Category: Pension funds

Month in Review: October, 2014: Part 2, From the Left Coast

1 December, 2014 (09:00) | Affordable Housing, Bankruptcy, Cambridge, Casinos, CEQA, Chapter 40B, Everett, Gambling, Inclusionary zoning, Just-a-Start, Los Angeles, Milton, Month in review, NIMBY, Pension funds, Real estate taxes, Stockton | No comments

[Continued from last week’s Part 1.] By: David A. Smith In October, to prove that the Right Coast has no monopoly on development neck tourniquets, I explored the nation’s least-affordable city (measured by percentage of residents who are housing-cost-burdened), in Tragedy of the lords: Part 1, 47% of gross income for rent, and Part 2, 7 […]

Month in Review: October, 2014: Part 1, Reports from the Right Coast

26 November, 2014 (09:00) | Affordable Housing, Bankruptcy, Cambridge, Casinos, CEQA, Chapter 40B, Everett, Gambling, Inclusionary zoning, Just-a-Start, Los Angeles, Milton, Month in review, NIMBY, Pension funds, Real estate taxes, Stockton | No comments

By: David A. Smith During October, I finished my record-setting series of twelve parts (When the house loses: Part 6, Admitted backdating documents, Part 7, consultant slash lobbyist?, Part 8, All gambling is local, Part 9, Playing in Casinoland, Part 10, Elderly day-care centers, Part 11, Twice as many problem gamblers) exploring in depth the […]

Stock-taking?: Part 2, “An unconfirmable plan”

16 October, 2014 (10:00) | Bankruptcy, Bonds, California, Debt, Markets, Municipal bankruptcy, Pension funds, Primer posts, Stockton |

[Continued from yesterday’s Part 1.] By: David A. Smith Do I have your attention now? Yesterday we saw, via simultaneous articles in The Sacramento Bee (October 1, 2014) and Los Angeles Times (October 1, 2014; navy font), that despite the City of Stockton’s willingness to keep paying CalPERS at 100% even as other creditors were […]

Stock-taking?: Part 1, “Simply Invalid”

15 October, 2014 (10:00) | Bankruptcy, Bonds, California, Debt, Markets, Municipal bankruptcy, Pension funds, Primer posts, Stockton | 1 comment

By: David A. Smith As politics is the process that advances the interests of the majority, law is the process that protects the interests of the minority, and when those who make the laws find themselves forced to live with laws others have mad, including the bankruptcy laws and the Constitution from whence they derive, […]

Whose risk is it, anyway? Part 4, If the funding ratio falls below 80%

16 January, 2014 (09:00) | Actuaries, Bankruptcy, Bonds, Detroit, Investment, Kevyn Orr, Municipal bankruptcy, Municipal bonds, Pension funds, Public choice theory, Risk, Speculation, US News |

By:David A. Smith   [Continued from yesterday’s Part 3 and the preceding Part 1  and Part 2.]   In the three days up to this point, we’ve discovered that the City of Detroit, not its employee-retiree pension funds, owns the risk of fund underperformance, meaning we have a classic case of moral hazard combined with principal-agent risk.  […]