The Next Fannie Mae?

December 11, 2008 | Jim Vicevich | |

How is your town’s pension? Underfunded? Underwater? If you aren’t asking, you’re not paying attention. If you’re not paying attention …. well … you may just end of simply paying.

Massachusetts cities and towns will probably face bigger payments into pension plans that cover their workers and retirees because of this year’s stock market plunge, potentially forcing communities to cut spending on police, schools, and other services.

It’s more than just the market … it’s grossly underfunded plans too.

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Jim Vicevich

Jim is a veteran broadcaster and conservative/libertarian blogger with more than 25 years experience in TV and radio. Jim's was the long-term host of The Jim Vicevich Show on WTIC 1080 in Hartford from 2004 through 2019. Prior to radio, Jim worked as a business and financial reporter for NBC30 - the NBC owned TV station in Hartford - and as business editor at WFSB-TV in Hartford for 14 years while earning six Emmy nominations and three Telly Awards.

2 Comments

  1. Rick - WH on December 12, 2008 at 5:55 am

    I really wanted to comment on this. But, I have this wretching feeling in my stomach – just thinking about this.

    And, yesterday, Connecticut Treasurer Denise Nappier announced that the state pension fund is now being invested in hedge funds.



  2. Wyndeward on December 12, 2008 at 8:02 pm

    I really wish you hadn't said that, Rick…

    "Wall Street legend arrested on fraud charges"

    on Thursday morning, this consummate trader, Bernard Madoff, was arrested at his New York home by U.S. government agents who accused him of running a multibillion-dollar fraud scheme, perhaps the largest in Wall Street's history. Regulators have not yet been able to verify the scale of the fraud. But the criminal complaint filed against him Thursday in U.S. District Court reports that Madoff himself estimated the losses at $50 billion.
    http://www.iht.com/articles/2008/12/12/business/s…



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