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Pensions and Palm-Greasing
The Wall Street Journal; subscription may be required 
[Opinion] Oct. 3, 2007
Excerpt: Human frailty aside, the larger lesson here is that the entire public pension model is suspect. The political reaction in New York has been to debate whether a pension 'board,' as most states have, would be more or less accountable than a sole trustee. But it's far from obvious that a board is less prone to political manipulation or self-dealing than a single trustee -- witness the problems in New Jersey, San Diego and elsewhere.
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