Public pension plans threaten the financial health of U.S. cities and states more than taxpayers realize, billionaire investor Warren Buffett said. “Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made,” Buffett wrote.

Comment: Our purpose statement here at WirePoints has said just that from our start: the gigantic scope of the pension crisis is under-appreciated.

http://www.bloomberg.com/news/2014-03-03/buffett-says-pension-tapeworm-means-decade-of-bad-news.html