The Chicago Sun-Times reports:
A New York-based hedge fund manager who focuses on distressed government debt is telling the world that Chicago’s efforts to shore up its pension plans are far short of what’s needed.The Chicago blues.
Mark Brodsky, chairman of Aurelius Capital Management, contends that even if all planned or proposed city tax increases are approved, the city’s pension problems will only continue to grow worse for decades.
“While Mayor [Rahm] Emanuel has chipped away at the problem, the city has come nowhere close to identifying a solution,” Brodsky wrote. “While it will take years to fill the present deep hole, surely the hole should not be dug deeper still. Yet, that is exactly what the city proposes to do.”