[cjrp]

> And why did those socially vital funds invest in a boom/bust industry?

Presumably because that's the only way they could generate the returns needed to fund the pensions?

[jessaustin]

Put another way, they pretended to fund pensions by purchasing securities that were cheaper than actually funding pensions.

[cjrp]

I'd be interested to see the breakdown of a pension fund; is it sustainable with "safer" investments, what sort of margin is the pension fund owner making, etc. I have no real idea.