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Thread: AS I stated Major pension crisis starting in 2017

  1. #111

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    Dallas Mayor Admits Police Pension Pushing City Toward "Fan Blades Of Municipal Bankruptcy"

    http://www.zerohedge.com/news/2016-1...cipal-bankrupt



    The Dallas Police & Fire Pension (DPFP), which covers nearly 10,000 police and firefighters, is on the verge of collapse as its board and the City of Dallas struggle to pitch benefit cuts to save the plan from complete failure. According the the National Real Estate Investor, DPFP was once applauded for it's "diverse investment portfolio" but turns out it may have all been a fraud as the pension's former real estate investment manager, CDK Realty Advisors, was raided by the FBI in April 2016 and the fund was subsequently forced to mark down their entire real estate book by 32%. Guess it's pretty easy to generate good returns if you manage a book of illiquid assets that can be marked at your "discretion".
    The rampant fraud at the DPFP left the fund over $3BN underfunded and its board of directors with no other option but to seek a $1.1BN infusion from taxpayers to keep the fund afloat. Even worse, a review of the pension's financials revealed $2.11 of annual benefit payments to members for every $1.00 contributed to the plan by members and taxpayers (mostly taxpayers)...the typical pension ponzi whereby plan administrators borrow from assets reserved to cover future liabilities (which are likely impaired) to cover current claims in full.


    Now the Mayor of Dallas, former Pizza Hut CEO Michael Rawlings, and members of City Council are slowing coming to terms with the fact that the enormous police pension may be too large a burden for the city to overcome absent substantial benefit cuts for members. According to the New York Times, Dallas is second only to Chicago in terms of its pension underfunding relative to financial resources....and, as our readers know well, with a 38% funding ratio, Chicago is not a city you want to be compared to when it comes to the health of you public pension plans.
    What's the Frequency, Kenneth?

    432Hz

  2. #112

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    Run on dallas pension fund


    https://www.armstrongeconomics.com/w...d-withdrawals/


    Billions in pension shortfalls threatening Texas cities’ budgets

    The state’s largest cities face tens of billions of dollars in unfunded liabilities to employee pension funds, a series of separate financial situations that is spurring massive account withdrawals, ongoing lawsuits, mounting political friction and national media attention.

    Austin, Dallas, Houston and San Antonio collectively face $22.6 billion worth of pension fund shortfalls, according to a new report from Moody’s, the credit rating and financial analysis firm. Moody’s analyzed the nation’s most debt-burdened local governments and ranked them based on how big the looming pension shortfalls are compared with the annual revenues on which each entity operates.

    “Rapid growth in unfunded pension liabilities over the past 10 years has transformed local governments’ balance sheet burdens to historically high levels

    http://www.star-telegram.com/news/st...#storylink=cpy

  3. #113

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    Every household in California owes $93k to pay for state pension




    https://www.armstrongeconomics.com/w...tate-pensions/

  4. #114

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    10 States Spend More on Employee Retirement Costs Than on Higher Education



    The New York Times ran a story called "Higher Education in Illinois Is Dying" and cited rising pension costs as a major factor in the state's budget woes. Similarly, in our recent report on pensions in the state of Illinois, we noted Illinois taxpayers are now contributing more toward teacher pensions alone than for all of the state's public colleges and universities combined.

    Unfortunately, Illinois is not alone. Like the insatiable Pac-Man, pensions are eating further and further into state and local education budgets, eating up dollars that could be spent on lots of other things. That's true for all public services, but higher education is uniquely harmed by rising pension costs.
    What's the Frequency, Kenneth?

    432Hz

  5. #115

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    So many were taking early retirement due to the knowledge of a collapsing system Dallas halted the withdrawals.

    http://www.zerohedge.com/news/2016-1...ng-withdrawals

    Two days after the Mayor of Dallas, Mike Rawlings, filed a lawsuit against the Dallas Police and Fire Pension system to block withdrawals, which he referred to as a "run on the bank" of an "insolvent" pension system in "financial crisis, the Pension's board has finally taken steps to halt further withdrawals. Of course, this delayed action has come only after $500 million in deposits have been withdrawn since just August.
    According to the Dallas Daily News, an incremental $154mm in withdrawal requests were pending at the time the decision was made earlier today.


    The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests.

    The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain $2.1 billion fund.

    "Our situation is currently critical, and we took action," Board chairman Sam Friar said.



    Rawlings on Thursday afternoon told a crowd gathered at a Dallas Regional Chamber that "the bleeding has stopped. We can turn this ship around."

    The crowd responded with cheers after the mayor's announcement of the board's decision.

    At the pension board meeting, the mood was more somber.

    Council member Scott Griggs said he couldn't let the $154 million "go out the door" on Friday.

    His council colleague, Philip Kingston, a board trustee, said the mayor "unquestionably" forced the pension board's hand. He said Thursday was "the worst day I've had in public office."

    "Unfortunately, financially, this had to happen," he said.

    The fund has about $729 million in liquid assets. It needs to keep about $600 million on hand, meaning the restrictions could have been coming at some point even without the mayor's actions. The withdrawal requests this week alone would have meant the fund would dip below that level.
    What's the Frequency, Kenneth?

    432Hz

  6. #116

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    Unreal the people that are in charge of this amount of money....Wall street/Government officials/Bankers.....When are people going to wake up.......Markets are for these people to gain more wealth at the expense of hard working people...



    Feds: Pension exec moved $2 billion for coke, hookers, other bribes


    A former top official at the country's third-largest pension fund and two broker-dealers were charged Wednesday in what a federal prosecutor described as a classic bribery scheme that steered $2 billion in trades in exchange for drugs, prostitutes, vacations and U.S. Open tennis tickets.

    "The hard-earned pension savings of New Yorkers should never serve as a vehicle for corrupt, personal enrichment," Manhattan U.S. Attorney Preet Bharara said in a statement, calling the alleged pay-for-play arrangement a "classic, quid-pro-quo bribery scheme."

    Navnoor Kang, the ex-head of the $184 billion New York State Common Retirement Fund's fixed income trades, received more than $100,000 worth of bribes in the form of trips, gifts, luxury hotel stays and other payoffs from broker-dealers Deborah Kelley and Gregg Schonhorn, prosecutors said.



    http://www.cnbc.com/2016/12/22/feds-...er-bribes.html

  7. #117
    Join Date
    Oct 2011
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    Quote Originally Posted by Silver and Gold View Post
    Unreal the people that are in charge of this amount of money....Wall street/Government officials/Bankers.....When are people going to wake up.......Markets are for these people to gain more wealth at the expense of hard working people...



    Feds: Pension exec moved $2 billion for coke, hookers, other bribes


    A former top official at the country's third-largest pension fund and two broker-dealers were charged Wednesday in what a federal prosecutor described as a classic bribery scheme that steered $2 billion in trades in exchange for drugs, prostitutes, vacations and U.S. Open tennis tickets.

    "The hard-earned pension savings of New Yorkers should never serve as a vehicle for corrupt, personal enrichment," Manhattan U.S. Attorney Preet Bharara said in a statement, calling the alleged pay-for-play arrangement a "classic, quid-pro-quo bribery scheme."

    Navnoor Kang, the ex-head of the $184 billion New York State Common Retirement Fund's fixed income trades, received more than $100,000 worth of bribes in the form of trips, gifts, luxury hotel stays and other payoffs from broker-dealers Deborah Kelley and Gregg Schonhorn, prosecutors said.



    http://www.cnbc.com/2016/12/22/feds-...er-bribes.html


    i get your point.. always have

    but but but.. the markets and trading of stocks can be for ANYONE, if they take time and research to invest in the various markets, it can be quite able for Mian street folks, with incomes of 25K to 200k.....
    never forget!

    i have two of my children, millennials and if they totally thought your way, discounted that main street can play and invest with strategy and understood foresight, i as their father would consider that a bad move.
    and do know my opinion is form a ole Connecticut Yankee, and i am fairly certain you understand that terminology...

    again diversity for most that wish to save for the future and grow earned monies into more growth, are needed in the SM's, young investors.. that should, imo be fostered...of course you are entitled to your opinion..

  8. #118

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    Quote Originally Posted by captainsilverton View Post
    i get your point.. always have

    but but but.. the markets and trading of stocks can be for ANYONE, if they take time and research to invest in the various markets ...
    You mean, hard working people can also participate in the markets and gain more wealth at the expense of other hard working people? That seems a lot less sinister.

  9. #119
    Join Date
    Oct 2011
    Posts
    25,750

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    Quote Originally Posted by BodieGhost View Post
    You mean, hard working people can also participate in the markets and gain more wealth at the expense of other hard working people? That seems a lot less sinister.
    ha,.....all i know is it works well in times of rising markets, ya can go on hold when ever ya choose, and or short, and yup the less sinister sounding?..the better for hard working main street folks..

    after all anyone can stack and hold and sell high at the right time...or stack and save till retirement, or pass it on....oh as ya can stocks to a certain extent.....

    Merry Christmas Bodie..

  10. #120

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    The light will really shine on this problem during the next recession. This makes me wonder if we will fight off any sort of recession with money printing, public works projects rebuilding the infistructure.

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