Solutions for Detroit and public pension funds
August 02, 2013 01:00:00 AM
The city of Detroit filed for bankruptcy protection on July 18 due to $18 billion in debt, of which $10 billion was pension and other post-employment benefits. Overall, public pension funds have a shortfall of more than $3 trillion if they mark to market. If TARP I was a national emergency at $800 billion, what do you call this financial situation?