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Sunday, May 26, 2013

What Detroit crisis? Pension fund trustees hang out in Hawaii

(Reuters) - The city of Detroit may be facing a deepening financial crisis but that hasn't stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii this week....

The four trustees from Detroit were among hundreds of pension officials from around the country who traveled in the past week to Honolulu for the annual convention of the National Conference on Public Employee Retirement Systems. Nowling said that Orr's team did not think they had the power to prevent the trip.

Usually the conference captures little outside attention. This year, though, it has faced criticism for its choice of venue, the Hilton Hawaiian Village Waikiki Beach Resort with its five-acre salt-water lagoon, five swimming pools, and flamingos, penguins and turtles.

Attendees claim this is NOT a vacation ashey drink expense accoutn Mai-tais at poolside.

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