There is a simple reason you are not hearing about massive losses in public pensions right now: Because no one involved gets paid if the truth comes out. Behind the polished annual reports and carefully engineered benchmarks sits what may be the largest coordinated financial misrepresentation in modern pension history—hundreds of billions in unrecognized losses … Continue reading The $500 Billion Lie: How State Pension Staff, Private Equity, and Private Credit Collude to Hide Losses