From the
UNION-TRIBUNE

Finding spurs warning from city manager
By Philip J. LaVelle

The destruction of records was revealed yesterday by City Attorney Michael Aguirre, who said he learned from an unnamed city employee Thursday night that about 20 people in the treasurer's Financing Services division dumped whole files into recycle bins and erased e-mails.

This should feel like Enron all over again.

The article notes a lawsuit where the plaintiff ties the underfunding to the excess gifts of pension benefits.

In public employment, Pension is code for writing oneself a check without regard to whether or not there is money to cover the draft. The pension characterization is code for delaying the discovery that there are no dollars until the looters have fled the scene. In Oregon the retirees get to claim their rewards upon retirement and do not have to wait for a stream of payments over time. They can cash out and be gone.