GOV/MIL Breaking News — Fed to Steal State Pension Funds?

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http://frontpage.americandaughter.com/?p=2453

Breaking News — Fed to Steal State Pension Funds
By Nancy Matthis
Saturday, August 22nd, 2009 at 9:30 pm

Congress may confiscate every state pension fund into the bankrupt social security system. Indications that this strategy is being discussed in Washington have come in to us from several sources over the last few days.

Tonight, a correspondent who has just come home from a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, “Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state’s pension plans into the bankrupt Social Security System.” She is absolutely 100% sure that she understood him correctly.

Dear readers, please understand that we are bloggers, and not professional journalists. Our information comes from ordinary folk who do the best they can to understand the political scene. Ordinarily, this would seem so outrageous that we would wait to share the news until we could get more clarification. But the current administration has moved with such breathtaking swiftness to federalize private assets and plunge our country into socialism, that we feel the need to sound the alarm, just in case.

We’ll keep updating this post as we find out more.

I thought all the states were bankrupt
and that was the reason for the increased State taxes


NC is Padding nine Billion to its budget because of Shortfalls
and that is because the last governor STOLE the pensions

Once the stock market takes it's next dump to the 5000 level the pension funds will be almost worthless anyway......

Social Security will be just about all anyone will have as the two will have to be consolidated ......

That would be smart. Snake pension funds from every policeman, firemanEMT and teacher in the country. What a friggin' train wreck in the making.

When the fireman, police, vets, etc. (ie warrior class) finally get enough then WE WILL HAVE A REVOLUTION!

So, do we get a new flag too?

It would seem our own government is deliberately TRYING TO PROVOKE AN UPRISING OF THE PEOPLE AND REBELLION.

The question is WHY? Is it a preplanned UN/RESPONSE which the .gov cannot initiate without some kind of PRETEXT or justification for an armed military crackdown?

G-Man said:

When the fireman, police, vets, etc. (ie warrior class) finally get enough then WE WILL HAVE A REVOLUTION!

Click to expand...

Stealing pension plans from these folks would be a colossal mistake! War would be next and they might just hang the 545 jokers responsible!

Fed to Steal State Pension Funds?

http://freerepublic.com/focus/news/2322429/posts

American Daughter - Front Page ^ | August 22, 2009 | Earl Voak

Posted on Saturday, August 22, 2009 9:25:05 PM by Earl Voak

Congress may confiscate every state pension fund into the bankrupt social security system. Indications that this strategy is being discussed in Washington have come in to us from several sources over the last few days.

Tonight, a correspondent who has just come home from a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, "Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state's pension plans into the bankrupt Social Security System." She is absolutely 100% sure that she understood him correctly.

Dear readers, please understand that we are bloggers, and not professional journalists. Our information comes from ordinary folk who do the best they can to understand the political scene. Ordinarily, this would seem so outrageous that we would wait to share the news until we could get more clarification. But the current administration has moved with such breathtaking swiftness to federalize private assets and plunge our country into socialism, that we feel the need to sound the alarm, just in case.

We'll keep updating this post as we find out more.


It's Not a New Idea
From the Friday, January 29, 1993 issue of the Washington Post we have this article (archived by the Seattle Times) -- Budget Cuts Vs. Social Security -- Tap Pension Funds Worth $4 Trillion, Panel Tells Clinton -- Employers Sense Danger 'Once They Get Taste Of This':


A bipartisan government commission yesterday recommended to the Clinton administration that it launch an aggressive effort to tap the retirement funds of millions of Americans to help pay for rebuilding the nation's roads, bridges and highways and give the economy a lift.
President Clinton has indicated past support for the concept, which would represent an unprecedented effort by the federal government to deal with its budget woes by turning to the more than $4 trillion in cash, stocks and other investments held by pension funds.

Some opponents in the pension industry, who worry about protecting retirees, said they fear Congress might revoke the generous tax treatment afforded pensions if they actively oppose the initiative.

The recommendations by the congressionally chartered Infrastructure Investment Commission, which has had the strong support of Senate Finance Committee Chairman Daniel Patrick Moynihan, D-N.Y., include establishing the National Infrastructure Corp. It would be a new government-sponsored corporation that would encourage at least $30 billion in investment by pension funds. Several billion dollars in seed money for the new corporation would come from a new energy tax now under consideration.

Energy tax. Sound familiar?

10:19PM Full Metal Patriot -- Congress is planning to raid EVERY state's pension funds to prop up Social Security. This blogger has done some background research, and reminds us of earlier attempts to "redirect" retirement assets:


This rumor definitely caught my attention. After doing a little investigation, it looks like it's entirely true. Last year, House Democrats were contemplating abolishing 401(k) tax breaks and redirecting those funds into a new system of government-controlled retirement accounts to which all workers would be forced to contribute. And more information about the Democrats' immoral plans to ransack every American's personal retirement has been reported on CNN, The Wall Street Journal, and Carolina Journal. Now that they control both houses of Congress and have a big-government socialist in the White House, it looks as though Democrats are ramping up their machinations.




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TOPICS: Front Page News; News/Current Events
KEYWORDS: pensions; security; social; socialsecurity; state; statepensions
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Does anyone have more info on this? Very alarming if true.

1 posted on Saturday, August 22, 2009 9:25:06 PM by Earl Voak
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To: Earl Voak
Very alarming is right.



2 posted on Saturday, August 22, 2009 9:28:01 PM by The Mayor (A friend is the first person who comes in when the whole world has gone out)
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To: Earl Voak
State sovereignty. It's the only hope we really have at this point. If Obama makes a grab for state money, he may find himself with an open revolt.
And to be honest, I think that's what he wants. The way he pushes hot buttons, I pretty much believe that he's trying to make his opponents make the first move and initiate rebellion. At that point, he will feel more empowered to get down and dirty and start governing like an actual dictator.


3 posted on Saturday, August 22, 2009 9:31:20 PM by ClearCase_guy (Play the Race Card -- lose the game.)
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To: The Mayor
JessJessJess



4 posted on Saturday, August 22, 2009 9:32:10 PM by jessduntno (Privatization + Inter-State Sales + Individual Policies + Tort Reform = Healthcare Reform)
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If he wants rebellion, then he’s going to get it. However, I’m not so sure that the military will back him up; he’s going to need their support to stay in power. Otherwise, he’s history. We’ll have our own Nuremberg trials in DC, and Obama, Pelosi and Reid will all be marched to the gallows for treason.



5 posted on Saturday, August 22, 2009 9:33:35 PM by Arkansas Toothpick
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To: Earl Voak
Exactly what was done in Argentina.

6 posted on Saturday, August 22, 2009 9:35:48 PM by Sleeping Freeper
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To: Earl Voak
The Pension Benefit Guaranty Fund could declare state pension funds insolvent and take them over. They shouldn’t be able to legally but look at the auto and bank takeovers. They followed a similar pattern. Declare the institution insolvent, take it over ‘for it’s own good’. The Delphi auto pension, for instance, is already Federalized. I wouldn’t shrug this off.



7 posted on Saturday, August 22, 2009 9:36:25 PM by allmost
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To: Earl Voak
Wait...state pension funds like those that support unions like AFSCME and SEIU? Well, they do fully support everything this administration proposes, all I can say is welcome to the opposition. LOL



8 posted on Saturday, August 22, 2009 9:37:42 PM by JrsyJack (There's a little Jim Thompson in all of us)
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To: Earl Voak
Flash point. Are they really this stupid?



9 posted on Saturday, August 22, 2009 9:37:44 PM by glock rocks (health care, gun safety and climate change are strawmen. It's all about CONTROL.)
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To: glock rocks
Flash point indeed!



10 posted on Saturday, August 22, 2009 9:40:07 PM by mojitojoe (Socialism is just the last “feel good” step on the path to Communism and its slavery. Lenin)
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To: Earl Voak
WTF!!!!!!!!



11 posted on Saturday, August 22, 2009 9:40:18 PM by Empireoftheatom48 (Zero will never be my President, never!!!!!)
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To: Earl Voak
Gee, it is so nice that Dems decided to own this crisis. They may have thought that they can pull FDR II. However, U.S. economy is buckling under huge debts, public and private. This time around, FDR-style policy would be their path to doom.

12 posted on Saturday, August 22, 2009 9:40:52 PM by TigerLikesRooster (LUV DIC -- L,U,V-shaped recession, Depression, Inflation, Collapse)
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To: ClearCase_guy
State sovereignty. It's the only hope we really have at this point. If Obama makes a grab for state money, he may find himself with an open revolt.

Absolutely he wants CW II. He is on tape stating the Constitution is seriously FLAWED. I hope everyone is ready cause IMHO it is just around the corner - watch his every move, and you too will become a believer.

13 posted on Saturday, August 22, 2009 9:42:46 PM by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: glock rocks
Flash point. Are they really this stupid?
That was a rhetorical question..... right?

BTW, most of our CA pensions are broke.


14 posted on Saturday, August 22, 2009 9:44:18 PM by umgud (Look to gov't to solve your everday problems and they'll control your everday life.)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...
[a blogger at] a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, "Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state's pension plans into the bankrupt Social Security System."


15 posted on Saturday, August 22, 2009 9:45:06 PM by SunkenCiv (https://secure.freerepublic.com/donate/__Since Jan 3, 2004__Profile updated Monday, January 12, 2009)
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To: Earl Voak
The groundwork of limiting private equity firms from participating in the banking industry has already begun. The Feds are requiring double, or more than double, Tier-1 capital in some cases to participate in these numerous bank takeovers. It’s directed against private funds and state pension funds. The signs are there.



16 posted on Saturday, August 22, 2009 9:45:41 PM by allmost
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To: Earl Voak
Can someone explain exactly what a “state pension fund” is. Would this be private companies or what?



17 posted on Saturday, August 22, 2009 9:47:16 PM by chris_bdba
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To: allmost
Could you please expand on your post?
Thanks


18 posted on Saturday, August 22, 2009 9:47:51 PM by investigateworld (Abortion stops a beating heart)
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To: investigateworld
Sure thing. Which part in particular?



19 posted on Saturday, August 22, 2009 9:49:54 PM by allmost
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Bookmark for later



20 posted on Saturday, August 22, 2009 9:50:21 PM by potlatch
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To: umgud
“BTW, most of our CA pensions are broke.”

Which ones?



21 posted on Saturday, August 22, 2009 9:50:58 PM by 1035rep
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To: Earl Voak
Sweet! If this planning has any truth to it, the Democrats will help assure that Republicans get tons of otherwise liberal vote heading the GOP way.



22 posted on Saturday, August 22, 2009 9:51:08 PM by ConservativeMind (Liberals have no integrity, character, or shame.)
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To: investigateworld; All
Related.
http://www.freerepublic.com/focus/f-news/2320225/posts

23 posted on Saturday, August 22, 2009 9:52:25 PM by allmost
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To: chris_bdba
Pensions for State workers in the various 57 states I imagine
Billions of dollars, already stolen by union thugs and politicians in the respective states.

Now the feds want to steal them?

LOL, they will have to fight the other thieves for them!


24 posted on Saturday, August 22, 2009 9:52:40 PM by Syncro
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To: ClearCase_guy
Two brothers on their way
Two brothers on their way
Two brothers on their way
One wore blue
And one wore grey
One wore blue and one wore grey
As they marched along the way
A fife and drum began to play
All on a beautiful morning


25 posted on Saturday, August 22, 2009 9:53:41 PM by Charles Martel (NRA Lifetime Member since 1984; TSRA rookie)
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To: Arkansas Toothpick
"We’ll have our own Nuremberg trials in DC, and Obama, Pelosi and Reid will all be marched to the gallows for treason."
I sure hope so. A lot more than these 3 will be heading these.


26 posted on Saturday, August 22, 2009 9:54:15 PM by Nathan Zachary
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To: Earl Voak
National Infrastructure Investment Act would help address these problems by creating an instrument that can help finance long-range investments with public and private capital...

See B. Schwartz and Third Way



27 posted on Saturday, August 22, 2009 10:07:52 PM by endthematrix (The Name of the Game is BAILOUT.)
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To: 1035rep
Stories abound. Go to this link for one of many stories.

http://www.npr.org/templates/story/story.php?storyId=106689576



28 posted on Saturday, August 22, 2009 10:09:19 PM by umgud (Look to gov't to solve your everday problems and they'll control your everday life.)
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To: Earl Voak
And there goes the NEA



29 posted on Saturday, August 22, 2009 10:10:24 PM by Scotswife
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To: Earl Voak
Rush Limbaugh used to talk about this happening during the campaign.

I remember a while back when Jesse Jackson got the DNC to endorse the idea of government siezure of private retirement accounts to fund reparations.



30 posted on Saturday, August 22, 2009 10:10:45 PM by GeronL (Toward the TOTUS State-Nightmare in Obamaland .. http://tyrannysentinel.blogspot.com)
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To: JrsyJack
Union members will still get theirs, you can bank on that



31 posted on Saturday, August 22, 2009 10:12:07 PM by GeronL (Toward the TOTUS State-Nightmare in Obamaland .. http://tyrannysentinel.blogspot.com)
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To: Earl Voak
It is not only state pensions but 401Ks as well. Thankfully, since being reported on GOPUSA and other sources, Americans are finally starting to hear about Barack Obama's socialist agenda. His income tax policy of taking money from one group and giving it to another group who doesn't pay income tax is simply a welfare program. With Democrats in charge of the U.S. House, Senate, and the White House, that's exactly the kind of big-government program we would get. And it doesn't stop there.

32 posted on Saturday, August 22, 2009 10:13:32 PM by kabar
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To: Earl Voak
If I understand this story correctly, one government (federal) wants to steal from other governments (states) in order to make sure that normal, non-government Americans who have earned their social security checks (by dumping money into the system during their working lives) keep getting them. I’m not sure how concerned I should be.



33 posted on Saturday, August 22, 2009 10:15:05 PM by Lancey Howard
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To: ConservativeMind
Sweet! If this planning has any truth to it, the Democrats will help assure that Republicans get tons of otherwise liberal vote heading the GOP way.
Don't bet on it

Today the White House in an emergency move to stave off a national disaster has nationalized all state pension funds across the country that were set to default.

"This move will ensure that your future retirement benefits are secure from defaulting. We were within weeks of a meltdown and we believe it has been averted" The President said at a hastily planned press conference.


34 posted on Saturday, August 22, 2009 10:16:26 PM by GeronL (Toward the TOTUS State-Nightmare in Obamaland .. http://tyrannysentinel.blogspot.com)
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Comment #35 Removed by Moderator

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To: Lancey Howard
If I understand this story correctly, one government (federal) wants to steal from other governments (states) in order to make sure that normal, non-government Americans who have earned their social security checks (by dumping money into the system during their working lives) keep getting them. I’m not sure how concerned I should be.
Because the federal government is simply going to be shifting the burden of all that debt (those retirement funds are as fictional as the social security trust fund) to the taxpayers.

Of course you are 100%, the federal government needs to havr total control of everything to make everything better.


36 posted on Saturday, August 22, 2009 10:20:00 PM by GeronL (Toward the TOTUS State-Nightmare in Obamaland .. http://tyrannysentinel.blogspot.com)
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To: Lancey Howard
If I understand this story correctly, one government (federal) wants to steal from other governments (states) in order to make sure that normal, non-government Americans who have earned their social security checks (by dumping money into the system during their working lives) keep getting them. I’m not sure how concerned I should be.
Because the federal government is simply going to be shifting the burden of all that debt (those retirement funds are as fictional as the social security trust fund) to the taxpayers.

Of course you are 100%, the federal government needs to havr total control of everything to make everything better.


37 posted on Saturday, August 22, 2009 10:20:00 PM by GeronL (Toward the TOTUS State-Nightmare in Obamaland .. http://tyrannysentinel.blogspot.com)
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To: Earl Voak
Where exactly is this in the US Constitution?

This action would be illegal, unethical, immoral, and . . . but we’re talking about a Democrat controlled Congress aren’t we?



38 posted on Saturday, August 22, 2009 10:20:19 PM by HighlyOpinionated (At Thermopylae, 1 Million Persians lost 20 Thousand yet failed to disarm 300 Spartans. Molon Labe!)
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To: ConservativeMind
"Sweet! If this planning has any truth to it, the Democrats will help assure that Republicans get tons of otherwise liberal vote heading the GOP way."
At the rate Obama is going, I wouldn't count on there being an election. But if there is, It will be just for show.

People better seriously start looking at their 401k, and getting them converted into other investments, then start slipping them into markets out of the country.

buying gold and silver bullion isn't safe either. If they are desperate enough to steal our 401ks, they'll take our gold too, just like they did in the 30's.

First they took control of the banks, now they have control over all your money held in them whether its cash or investments. I wonder how many smaller private banks these big government owned banks they (with all your pension investment funds in them) have been secretly buying up?


39 posted on Saturday, August 22, 2009 10:24:48 PM by Nathan Zachary
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To: glock rocks
Flash point. Are they really this stupid?
No, they are this greedy. Remember, these people think they RULE us.


40 posted on Saturday, August 22, 2009 10:26:47 PM by Centurion2000 (The way to destroy a countercultural movement is to have white people start liking it.)
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To: Sleeping Freeper
Yup - Argentina has had 50 years of Peronism socialism. The country was the 7th wealthiest in the world around WW2. I doubt today it is in the top 50.



41 posted on Saturday, August 22, 2009 10:27:00 PM by Frantzie (Lou Dobbs - American Hero! Bill O'Reilly = Liar)
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To: investigateworld
Your No. 16 post .... I suspect you’ll find some obscure details which I’ll use to figure out a way to ‘secure mine.”



42 posted on Saturday, August 22, 2009 10:27:31 PM by investigateworld (Abortion stops a beating heart)
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To: GeronL
I think there are a few states that would seriously challenge any attempt by the federal rats to steal “their” pension funds. There are already several states asserting sovereignity from federal overreaching.



43 posted on Saturday, August 22, 2009 10:28:40 PM by Lancey Howard
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To: GeronL
"Because the federal government is simply going to be shifting the burden of all that debt (those retirement funds are as fictional as the social security trust fund) to the taxpayers."
I hate to break it to you, but they shift the burden of all that debt caused by their reckless spending and outright thievery to the taxpayers the moment it's created.

Who did you think pays the interest on the National Debt? Why do you think it's called "our" national debt?


44 posted on Saturday, August 22, 2009 10:34:09 PM by Nathan Zachary
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To: skinkinthegrass
Yoo Hoo, Mods?
This post is pretty creepy!

.


45 posted on Saturday, August 22, 2009 10:36:06 PM by Seaplaner (Never give in. Never give in. Never...except to convictions of honour and good sense. W. Churchill)
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To: Earl Voak
What Constitution, oh wait that's right, the RATs are treating the Constitution
as a document that doesn't tell them what they can't do.

46 posted on Saturday, August 22, 2009 10:36:10 PM by MaxMax (Will the real JIM THOMPSON please pick up the white phone)
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To: Earl Voak
Fed is turning into a giant Hoover vacuum cleaner for assets and property of the middle class, and, the move is so large as to be effectively permanent. Most of 300,000,000 people will be poor soon, and, history has never dealt well with large populations of poor people. Will the middle class survive through the end of THIS year with the current administrations draconian ‘solutions’?
Moving state pensions into Social Security should stand anyones’ hair on end. Does not the middle class understand and see that it is being cleaned out systematically?

Worldwide pensions are steadily collapsing, and world trade (shipping) continues to sink...recovery is imaginary as of now in spite of fairy-tale US media assertions.

In the US, www.pensiontsunami.com has daily info on the general course of US pensions...have a look. Looks to me the govt. wants to grab them while they have some value to be gleaned for transfer to the banks and other financial priorities. SS is only full of IOUs. If pension assets are absorbed, they will be transferred forthwith and the IOUs in SS will expand exponentially. We will never know where the assets went as govt. is accounting for nothing now.



47 posted on Saturday, August 22, 2009 10:40:08 PM by givemELL (Does Taiwan Meet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: GeronL
"Union members will still get theirs, you can bank on that"
Yup. You'll (taxpayers) wind up paying for all their priveledged benefits regardless of your condition.

Remember, their intent is to completely OVERWHELM us with changes, etc.


48 posted on Saturday, August 22, 2009 10:41:18 PM by blam
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To: Lancey Howard
"If I understand this story correctly, one government (federal) wants to steal from other governments (states) in order to make sure that normal, non-government Americans who have earned their social security checks (by dumping money into the system during their working lives) keep getting them. I’m not sure how concerned I should be."
You would be if you had other retirement investments besides Social security.
If that's all you are going to be living on, you're going to be living very lean. VERY lean.

Better start chopping and stacking up all the firewood you think you're going to burn over the rest of the years you plan on living after you retire. Don't leave it till you retire. You may be to old and rickety to chop wood, then you'll be lean and cold.

Understanding Wall Street’s Dance with Public Pension Funds
by Lisa Chow

http://www.wnyc.org/news/articles/137194

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NEW YORK, NY July 23, 2009 —The New York State pension fund is one the largest investors in the country, moving billions of dollars each year in and out of Wall Street. That movement of money is now under investigation. State and federal regulators have been examining how the pension fund chooses its private money managers.

The results so far include an indictment, two guilty pleas, two settlements, and yesterday, the Securities and Exchange Commission proposed new rules to crack down on the selection process. WNYC's Lisa Chow reports on the tangled relationships between pension funds and Wall Street.

REPORTER: The New York State pension fund controls $110 billion. If you won that at a slot machine, you'd be listening to this sound for more than a thousand years. In other words, we’re talking about a tremendous amount of money.

It exists for one reason: to help government employees in New York retire. It’s the contract that New York taxpayers have made with their public workers, like fire fighters, judges, building inspectors and state troopers.

Every month the pension fund sends out checks to 350,000 retirees. With that number growing, the pension fund is under pressure to grow as well.

And there are only two ways to do that - raise taxes, or invest the money wisely. That's what Tom DiNapoli does. As the New York state comptroller, he is sole trustee of the pension fund. And his office is now the focus of federal and state investigations.

DINAPOLI: In terms of what happened before,you know, I can't answer that. I wasn't here. I can just say while I'm here I'm making sure we have the right people.

REPORTER: It's as if DiNapoli bought a house and discovered that police have been watching it. And investigators are still creeping around, looking for clues.

They're examining a system in which politicians rely on Wall Street to manage huge sums of pension dollars, and Wall Street is only too eager to help.

MCCALL: This has always been an attractive pool of money, so my dance card was always full.

REPORTER: Carl McCall served as New York state comptroller for much of the 1990s. He says the comptroller's first job is to decide where to put the money: Stocks, bonds, real estate.

MCCALL: Once you make that decision, the next decision is to select managers in all of those asset classes who will actually make all those investment decisions.

REPORTER: McCall means private money managers, That's where Wall Street comes in. Wall Street firms make their money based on how much of other people's money they manage. So the competition is fierce to manage a slice of New York's $110 billion pension fund.

Neal Berger used to run a hedge fund. He says to get hired by a big pension fund, like New York's, you have to impress layers of placement agents, consultants, and pension fund staff.

BERGER: You're dealing with the consultants, first. There's a whole network of pension fund consultants, so you have to be in that network or have some connection to that network, maybe you’re working through an intermediary who has a relationship with a pension fund consultant because you got to keep in mind, these pension fund consultants are bombarded by a million power point presentations a day, why are they going to focus on your fund.

REPORTER: Berger says, if you can manage those relationships successfully and make the right impression, it's all worth it.

BERGER: It's a challenging thing to do, to get pension fund money, but then the pot of gold at the end of the rainbow is that the checks are big and it's sticky money.

REPORTER: And that's the best kind of money that'll stick around because pension funds invest for the long term. So while Wall Street firms are shooting for this pot of gold, the person in charge of the pension fund, the comptroller, is also shooting for something.

MCCALL: In order to head the common retirement fund you got to get elected.

REPORTER: Which means you've got to raise campaign money. Former comptroller Carl McCall says, that's especially tough, running for an office most people have never heard of.

MCCALL: You might have to spend anywhere between a minimum of $5 million to maybe $10 million to get elected. Where are you going to get that money? The only people who really care about this office are the people who do business with it.

Now, lots of people who want government business contribute to campaigns. But rarely is the trade as simple as the case is here. Writing a check - to receive a check.

If you're a bus company trying to get a school contract, or a developer trying to build a hotel, maybe you contribute to the mayor's campaign. but you don't give money straight to the school chancellor or the building commissioner. In this case, Wall Street firms do give money directly to the person in charge.

Roy Smith is a professor at NYU's Stern School of Business, and a former partner at Goldman Sachs. He says there are plenty of things Wall Street firms can do to earn favorable opinions from the comptroller and his staff.

SMITH: Contributions to friends of the politician. Or contributions to some fund or the employment of some relative in that firm. There are many things that can go on and these aren’t so unusual in the sense that similar kinds of who-do-you-know arrangements work throughout the economy.

REPORTER: Contributions to friends, contributions to some fund, maybe it sounds like a bribe. But Smith says, there's a gray area.

SMITH: you're talking about a series of actions that raises the eyebrows. And it's hard for any of us to know how much of any of that constitutes a felony but we can all imagine that some quantity of it does. But the line between these is often very fuzzy and hard to determine.

REPORTER: So far, no one's accused the current or former comptrollers themselves of trading investments for campaign contributions. But, former comptroller McCall says, the temptation is there for everyone, especially when public employees at the top of the pyramid are making $150,000 dollars a year, and the people they're hiring on Wall Street take home millions and millions of dollars.

MCCALL: People in the public sector have a lot of power and they dispense that power to a lot of entities and they get very little of it themselves. And those people who are tempted these are people who are tempted and that's unfortunate.

REPORTER: Hank Morris and David Loglisci, according to the state attorney general's indictment, allegedly tried to bridge the money power gap, and enrich themselves in the process.

Morris was the top political consultant to former comptroller Alan Hevesi, the former comptroller’s top political consultant. Morris allegedly worked as a middleman, playing both sides of the fence and getting paid millions of dollars for deals signed between the pension fund and certain Wall Street firms.

Loglisci was the pension fund's chief investment officer under Hevesi. He allegedly directed Wall Street firms to Morris, and accepted thousands of dollars from Wall Street firms to help his brother produce a low budget movie called Chooch.

The two men have denied the allegations and are fighting the charges. As they await trial, the investigation continues.

The attorney general says if this were a baseball game, we'd be in the 4th inning. For WNYC, I'm Lisa Chow.


The Follow on:

http://mediasearch.wnyc.org/m/25606980/following-the-money-behind-public-pension-funds.htm








.............................................................................

Could this explain where the 'missing' TARP money went to? Could they have used those funds to prop up the States pension funds? If so, that would have put the gov right into all the states pension funds like it did GM, etc, meaning that the gov DOES already have the handle on all of these funds, and is now in charge of them in a round-about way.

THIS would have really been something to slip under the rug without anyone knowing about it or leaking anything out about it. Still, it IS possible.



I have a friend who is a retired teacher from CA. His 'Edward Jones' controlled personal investments took quite the hit through the market mess, he lost a good 50% of his life-long investments (savings). His contribution to his medical insurance plan is $1,300 per month out of his pocket, and he expects that amount to rise. He is very confident that his retirement plan, CA teachers Union, is as solid as a rock because the Union controlls his retirement funds, not the state. My only thought there was that if CA lays off teachers, their current contributions would be less, possibly affecting his monthly retirement check in a downward spiral, maybe not paying him his due amount but a percentage of it instead as times grow tougher. Maybe it IS a large union, but unions tend to be somewhat extravagant in how they use funds, this could be a case of a union going bankrupt?

Something tells me he is about to get a real LOW blow of a hit in the near future.




NP

GAD! What a pack of Dreaming Sheep. Folks, you got it Bass Ackwards. There are a multitude of pension funds out there desperately hoping for the Big D so they can offload their liabilities onto the US Gov.

There are dozens and dozens of municipal funds in particular that have only one month's cushion between income and outgo. If the employees went on strike, the retirees would not get a check next month.

I know that the total number of those funds outweighs those that are "solvent". As for total amount of liability, would not surprise me that outweighed also.

Town I once lived in had three full time employees all aged in their late '50,s'. Inflation of the 1970's came along and they were getting slaughtered at the grocery store. City Council would not raise wages but instead promised to 'sweeten' their retirement. Did that several times.

About 1980+, State auditor tells the Council that in X years (One digit!) their retirement budget will be greater than the city budget. So the Council promptly fired the three for malfeasance. (In a small town, the city employees are always into that because it is expected via the Jones Rule.)

I have no idea what happened after that but they sure saved the local taxpayers a lot of money.

Jones Rule: The closer government is to the people, the more corrupt it is as generally measured. Named after Jones who moved from the Big City into a rural township to find it rife with cronyism and nepotism. Turned out to be the norm for nearly every township in the county.

NC Susan said:

I thought all the states were bankrupt
and that was the reason for the increased State taxes


NC is Padding nine Billion to its budget because of Shortfalls
and that is because the last governor STOLE the pensions

Click to expand...

They made most of that 'padding' by moving the last pay day of the fiscal year to the first day of the new fiscal year.

Perdue is an O worshiper. Trusting her is like trusting a rabid dog. She will not see a second term.

Wherever there is a stash of cash, the criminals will be snooping around to find a way to get it. That's why they create pension funds instead of letting the individuals invest it separately and privately.

Indiana's pension funds have already been looted while invested in hedge funds. Thus, Wall Street crooks pocketed them.

The elite are grabbing it all and leaving the country to the Cook Islands.

Those of us with state retirement funds are not eligible for social security benefits--nor are our spouses. At least, that's how it is for Texas teachers. So, I guess we get screwed by the government twice.

Soon it'll be time to raid the wealth of the members of Congress and their families. They created this mess while making themselves rich and exempt from it.

I see a day coming soon where citizens forcibly remove a senator and his/her family from their taxpayer-bought mansion and "redistribute" THEIR wealth among themselves. And truthfully, they deserve to have every dollar ripped away from them to pay for at least a part of the damage they are causing.



.

Fed to Steal State Pension Funds

Congress may confiscate every state pension fund into the bankrupt social security system. Indications that this strategy is being discussed in Washington have come in to us from several sources over the last few days.

Tonight, a correspondent who has just come home from a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, “Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state’s pension plans into the bankrupt Social Security System.” She is absolutely 100% sure that she understood him correctly.

Dear readers, please understand that we are bloggers, and not professional journalists. Our information comes from ordinary folk who do the best they can to understand the political scene. Ordinarily, this would seem so outrageous that we would wait to share the news until we could get more clarification. But the current administration has moved with such breathtaking swiftness to federalize private assets and plunge our country into socialism, that we feel the need to sound the alarm, just in case.

We’ll keep updating this post as we find out more.
It’s Not a New Idea

From the Friday, January 29, 1993 issue of the Washington Post we have this article (archived by the Seattle Times) — Budget Cuts Vs. Social Security — Tap Pension Funds Worth $4 Trillion, Panel Tells Clinton — Employers Sense Danger ‘Once They Get Taste Of This’:

A bipartisan government commission yesterday recommended to the Clinton administration that it launch an aggressive effort to tap the retirement funds of millions of Americans to help pay for rebuilding the nation’s roads, bridges and highways and give the economy a lift.

President Clinton has indicated past support for the concept, which would represent an unprecedented effort by the federal government to deal with its budget woes by turning to the more than $4 trillion in cash, stocks and other investments held by pension funds.

Some opponents in the pension industry, who worry about protecting retirees, said they fear Congress might revoke the generous tax treatment afforded pensions if they actively oppose the initiative.

The recommendations by the congressionally chartered Infrastructure Investment Commission, which has had the strong support of Senate Finance Committee Chairman Daniel Patrick Moynihan, D-N.Y., include establishing the National Infrastructure Corp. It would be a new government-sponsored corporation that would encourage at least $30 billion in investment by pension funds. Several billion dollars in seed money for the new corporation would come from a new energy tax now under consideration.

Energy tax. Sound familiar?

And two people who watched the Democratic convention in 1996 said:

I was absolutely horrified to hear the Democrats propose at their convention that the government should take money out of private pension funds to sink into yet more federal programs.

The Democrats have already raided the Social Security fund to pay for their unending government spending. We do not need them ruining our pension funds the same way!

This is another Democrat scheme to take even more of our money without having to face public opposition to tax increases. We already have to work over four months a year just to pay the taxes on our wages - we should not have to sacrifice our pensions, too!

Vote against the Democrats and Clinton while you still have money in your pension fund, or you may not have any pension fund left when you retire.

The Argentine government seized control of the private pension funds in that country last fall. At that time the Telegraph considered the possibility that other countries would follow suit — Argentina seizes pension funds to pay debts. Who’s next?, October 21st, 2008:

Here is a warning to us all. The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash.

Should we worry about our pensions?

It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap. The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property….

10:19PM Full Metal Patriot — Congress is planning to raid EVERY state’s pension funds to prop up Social Security. This blogger has done some background research, and reminds us of earlier attempts to “redirect” retirement assets:

This rumor definitely caught my attention. After doing a little investigation, it looks like it’s entirely true. Last year, House Democrats were contemplating abolishing 401(k) tax breaks and redirecting those funds into a new system of government-controlled retirement accounts to which all workers would be forced to contribute. And more information about the Democrats’ immoral plans to ransack every American’s personal retirement has been reported on CNN, The Wall Street Journal, and Carolina Journal. Now that they control both houses of Congress and have a big-government socialist in the White House, it looks as though Democrats are ramping up their machinations.

Update August 23, 9:13AM: A reader sends this link, possible reason for the federal government to get into a fight with the states; from the Financial Times — Pension funds back buy-out fight over bank deals:

A coalition of large US state pension funds has backed the private equity industry’s opposition to new rules on takeovers of troubled lenders, saying the plan would have a “chilling effect” on attempts to revive the country’s banking system.

The warning by funds from states including New York, New Jersey and Oregon, which manage billions of dollars on behalf of public workers and are big investors in private equity, will strengthen the buy-out industry’s lobbying against the proposed measures….
http://frontpage.americandaughter.com/?p=2453

Also: http://tickerforum.org/cgi-ticker/akcs-www?post=107937

http://fullmetalpatriot.blogspot.com/2009/08/congress-is-planning-to-raid-every.html

@midlifechick just returned from TownHall meeting with her US Rep. John Carter (R-TX). Representative Carter informed the crowd that talk has been bandied about Congress to appropriate EVERY state's pension plans into the bankrupt Social Security System.

She is absolutely 100% sure that she understood him correctly. If this is allowed to happen, and I am going to stress again that at this point it is just an idea that has been submitted; the US will absolutely, 100% be a banana republic, a la Argentina...

I would like to say that I am stunned, but given the track record of this Administration I guess I shouldn't be.

This rumor definitely caught my attention. After doing a little investigation, it looks like it's entirely true. Last year, House Democrats were contemplating abolishing 401(k) tax breaks and redirecting those funds into a new system of government-controlled retirement accounts to which all workers would be forced to contribute. And more information about the Democrats' immoral plans to ransack every American's personal retirement has been reported on CNN, The Wall Street Journal, and Carolina Journal. Now that they control both houses of Congress and have a big-government socialist in the White House, it looks as though Democrats are ramping up their machinations.

Contact your elected representative and ask them if they are still planning to steal your retirement. They need to know they're being watched by We The People and that we will not tolerate their felonious behavior.

Well,, that note should speed the secession movement.

45nut said:

Well,, that note should speed the secession movement.

Click to expand...

Maybe or maybe not but any state that has declared its 10Th Amendment independence it will stay solvent.

After decades and generations, at this point the dem/repub party and their partisan supporters have taken the U.S. to the point where morality, justice, and the simple concept of right and wrong can be damned, it's all about the money. That's all you need to know about everything that now occurs. Forget about nobler concept like "for God and Country" and such notions, that's just millenia old propoganda used on the Masses/Human Resource that's part of the ruse and grand scam.

Every action can be explained by undersanding it's ALL about the money.

Where the socialist/corporate/private/globalist greedheads can line their pockets or come up with an excuse for disappearing off the books assets that no longer exist, they loot it. That is the modus operandi powering the governance of the U.S.

Coming soon, a fire sale of real estate to foreigners owed money by the dem/repub party. There will be a major, exponential growth in the Muslim population, all defended by the dem/repub party, enforced by the uniformed and/or badged dem/repub "authorities".

There is no solution as long as they control the election process. "Democracy" is the fast trip to sovereign sell out and eventual global governance.

Bring out the guillotines and rid this nation of traitors and the witless rubes who continue to support them.

IF TSHTF, which it won't, and you came out the other side with people still pushing the dem/repub party, a lead implant in their forehead would be in order.

IF YOU SOMEHOW STILL REMAIN A DEM/REPUB SUPPORTER, DESPITE THE EVIDENCE DISPLAYED HERE HOURLY, YOU ARE A MAIN PART OF THE PROBLEM, NOT THE SOLUTION.

Sounds good to me. What makes public employees think only the private pensions of the productive workers in our society deserve to be raided.

Washington elites really do believe IT IS THEIR MONEY.

After word got around about how home land Gestapo had made plans with some of the bank to loot the safe deposit box's every one took their valuables out. I guess they had to change plans and came up with the bailout plan, their after anything they think they can get away with doing until it comes to blows.

IF YOU SOMEHOW STILL REMAIN A DEM/REPUB SUPPORTER, DESPITE THE EVIDENCE DISPLAYED HERE HOURLY, YOU ARE A MAIN PART OF THE PROBLEM, NOT THE SOLUTION.

Click to expand...

I have to agree!

IF YOU SOMEHOW STILL REMAIN A DEM/REPUB SUPPORTER, DESPITE THE EVIDENCE DISPLAYED HERE HOURLY, YOU ARE A MAIN PART OF THE PROBLEM, NOT THE SOLUTION.

+ 1000

Duplicate threads merged. I would have locked the later post, but there were some interesting comments..

RJC said:

Sounds good to me. What makes public employees think only the private pensions of the productive workers in our society deserve to be raided.

Click to expand...

I don't know.

Possibly because my wife turned down several jobs at a higher pay rate because she (we) were guaranteed benefits that by law the states could not renege on.

Possibly because our lifetime retirement strategy was based on estaments, provided by the state.

Possibly because despite the chosen few (firefighters, police, upper management) the benefits are not as lucrative as she could have gotten had she taken an (offered) private sector job with a matching 401k for example.

I would certainly stand up if the government were taking away your private retirement savings, sorry you don't feel the same way.

Ha! Good luck! Most state funds are broke, either from the market which they were heavily invested in or because they had their fingers in the pie to fix the other shortfalls.

401k's are next. they were discussing THAT right before the election, if you all remember.....

There's no reason to steal it from the states. If they need $, all they need to do is print it.

"They" don't have to steal the funds -
They don't exist

There is no solution as long as they control the election process. "

Hogwash! Jesse Ventura showed the way. All you got to do is get people to vote that have never voted before.

It may just be perception but before Jesse there was always a lot of talk about your duty to vote etc. Since then, been pretty quiet on the 'get out the vote' front. Now, nothing frightens the establishment more than the thought that the voters might turn out. Because if they do, they will not vote for anybody in the establishment.

I would suggest that if a national anti-establishment Jesse Ventura popped up on the scene, he would sweep the election if he could get the non-voters to turn out like they did in Minn. Some people thought O was a Jesse. Turns out he was but not in the way they had anticipated.

So don't go around whining that the elections are fixed. Only if 45%of the voters don't vote.

public pension funds. private plans. 401k plans. all to disappear.

as will the stock market.

for some reason, i am thinking of that old song we used to sing while boy scouts, canoe paddles in hand, "there'll be a hot time, in the old town, tonight. Fire! Fire! Fire!"

we still have 3 weeks to go before "summer" is over, before the "Summer of Hell" manifests, fullfilling the webbots prediction.

as a poster above stated: it's all about the money now. that will be the last straw for the sheep. shred their rights, demand their obediance, but only fools would steal their pensions...

aintfunny may be very close to the mark:

It would seem our own government is deliberately TRYING TO PROVOKE AN UPRISING OF THE PEOPLE AND REBELLION.

The question is WHY? Is it a preplanned UN/RESPONSE which the .gov cannot initiate without some kind of PRETEXT or justification for an armed military crackdown?

Click to expand...

Volleyball Granny said:

Those of us with state retirement funds are not eligible for social security benefits--nor are our spouses. At least, that's how it is for Texas teachers. So, I guess we get screwed by the government twice.

Click to expand...

come on! don't I have enough problems with my ex husband who is entitled to half my pension and yet he has no pension, just SS!

I figure it this way. If I get $2,000 a month on state pension and he gets $1,200 on SS (which I have none). He is entitled to 1/2 of mine. So lets see, he walks away with $2,200 and I walk away with $1,000. Ya thats fair

rs657 said:

Stealing pension plans from these folks would be a colossal mistake! War would be next and they might just hang the 545 jokers responsible!

Click to expand...

And just how is this any different from the current -- and the previous -- administration's stealing the money out of the social security trust fund?

Troke said:

There is no solution as long as they control the election process. "

Hogwash! Jesse Ventura showed the way. All you got to do is get people to vote that have never voted before.

It may just be perception but before Jesse there was always a lot of talk about your duty to vote etc. Since then, been pretty quiet on the 'get out the vote' front. Now, nothing frightens the establishment more than the thought that the voters might turn out. Because if they do, they will not vote for anybody in the establishment.

I would suggest that if a national anti-establishment Jesse Ventura popped up on the scene, he would sweep the election if he could get the non-voters to turn out like they did in Minn. Some people thought O was a Jesse. Turns out he was but not in the way they had anticipated.

So don't go around whining that the elections are fixed. Only if 45%of the voters don't vote.

Click to expand...

Thinking one can preserve freedom and liberty with a mere vote is ludicrous, and shows a great ignorance of the nature of power/politics and the wide view of global situational awareness.

Also, I resent your making the bed I have to sleep in so you and all the other whining partisans who infest this site with their whining on a minute to minute basis can feel "empowered" in the greatest scam in all of human history.

I resent your legitimizing a corrupt, anti-constitutional corporatocracy that exerts it's control over me not with my consent, but by coercion and threat of force against me. And is actively working to destroy future generations of Americans lives as they continue to incrementally morph people into a subservient, numbered "Human Resource".

With all due respect Troke, how can you still yet NOT see and understand just exactly what is going on in the U.S.?

The dem/repub party are the LIQUIDATORS of the sovereign nation.

Decade after decade of declines and your "answer" is more of the same, or "it's all we have"?

The U.S. HAS the government and situation it deserves because the voting majority of swindled rubes want to feel they have influence and are empowered.

Time for the states to dissolve the Federal Government.

The tree needs watering.

Agreed - We "function together" now because "someone" has a gun to each of our heads......like a chain-gang in a way.....

Volleyball Granny said:

Those of us with state retirement funds are not eligible for social security benefits--nor are our spouses. At least, that's how it is for Texas teachers. So, I guess we get screwed by the government twice.

Click to expand...

Which means, Volleyball Granny, that is time for you folks expecting the government pensions to JOIN THE SOCIAL SECURITY RECIPIENTS IN THE FIGHT FOR RETIREMENT!


Up till now, you folks have sat on the sidelines while TPTB have moved closer and closer to the final shutdown of the Social Security program, reassuring yourself that it was only them that would be screwed and that you would be safe.


Well, guess what?


You government pension folks won't be safe, either!


They want ALL old people and disabled people gone once they can no longer use their labors to further enrich the Elite.


It is time for you folks to join the fight -- now that you are beginning to realize that your hard earned pension is no safer than the Social Security retirees pensions.