Here's an interesting take on the looting of New Jersey's pension funds, and who is to blame. Despite all the past beneficiaries of current costs, the author blames the pension fund trustees — which is the equivalent of blaming the MTA's board for the MTA’s current financial problems. I'm not sure I agree. After all, who appoints the boards, trustees and actuaries, and what sort of people get the job? And what happened to the MTA when it tried to invest some money in the future? It was accused by all and sundry of having “hidden billions” that never existed, with every interest seeking to grab surpluses that also didn’t exist – the agency was going deeper into debt every year. I blame the Governors, particularly Pataki, and the legislators, particularly the leadership, for similar problems of past benefits and current and future pain in New York. And the interests that backed them and benefited from their deals and non-decisions. Appointing boards, trustees and actuaries doesn’t insulate government decision making from politics, it helps to insulate politics from accountability. Something to think about as alternatives to Mayoral control of the schools are debated.