And if they are, do the unions care?
The Detroit Free Press finds some very suspicious behavior on the Detroit pension boards: records destroyed, perks taken advantage of. One Detroit-area attorney wielded considerable clout in terms of how the boards functioned and was compensated handsomely for it — at one point earning $260,000 on a $1 investment.
A question comes to mind. The boards operate with little in the way of oversight. These pensions were negotiated by city employee unions, and the funds are supposed to be used to provide for their members’ retirement.
This wouldn’t be the first time Detroit city employee unions turned a blind eye toward graft. Did the unions ever register any protests about how the boards operated? I don’t recall them raising the issue, but stand open to being corrected if in fact they did.