Reminds me of this quote from Charlie Munger:
In the New York Police Department, they have a simple system. Your pension is based on your pay in your final year. So when anyone reaches the final year, everybody cooperates to give him about 1,000 hours of overtime. And he retires – in some cases after a mere 20 years of service – with this large income. Well, of course his fellow employees help him cheat the system. In substance, that’s what’s happened. But the one thing I guarantee you is that nobody has the least sense of shame. They soon get the feeling they’re entitled to do it. Everybody did it before, everybody’s doing it now – so they just keep doing it.
I wonder whether the $200,000 in fraudulent overtime at Boston PD would have been worth much more in lifetime pensions.
