Should Someone Take the Fall for the Central Falls Pension Mess?

"Liberty means responsibility. That is why most men dread it."
- George Bernard Shaw, "Man and Superman" (1903)

"With great power comes great responsibility."
- Stan Lee / Steve Ditko / David Koepp, "Spiderman" (2002)

Many state and local governments are burdened with unfunded pension liabilities. Recently it was revealed that Central Falls, Rhode Island, a small, impoverished city, has a pension obligation of $80 million. This is more than the city could possibly pay, so Central Falls is looking into filing for municipal bankruptcy. The backup plan is to go into receivership.

I wonder if this rash of municipal pension problems is caused in part because there is no one individual who is legally liable when a municipality makes pension agreements that are not fully funded. Private company officials have done the "perp walk" for not funding their pension obligations. But who will go to jail for Central Falls' pension promises that cannot be met? The mayor? City councilors? The city's union contract negotiators? And who, if anybody, should go to jail for the California pension mess?

Please contribute your thoughts: who, if anyone, should be held liable if a municipality does not properly fund its pension obligations? And if we do not hold any one person liable, what is the best way to prevent future pension crises? Feel free to also discuss the mothers of all unfunded liabilities, social security and medicare.