Detroit's emergency manager takes on pension funds
Detroit's pension boards have been under investigation by the SEC and federal prosecutors. Now Kevyn Orr is ordering his own investigation.
In 2009, a Detroit Free Press investigation of Detroit's two public pensions found a history of failed investments, lavish worldwide travels by the trustees who ran the funds, and few ethics rules. The newspaper reported in 2011 that the funds had lost $470 million in risky investments since 2008.