BY FRANK KEEGAN – By the time the Government Accounting Standards Board nudges state and local governments into being honest about what taxpayers really owe on pensions, it will be too late. So bond lawyers are gearing up to force transparency sooner.
Why? Because their clients are at risk and have no way of knowing how big that risk actually is. The only thing they know is somebody — public workers, taxpayers, bondholders, the poor, the young, the old, the sick — has to take a huge hit. Soon.