Billionaire investor Warren Buffett warned on Saturday that the growing crisis in public pension plans will continue — with "a lot" of more bad news to come.
"Local and state financial problems are accelerating, in large part because public entities promised pensions they couldn't afford," Buffett, the chairman of Berkshire Hathaway Inc., said in a letter to shareholders. "Citizens and public officials typically under-appreciated the gigantic financial tapeworm that was born when promises were made that conflicted with a willingness to fund them.
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