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Gov. Brown - CalPERS is a Ponzt Scheme
Original post made
by Arnold, Another Pleasanton neighborhood,
on Dec 2, 2011
"Brown was particularly bothered by a contention in a report by the California Public Employees’ Retirement System that closing the existing defined benefit plan to new employees “would threaten its actuarial soundness.’’
“Well, that tells you you’ve got a Ponzi scheme, because you have to keep bringing in new members and the current system itself is not in a sustainable position,’’ Brown said. ``I don’t accept that, and we don’t want to close it off anyway.’’"
LA TIMES: Web Link