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| San Diego Pension Woes -- Underfunding, Felony Charges Facing Board Members, & Bankruptcy Talk BusinessWeek  June 6, 2005 Excerpt: San Diego's municipal pension fund ... is about $1.4 billion short of the money it needs to pay city retirees over time. [T]he Securities & Exchange Commission, the FBI, and the U.S. Attorney's office were investigating allegations of securities fraud and public corruption in connection with the fund. Some civic agitators have even called for America's seventh-largest city to declare bankruptcy to help it get out of its financial bind. |
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