Where is the public outcry over the growing pension scandal involving the retirement funds of state workers in Pennsylvania?
That's what the Pittsburgh Tribune-Review wants to know.
From an editorial pointing out that taxpayers will end up getting stuck with the bill for reckless investments:
Despite warning flags -- heck, these folks had foghorns blasting in their ears -- the geniuses at the state pension fund six years ago decided to park billions of dollars in a very risky hedge fund. Long story short -- the pension system by next year will be on the hook for $2.5 billion to cover its high-fee bad bets.Read the full editorial at the newspaper's Web site.
How unfortunate for those poor state retirees, right? Nope, not at all. That's because under state law, benefits can't be reduced. Taxpayers, who already fund the pension system, could be tapped for this chapter of multibillion-dollar recklessness.