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How did they not see this 10 or 5 years ago? Who audits this fund?
by IOT_Apprentice 10y ago
How did they not see this 10 or 5 years ago? Who audits this fund?
- dzdt 10y agoHere's what the NY Times was saying 9 years ago : "The Central States pension plan ... was notorious for corruption in the 1960s and 1970s, but is now known for being underfunded." http://nytimes.com/2007/10/01/us/01labor.html http://nytimes.com/2007/10/01/us/01labor.html
- hga 10y agoExactly; those of us who were politically aware in the '70s heard "Central States pension plan" and had absolutely no surprise that the nation's worst managed big pension fund is again in big trouble. Per Wikipedia, matching my memory, it took the Fed 5 years to wrest control of it from the Teamsters, AKA Jimmy Hoffa Sr. and the Mob. A big thing back in those days, made even bigger when he disappeared in 1975.