AG Loretta Lynch formerly served on the board of the New York Federal Reserve, 2003 to 2006.
Tim Geithner, now of Warburg Pincus, was President of the New York Federal Reserve from 2003 to 2009. That period of time also known as the run up to and including the Great Crash of 2008.
From there he sashayed into Pres. Obama's Cabinet as Treasury Secretary.
When you look at the projected annual rate of return by Chicago-area public pension funds, one can understand why Moody's was compelled to downgrade all levels of government in Illinois.
The CTA is at 8.25%! There's a footnote stating the CTA lowered their annual rate of return projections in 2013 - from 8.5%.
The City of Chicago details where the funding for public pensions comes from:
Patrick Jenkins in the July 26 Financial Times notes: