Word: funded
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Dates: during 2000-2009
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...actuarial value of the assets in the pension fund was $766 million, giving Cambridge’s pension plan a funded ratio of 91.96 percent—just above the 90 percent ratio that many experts say is financially responsible. By comparison, Boston’s funded ratio in 2006 was only 64.40 percent, or well below the 80 percent that is generally considered “at-risk...
...contribution is also used to support future retirees reducing the city’s unfunded pension liability, or the amount by which the fund’s assets fall short of what experts predict the fund will need to cover pensions in the coming decades...
...course, we never heard the name Madoff - which has a peculiarly Dickensian ring now - and had no idea how he achieved such fantastic returns over the past 40 years. All we knew was that my wife's entire family had been in the fund for decades and lived well on the returns, which ranged from 15% to 22%. It was all very secretive and tough to get into, which, looking back, was a brilliant strategy to lure suckers. Unlike the usual Ponzi mechanics, the fund even stopped investments into accounts a few years back, at least in our network. There...
...Arvedlund, who quoted a "very satisfied investor" as conceding, "Even knowledgeable people can't really tell you what he's doing." But for investors pocketing windfalls, the lure of easy money outstripped suspicions raised by Madoff's shroud of secrecy. When that shroud was lifted, however, Madoff's investment fund stood revealed as a classic Ponzi scheme: a con game in which the illusion of solvency was created by paying off early investors with capital raised from later entrants. As long as new investment continued to come in the door, the earlier adopters reaped fat rewards; once markets tumbled...
...largest Ponzi scheme in the history of the capital markets is the relationship between failed mortgage lenders and investment banks that securitized the risky overpriced loans and sold these packages to other investors-a Ponzi scheme by every definition applied to Madoff." By comparison, she wrote, the fallen fund manager is just "a piker...