Berkshire Hathaway CEO and Chairman Warren Buffett. (AP Photo/Nati Harnik, File)

March 3 (Bloomberg) — Public pension plans threaten the financial health of U.S. cities and states more than taxpayers realize, billionaire investor Warren Buffett said.

“Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made,” Buffett wrote in his annual report to shareholders of Berkshire Hathaway Inc. released on March 1. “During the next decade, you will read a lot of news –- bad news -– about public pension plans.”

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