In recent months, America’s mighty Securities and Exchange Commission has been making US local government officials nervous. The reason? In 2010, New Jersey settled civil fraud charges brought by the SEC for allegedly misleading bondholders about the funding of its pension.
Since then, the SEC has been scouring other offerings in America’s $3tn plus “muni” market. For as fiscal pressures rise across America – and investment returns tumble – the level of pension underfunding is rising.
It is a trend that investors should watch closely; not to mention anybody dreaming of getting a US state pension in the coming years. For with interest rates at rock bottom levels, a striking dichotomy has opened up over the American economy.
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