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Want To Make That Public Pension Look Healthier? Burn The Cash
Forbes Link to more items from this source
Feb. 13, 2013
"Literally. Because as University of Rochester municipal finance expert Robert Novy-Marx explains, the accounting standards applied to public pension funds give managers -- and the politicians who oversee them -- a huge incentive to invest in risky assets and an equally huge penalty if they don't.... While most public-sector actuaries support GASB's methodology, Novy-Marx notes, 'academic economists almost unanimously disagree'[.]"

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