Date: September 19th, 2008

The money was just sitting there

19 September, 2008 (08:33) | Capital markets, Innovations, Massachusetts, Theory, US News | No comments

“But the pension fund was just sitting there!” protested Doonesbury’s Uncle Duke, when confronted with what lesser minds would unsympathetically describe as embezzlement.

“That’s really narrow thinking!”

But that’s the problem with excess capital, isn’t it? Somebody always finds a use for it.

Look, the jar’s overfull anyway!

Such a problemĀ is illustrated, unfortunately, by the expenditure [...]