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History shows Chicago picked a risky time for a pension bond sale

from Bloomberg

Chicago Mayor Rahm Emanuel is bullish on the stock market. That’s one implication of the plan he offered up to bolster the city’s struggling pension funds before he leaves office in May. It calls for selling $10 billion of bonds and handing the money over to its pensions, wagering that they will make more on their investments than the city will pay out in interest. It’s like a massive margin loan, secured by Chicago’s tax dollars. more

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