pensions (Keeley Webster / The Bond Buyer)$$
• Public Pensions Quicktake: Pension Underfunding vs. State GDP (blog - Mary Pat Campbell / STUMP)

August 24, 2020

• Two Drastic Solutions to Help Solve Palm Springs' Budget Crisis (op-ed - Frank Tysen / Desert Sun)
• US Public Pension Plans Face 'Vicious Cycle’ as Funding Gap Soars (Chris Flood / Financial Tims0es)

August 21, 2020

• State Pension Funds Entered Pandemic in Worse Position Than in 2008 (Michael Katz / Chief Investment Officer)
• Public Pensions Were Unprepared for Recession Sparked by COVID-19, Report Finds (Nate Robson / BenefitsPro)
• Report: Only 1 in 5 of the 143 Largest Public Pensions Is Strong (InsuranceNewsNet.com)
• Legislation to Support CalPERS' Direct Lending Is Withdrawn (Mark Anderson / Sacramento Business Journal)
• New Legal Precedent Set for Public Pension Policy (TJ Martinell / The Lens)

August 20, 2020

• Covid-19 Could Increase States’ Pension Debt by $1.6 Trillion (Liz Farmer / Forbes)
• UPDATE: The Status of Local Government Pension Plans in the Midst of Covid-19 (Jean-Pierre Aubry & Kevin Wandrei / Public Plans Data)

August 19, 2020

• The Supreme Court's Refusal to Reinvigorate the Contract Clause (Sasha Volokh / The Volokh Conspiracy)
• California Opens Investigation Into Former CalPERS CIO Meng (Randy Diamond / Chief Investment Officer)

August 18, 2020

• After CalPERS Investment Chief’s Abrupt Departure, Trustees Talk Next Steps (Mary Williams Walsh / New York Times)
• What Retirement Was Like the Year You Were Born (Angela Underwood / Kake.com)

August 17, 2020

• San Diego’s Pension Debt Spikes Another $200 Million Because Workers Are Living Longer (David Garrick / San Diego Union-Tribune)
• US's Biggest Pension Fund CalPERS Under Scrutiny Following CIO’s Abrupt Exit (Heather Gillers & Dawn Lim / Financial News)
• The Crucifixion of Ben Meng (Amanda Cantrell / Institutional Investor)
• CalPERS Chief to Face Trustees' Questioning Today Over CIO’s Exit (Erik Schatzker / BloombergQuint)
• CalPERS Digs Its Ben Meng Defenestration Hole Deeper (Yves Smith / Naked Capitalism)

August 14, 2020

• Sacramento Pension Spin (David Crane / Fox & Hounds)
• Paying Off Unfunded Pension Liabilities Will Be a Low Priority After Covid-19 (Alicia H. Munnell / MarketWatch)

August 13, 2020

• CTA Employees Have a Pension Plan Twice as Good as the Teachers They Represent (Edward Ring / California Globe)
• Pay and Benefits Total Nearly $500,000 for San Bernardino’s Acting Police Chief (Brian Whitehead / San Bernardino Sun)

August 12, 2020

• California’s Immense Public Employee Pension Dilemma (Dan Walters / CALmatters)
• Pension Funds Explore Ramifications of Court Decision on 'California Rule’ (Arleen Jacobius / Pensions & Investments)
• California State Controller Asks CalPERS to Investigate CIO's Exit (Reuters)

August 11, 2020

• State Supreme Court Relaxes 'California Rule’ Standard (Arleen Jacobius / Pensions & Investments)

August 10, 2020

• California Supreme Court Ruling Ends the Pension-Reform Game -- for Now (column - Steven Greenhut / Orange County Register)
• Will Trump’s Payroll Tax Cut End Social Security as We Know It? Let’s Hope So. (Elizabeth Bauer / Forbes)
• CalPERS CIO's Mysterious Exit Preceded by Months of Torment (Erik Schatzker / The Malaysian Reserve)
• California Supreme Court Curtails Pension Abuse by Law Enforcement Officers, Others (Lawrence J. McQuillan / Independent Institute)

August 7, 2020

• Chinese-Born Yu Meng, Who Invested CalPERS Funds in Blacklisted Chinese Military Suppliers, Suddenly Resigns (Jennifer Van Laar / Red State)
• Update: CalPERS Chief’s Abrupt Resignation Preceded by Conflict of Interest Questions (column - Wes Venteicher / Sacramento Bee)

August 6, 2020

• CalPERS Chief Investment Officer Resigns Following Our Exposing His False Financial Disclosure Filings (Yves Smith / Naked Capitalism)
• CalPERS Chief Investment Officer Ben Meng Abruptly Resigns After Less Than 2 Years in Job (column - Wes Venteicher / Sacramento Bee)
• CalPERS Chief Investment Officer Yu (Ben) Meng Resigns (press release - California Public Employees' Retirement System)

August 5, 2020

• California Supreme Court Upholds Pension Reform Changes as Constitutional (Hanson Bridgett LLP / JD Supra)
• Relief Is Not in Sight for Texas’ Underfunded Public Pension Plans (Scott Burns / Dallas Morning News)

August 4, 2020

• Beleaguered Public Pension Funds Make Record Gains in Second Quarter (Heather Gillers / Wall Street Journal)$$

August 3, 2020

• States Pull Back on Pension Payments as Virus Ravages Revenue (Martin Braun / Advisor Perspectives)
• California Supreme Court Rules Against Pension Spiking (Chriss Street / American Thinker)
• Can States Afford Rising Public Pension Debts? (blog - Leo Kolivakis / Pension Pulse)

July 31, 2020

• Next Covid Casualty: Cities Hit Hard by the Pandemic Face Bankruptcy (Mark Davidson & Kevin Ward / The Conversation)
• 'Pension Spiking’ Is Not Protected by California Law, Top Court Rules (Maura Dolan / Los Angeles Times)
• Court Bans 'Abusive' Spiking, But Sticks With Pension Protections (Ben Christopher / CALmatters)
• California Supreme Court Forbids Pension Spiking, But Upholds Other Retirement Protections (column - Wes Venteicher / Sacramento Bee)
• California Supreme Court Upholds 2013 Pension Reform Act (Robert Fellner / Transparent California)
• READ THE RULING on Public Employee Pension Spiking (pdf - Supreme Court of California)
• Newport Beach Union’s Misguided Lawsuit (editorial - Orange County Register)

July 30, 2020

• BREAKING: Local Governments Can Crack Down on Pension Spiking, California Supreme Court Rules (Teri Sforza / Orange County Register)
• California Supreme Court: 'California Rule' Remains, But Pension Claims of Employees and Unions Still Rejected (Messing Adam & Jasmine)
• CalPERS, Corruption and Cronyism (Kerry Jackson / Fox & Hounds)
• Can States Afford Rising Public Pension Debts? (Andrew Biggs / Forbes)
• Big Investors Like Pension Funds Could Be Facing a 'Triple Whammy’ of Risks, Says JPMorgan (CNBC)
• The Big Risks and Potential Rewards in CalPERS’ New Investment Strategy (Ryan Frost & Leonard Gilroy / Orange County Register)
• Policy Analysts: Arizona in Need of Pension Reform (Kimberly James / The Center Square)
• The US Should Look to Canada to Reform Its Public Pension System (Ingo Walter & Clive Lipshitz / The Hill)
• Pension Help Could Be on the Way, if We Choose It (op-ed - Elizabeth Bauer / Chicago Tribune)

July 29, 2020

• West Covina Issues $204 million in New Bonds to Pay Unfunded Pensions (Pierce Singgih / San Gabriel Valley Tribune)
• Congress Must Address Underfunded Pensions Before It’s Too Late (Peter Roff / The Ledger)
• How Much Do California’s County Workers Make? (Edward Ring / California Globe)
• Teachers Unions Want Wealth Taxes, Charter School Bans, and Medicare-For-All Before Schools Can Reopen (Eric Boehm / Reason)

July 28, 2020

• CalPERS Got 10,000 Calls About Retirement as California Leaders Talked About Pay Cuts (column - Wes Venteicher / Sacramento Bee)

July 27, 2020

• A Potential Deal for State Pension Reform (Andrew Biggs & Sheila Weinberg / Forbes)

July 24, 2020

• How Much Do California’s City Workers Make? (Edward Ring / California Globe)
• State and Local Government Defined Benefit Pension Plans by State (Bureau of Economic Analysis)

July 23, 2020

• Puerto Rico Governor Seeks Referendum on Pension Payments (Jim Wyss / Bloomberg)
• Supreme Court Upholds Puerto Rico Oversight Board Status (Hazel Bradford / Pensions & Investments)

July 22, 2020

• $3 Million for L.A. Firefighter, as Overtime Pay Soars 110% Since 2013 (Robert Fellner / Transparent California)
• These Pension Plans Are in Crisis. Retirees Need a Fix, Now. (op-ed - Rob Portman / Barron's)
• Bricklayers’ Pension Plan Retirees Face Steep Cuts This Fall (Jim Mackinnon / Beacon Journal)

July 21, 2020

• Congressional Leaders Receive at Least $1 Million in Pension Payouts Paid for by Taxpayers (Bethany Blankley / The Center Square)
• CalSTRS Falls Short of Investment Target After Coronavirus Downturn (column - Mackenzie Hawkins / Sacramento Bee)
• CalSTRS Returns 3.9% for Fiscal Year (Rob Kozlowski / Pensions & Investments)

July 20, 2020

• If CalPERS Implodes, Does Governor Newsom Take the Hit? (Tony Butka / CityWatch LA)
• As Pensions Sink, CalPERS Gets Risky (editorial - Orange County Register)
• Rhode Island Lawmakers Vote to Broaden Disability Pensions for Firefighters (Katherine Gregg & Patrick Anderson / Providence Journal)
• Too Many Managers? During Negotiations, Union Alleges City Is Top-Heavy ( Gennady Sheyner / Palo Alto Weekly)

July 17, 2020

• Public Pensions Face a COVID-19 Conundrum (Michael Katz / Pensions & Investments)

July 16, 2020

• Pasadena City Manager Concerned About CalPERS' Investment Strategy (André Coleman / Pasadena Now)
• CalPERS' Investment Returns Fail to Meet Goal for Second Straight Year (Mark Anderson / Sacramento Business Journal)
• CalPERS Posts 4.7% Fiscal-Year Return (Arleen Jacobius / Pensions & Investments)

July 15, 2020

• CalPERS Reports Preliminary 4.7% Investment Return for Fiscal Year 2019-20 (press release - CalPERS)
• CalPERS Misses Annual Investment Return Target After Coronavirus Sinks Markets (column - Wes Venteicher / Sacramento Bee)
• Public Pensions May Rethink Vacation Payouts After Court Ruling (Lydia Wheeler / Bloomberg Law)
• Moody’s: Public Pension Plans Likely to See Flat Returns for Fiscal Year (James Comtois / Pensions & Investments)
• Public Pension Plans in a World of Hurt; Even Loyalists Warning of Grim Prospects (Yves Smith / Naked Capitalism)
• Market Decline Worsens the Outlook for Public Pension Plans (Jean-Pierre Aubry, Alicia H. Munnell & Kevin Wandrei / Public Plans Data)
• Social Security's Funding Crisis Has Arrived (Gary Shilling / Newsmax)

July 14, 2020

• Public Pension Funds in an Era of Low Rates and COVID-19 (David Wessel / Brookings)

July 13, 2020

• California Politicians Are Looking for Ways to Deal With the $1 Trillion Pension Tsunami That Is Engulfing Their Budgets (Andy Caldwell / News-Press)

July 10, 2020

• Pew Report Explores 50-State Pension Funding Gap in 2018 (blog - Tatiana Follett / National Conference of State Legislatures)
• Public Pensions Update: How Are the Bottom Four Responding to the Corona-Cession? (Elizabeth Bauer / Forbes)
• Beware a $12 Trillion Pension Revolt Against Low Rates (Brian Chappatta / Bloomberg)
• Public Pensions Are at Risk of Insolvency, but COVID-19 Is Not to Blame (op-ed - Adam Schuster / Chicago Tribune)
• For Pension Funds, Valuing Real Estate Is Tough. COVID-19 Brings New Hurdles (Heather Gillers & Dawn Lim / Wall Street Journal)$$
• Beneficiary Uproar Over CalPERS Fraudulent Investment Strategy Claims in E-Mail Blast (Yves Smith / Naked Capitalism)
• West Covina Will Pay Off Unfunded Pensions With $205 Million in Bond Debt (Pierce Singgih / San Gabriel Valley Tribune)
• Rhode Island Legislative Committees Approve Firefighter Pension Bills (Katherine Gregg / Providence Journal)
• NYPD Faces Wave of Officer Retirements Amid Calls to Defund Police Department (Rocco Parascandola / New York Daily News)
• CalPERS Plans to Blow Its Brains Out (Yves Smith / Naked Capitalism)
• Clout of Minneapolis Police Union Boss Reflects National Trend (Douglas Belkin, Chris Maher & Deanna Paul / Wall Street Journal)$$

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