California gets rich from pension liabilities

Zero Hedge reminds us:

Business Journal: Roughly 9,000 California companies moved their headquarters or diverted projects to out-of-state locations in the last seven years, and Texas has been a prime beneficiary of the Golden State’s “hostile” business environment.
That’s the conclusion of a study by Joseph Vranich, a site selection consultant and president of Irvine, California-based Spectrum Location Solutions.

The California plan is simple.  Build up a too large to fail pension liability then tax the Texas businesses indirectly via federal bailout.