Detroit is broke - but only for the little people

Bureaucrat perks are a fact of American life. Generous - even outrageous pensions, health care plans, and a host of opportunities to better oneself at conferences and seminars, usually held in places that the rest of us couldn't afford. But what if you work for a city that's so broke they can't pay their police department or fix the streetlights? Detroit Free Pres: Four trustees of Detroit's two public pension funds are heading to a Hawaiian beach resort this weekend with their $22,000 tab paid for by the funds, which are mired in claims of mismanagement and said to be at least $600 million underfunded. Trustees say the conference provides the education they need to manage complex investments for the funds' retirees and beneficiaries. But other major public pension systems, including the Los Angeles Fire and Police Pensions, avoided sending their officials to Hawaii because of concerns the exotic locale sends the wrong message at a time when pensions nationwide are ...(Read Full Post)

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