It is the 20th of November 2019

News

Forget The Phony Pension Accounting, Here's How Much Your State Pension Is Really Underfunded

The phony assumptions that go into calculating public pension underfundings in the United States are a frequent topic for us.  As our readers are aware, state pension administrators are given fairly wide leeway to simply pick a discount rate out of thin air.  Of course, since pensions are nothing but a massive stream of future liabilities that stretch out into perpetuity, every 100 bps increase can substantially, and artificially, lower the fund's reported underfunded level. 

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Senate GOP Unveils Tax Proposal: Here Are The Main Highlights

Confirming the leaks that occurred in the last hours, Senate Republicans just released their proposal for the tax bill and it is notably different from the House bill.

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A Few Simple Charts Spell Disaster For Public Pension Ponzi Schemes

Earlier today, Milliman released their 2017 Public Pension Funding Study which explores the funded status of the 100 largest U.S. public pension plans.  Not surprisingly, this study only served to confirm many of the rather alarming trends surrounding public pension ponzi's that we discuss on a regular basis.

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'Chapter 22' Bankruptcy Filings Increasingly 'En Vogue' For Struggling Retail Sector

In 2009, U.S. Shipping Partners LP accomplished what we believe was a completely unprecedented feat when they managed to confirm a bankruptcy plan of reorganization in the Southern District of New York that encumbered the new company with more debt than their investment bankers said the company was even worth.

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