By Adam Schuster and Aneesh Bafna, includes “Pension obligation bonds, like payday loans, are a sign of mismanaged finances. Illinois not only leads the nation for using that risky debt, it owes the bulk of it. … Pension obligation bonds place taxpayer money at risk and often leave governments saddled with more debt rather than less.  … Using pension obligation bonds is gambling with taxpayer money … Pension obligation bonds allow politicians to use creative accounting to shift money from pensions …