If you get close enough, the MBTA’s pension fund will remind your eyes and nose of a Florida swamp. You’re pretty sure there’s nasty stuff down there, but it’s hard to see until something pops out of the muck directly in front of you.
Well, Merry Christmas to me. Something unexpected did burble up to the surface just the other day. It was a business called Fletcher Asset Management and an investment account to which the pension fund once entrusted $25 million. But now that account lies sadly empty. Looted might be a better word.