Business columnist Lee Schafer says Jacobs makes important points, though he doesn't agree with all of them.

Some of the world's most powerful people are scrambling after the biggest data leak ever has exposed a shadowy web of hidden fortunes.

As municipal and state governments outline their potential pension woes, the picture is generally grim—a Pew study concluded that, taken together, unfunded liabilities total nearly $100 billion at the city level and nearly $1 trillion at the state level. But all these estimates may yet be too optimistic.