The former chairman of Goldman Sachs once called Pension Obligation Bonds "lousy public policy."
They're "the dumbest idea I ever heard. It's speculating the way I would have speculated in my bond position at Goldman Sachs," said Jon Corzine, who left Wall Street to serve as governor of New Jersey.
In retrospect, Detroit and Stockton, California, might agree. POBs, first deployed by the City of Oakland, California, in 1986, played a prominent role in the bankruptcies of both cities.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
