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Standard & Poor's Financial Services LLC
Could a third treasurer be the charm? [Commentary]
Could a third treasurer be the charm? [Commentary]

The state pension system is Maryland's financial Achilles heel and has been for decades. All bond rating services have noted that rising pension debt endangers the state's AAA bond rating, and the Pew Center on the States rates Maryland as among the most under-funded states. The pension board is a semi-professional board made up of 15 people, a third of whom have investment expertise. It is presided over by the state treasurer, who is elected by the General Assembly. Traditionally, state treasurers were boring but capable bankers. Beginning in 1973, however, the legislature began electing politicians to the post, paving the way for Richard N. Dixon, a former stock broker and...