Pension Crisis: Former California state controller warns about CalPERS

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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