The Federal Government May Bail
Out State Pension Funds
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US Public Pension Funds Show Massive Losses
Public pension funds in US states are facing their worst year of
losses in history, exacerbating existing funding shortfalls and
putting pressure on state governments to shore them up.
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Pension Funds Dropped 20% 'Officially'
In the latest year to date census, the average state pension fund
lost 20 per cent, according to Northern Trust, a fund company.
That's odd considering the stock market has fell 40%?
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California's Giant Pension Fund
California’s Calpers, the
US’s biggest pension fund, last week
reported a loss of 20 per cent of its assets, or more than $40bn,
between July 1 and October 20 this year.
State and local pension funds comprise a patchwork of 2,700 funds that
manage $1,400bn on behalf of 21m employees, including teachers,
firefighters and other municipal workers.
Calpers
had $300 billion under management
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Non-Funding Is The Real Time Bomb
About 40 per cent are underfunded, meaning that they would not be
able to pay the future pensions that employees have been promised.
State governments have lifted pension benefits – a move that is
politically popular – but have often failed to put in more money to
pay for them.
The state promises the employee a pension of $30k a year, but they
haven't put any money in the account.
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Chicago's Pension Funds Are Ripe For Disaster
Richard Daley, mayor of Chicago, this year convened a taskforce to
address the shortfalls in Illinois funds. For example, funding for the
Police Fund has fallen to less than 50 per cent.
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Eighteen Years On The Chicago Police Force
Lou Venda, a Chicago cop said, “We are risking our lives here every
day, but we have no idea if the pension we have been guaranteed will
be there when we retire.”
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The Pension Gurus
Susan Uhran of the Pew Center on the states, said: “The states will
have to increase their annual contributions, and they may also ask
employees to lift their contributions too.”
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Zionist BS Artists To The Rescue
Nancy Pelosi, and her fellow Zionists, want the American taxpayer
to bail out the states. Her push this month for the $150bn
second stimulus.
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Some Risky Investments Stay Hidden
The people running these giant funds were lending to their friends.
Jake Goldstein would lend $300 million to Bennie Klein of Tri-Star
Ventures, and get back some commercial paper that guaranteed 9%. And
what happened is Bennie bought 7% Fannie Mae notes, and use 2% of the
$300 million, and after five years walked away, pocketing $290
million.
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This Is Just Pure Unadulterated Robbery
First these pigs grabbed on to the control of these state funds,
putting their fellow Zionists in $250k a year jobs, with real benefits,
and real pension funds. Next these con-artists lend out billions to
their pals. Then they parade around like peacocks at their country clubs
rattling off their financial buzz words, hoping some teenage shiksas
waitress will swoon over them at Bushwood CC.
Now if anyone of them had an ounce of common sense they would have
put 20% in gold in 2004 at $260 an ounce, sold the stock market, dumped
any real estate related investments, and gone into 4% US treasuries.
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