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To Pay New York Pension Fund, Cities Borrow From It First
Topic Started: Feb 28 2012, 10:22 PM (180 Views)
Stoney
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When New York State officials agreed to allow local governments to use an unusual borrowing plan to put off a portion of their pension obligations, fiscal watchdogs scoffed at the arrangement, calling it irresponsible and unwise.

And now, their fears are being realized: cities throughout the state, wealthy towns such as Southampton and East Hampton, counties like Nassau and Suffolk, and other public employers like the Westchester Medical Center and the New York Public Library are all managing their rising pension bills by borrowing from the very same $140 billion pension fund to which they owe money.


]The New York Times

Robbing Peter to pay Paul taken to an additional step. Robbing Peter to pay Peter.
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