Bernard Madoff oversaw a $65 billion Ponzi scheme. For that, ourdivine justice system deemed he should serve a 150- year prisonterm. California Gov. Jerry Brown oversees a pension scheme thatloses $240 billion a year. For that, voters might award him anotherfour-year term.
Let's put that $240 billion in perspective. If that annual lossalone was the gross national product of a country, that countrywould be the 35th wealthiest country in the world (according to2010 UN data). Seen another way (based on the 2011 World FactBook), this $240 billion in debt would rank the California PensionSystem the 25th most debt-laden country in the world.
Ouch.
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