Pension fund assets dropped by over $5 trillion from $27 trillion during the crisis. The losses to benefits as a consequence will not affect all participants in pension funds equally, with older workers suffering most, while those in defined-benefit plans will probably be better off. Even before the crisis, though, there were calls to reform pensions.
After the Deepwater Horizon oil platform exploded in the Gulf of Mexico with the loss of 11 lives, global attention focused on what would turn out to be the worst environmental disaster in US history. As the weeks went by and attempts to stop the leak failed, the costs of the cleanup plus potential damages began to mount, and markets became ...