Pension funds are in trouble

http://www.bloomberg.com/apps/news?pid=20601039&sid=aKQk6SUcSr3A

This Bloomberg provides insights on the perils of investing for big pension funds. The "crowding effect" virtually guarantees underperformance, as consultants and pension managers invest to avoid fiduciary litigation, not for investment returns. This leads to unfunded pensions--and eventual promises unpaid.

Here is an article sizing up the unfunded California Teachers pension fund:

http://articles.latimes.com/2010/jan/29/business/la-fi-calstrs29-2010jan29