Public Pension Fund Files Bankruptcy: The First Domino

Written by Gary North on April 30, 2012

The Mariana Islands are legally inside the United States — just not geographically. The retirement fund was $640,000,000 in the hole. So, it filed for bankruptcy. There will be many imitators. It was a defined benefits plan. Nobody sets these up any more. It was under 40% funded. That should have been a tip-off to […]

Continue reading →