This morning a commentary on pensions caught my eye. I learned that Steve Westly, a former voting member of public pension fund CalPERS’ board, was concerned about a pension crisis. And he was tweeting about it. Westly was also the California state Controller from 2003 to 2007. So he knows a thing or two about the state's finances.
This is something that has been off my radar for a while. But it becomes relevant if we are anywhere close to the end of this business cycle. And a pension crisis would have wide-ranging consequences.
Detroit, Puerto Rico and Meredith Whitney
Remember Meredith Whitney? She was a Wall Street bank analyst who rose to fame during the Great Financial Crisis. Her prescient warnings about the vulnerability of the bank sector made her a media darling back in 2008 ...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.