Risky Bets Cost Detroit Pension Funds $480M

[jerrytimes]

How do you know the State will do better with the Pension Funds? Which Pension Fund is doing better, the City's or the State's?

You don't, but obviously the City isn't doing a good job with it, so why leave it in their hands?

[kraig]

You don't, but obviously the City isn't doing a good job with it, so why leave it in their hands?

Because dumping a billion dollar system that is fixable isn't a good idea. Investigate what went wrong and how it can be fixed first. It appears that it's more of bad vetting and monitoring than anything else. Improve the oversight and improve the results.

Just handing it over to the state without vetting the state's process and results, just because, appears to be the same lazy way of doing things that is causing problems in the first place.

[marcwigle]

Because dumping a billion dollar system that is fixable isn't a good idea. Investigate what went wrong and how it can be fixed first. It appears that it's more of bad vetting and monitoring than anything else. Improve the oversight and improve the results.

Just handing it over to the state without vetting the state's process and results, just because, appears to be the same lazy way of doing things that is causing problems in the first place.

Absolutely... taking the pension from one government body to another just means [[usually) that someone else gets a chance to screw it up. Find out WTF happened, learn from it and get it running properly. We get the same crap here in Canada... the less government gets their hands in, the better. I'd rather see each individual look after their own pension funds than have some unknown bureaucrat look after it... just asking for trouble IMHO.

[Zacha341]

Exactly.....

....Just handing it over to the state without vetting the state's process and results, just because, appears to be the same lazy way of doing things that is causing problems in the first place.