Pension Ponzi Squared: New Jersey Wants To Sell Debt To Its Own Insolvent Funds
After struggling to raise debt from third parties to repair crumbling infrastructure, the state of New Jersey has come up with a "clever" approach to fundraising that entails selling debt to their own insolvent pension funds...something we've dubbed the "Pension Ponzi Squared." Of course, because when everybody else shuns your debt for being too risky who better to sell it to than yourself?