Detailed text transcripts for TV channel - CNN - 20110303:11

Detailed text transcripts for TV channel - CNN - 20110303:11:35:00

that mismanaged those pensions. they assumed a higher rate of return. and now it's getting piled back on to the workers because these pensions don't have enough money. there's an interesting debate here. whose fault is it that these pensions don't have enough money? >> reporter: yeah, and the unions and the mayor both agree on that issue. they say that the fund was mismanaged many years ago. what the mayor says is that is all a side show to the reality that is happens here in pittsburgh. and that is if they don't get this budget under control, their hand is going to be forced. the state has guidelines as to how to manage this pension fund. and if it isn't managed to those guidelines and the state forces pittsburgh's hands, it makes them do some pretty painful things which they don't want to do. >> good to see you. let's look at other states in crisis, pennsylvania is not alone. wisconsin is not alone, ohio is not alone. providence, "rick's list" rhode island, hundreds rallied in support of the teachers union.

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