For some bond investors, Chicago isn't their kind of town
from The Wall Street Journal
A big pension shortfall is buffeting the Windy City. Fearing that the multibillion-dollar gap might undermine Chicago’s finances, some bond investors and credit-ratings firms are becoming wary. Four pension funds in the nation’s third-largest city are facing a combined funding gap of about $20 billion after years of underfunding and market losses during the recession. In comparison, Chicago has a $3.5 billion annual budget for general operating expenses.
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