Editor's Note: This investigative story in the Salem Statesman-Journal describes major losses incurred by Oregon governmental agencies that sold bonds and invested the proceeds in hopes of reducing pension plan costs. Several years of gains were followed by huge losses in 2008.

The story begins: "A financial investment that has helped fill gaps in pension funding since 2002 quickly turned sour with the stock market's misfortunes last year, losing $1.9 billion for nearly 140 government agencies in the state, according to a Statesman Journal analysis ... That financial gamble might force school districts, cities and counties to consider layoffs or service cuts in 2011, when pension contribution rates reset."

The investigation includes multiple articles that can be seen online. See online Statesman-Journal Story