A Milwaukee Journal-Sentinel watchdog report finds that some school districts have been funding pension plans and whatnot with risky investment schemes:
Five Wisconsin public school districts have made an investment gamble that could force taxpayers to finance multimillion-dollar bailouts.
The districts – Kenosha, Kimberly Area, Waukesha, West Allis-West Milwaukee and Whitefish Bay – have piled up debt in deals to help fund health insurance and other non-pension benefits for retirees. But as global financial markets have seized up, the districts have been told the value of their investments has fallen so much that they might need to come up with a combined $53 million to avoid default.
Ah, what the heck, it’s funny money anyway, right? The taxpayers always have more.