Yale's Endowment CIO Has Some Really Bad News For Public Pensions...
Public pensions all around the country like to play a clever little game that allows them to drastically understate the current value of their future liabilities and therefore pretend that their ponzi schemes are something other than insolvent frauds. Of course, we're talking about the artificially high discount rates that pension boards consistently use to understate their net underfunding levels...a topic that we've written about frequently over the years.