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Thread: AS I stated Major pension crisis starting in 2017

  1. #71

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    Quote Originally Posted by redraspberry View Post
    "A Spectacular Breach Of Trust" - Former CalPERS CEO Sentenced To Prison For Bribery

    http://www.zerohedge.com/news/2016-0...-years-bribery

    The sentencing is the result of a years-long investigation into money management middlemen who helped clients win investment business from the fund which as about $290 billion in assets. Buenrostro faced up to five years in prison but the US attorney's office asked for a four year term, citing Buenrostro's cooperation. As part of a plea deal, Buenrostro acknowledged giving Villalobos access to confidential investment information and forging letters that enabled firms connected with Villalobos to collect a $14 million commission on $3 billion worth of pension fund investments. The former CEO has also agreed to pay back $250,000 to the state.

    "This was one of the most startling and serious cases of public corruption in the history of the state of California. That being said, Mr. Buenrostro did come forward and admit to what he had done." said Tim Lucey, representing the US attorney's office.

    As far as Villalobos, after pleading not guilty to fraud, he took his own life just weeks before he was set to go on trial.
    Good riddance to the vampire class. But is also shows the inherent fuse-lit-time-bomb, that is really going to give us a show in the next few years. Retirement funds now going into high risk, just to be able to make expected returns, is a road that gradually turns into a waterslide. by the time it starts to implode, you are going too fast to be able to get off, let alone back up.

  2. #72
    Join Date
    Feb 2012
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    Quote Originally Posted by yellowsnow View Post
    took the money and ran
    https://www.youtube.com/watch?v=-WCFUGCOLLU

  3. #73

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    Cost of living rising and incomes falling the trend continues and won't end well for many……



    New Jersey retirees won't get pension increases


    New Jersey's retired teachers, police officers, firefighters and government workers got some bad news on Thursday. Their pension checks will remain at 2011 levels.
    The state Supreme Court Thursday upheld a law that suspended cost of living increases for the state's public retirees.
    The pensions were frozen by Governor Chris Christie back in 2011, as part of a larger reform deal that also required some public workers to contribute a bigger chunk of their paycheck to their pension.


    http://money.cnn.com/2016/06/09/reti...ola/index.html

  4. #74

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    The US government has a $20.4 trillion retirement problem

    The US government has nowhere near enough money to pay retirees.

    The credit-rating agency Moody's says state, local, and federal governments are about $7 trillion short in funding coming pension payments.

    "The unfunded liabilities of the various federal employee pensions systems, covering civilian and military employee benefits, amount to about $3.5 trillion, or 20% of US GDP," a release from Moody's said Wednesday.


    http://www.businessinsider.com/us-go...ortfall-2016-4

  5. #75

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    MBTA pension fundís money shortage worsens


    The MBTA retirement systemís unfunded pension obligation is about to increase again.

    Just four months after the last adjustment, the gap between future retiree benefits and the money available to pay them is expected to rise to $944 million, according to estimates the Tís chief administrator plans to present at a public meeting Monday.


    The new figure is up $129 million for 2015, based on the pension fundís new actuarial approach, which eases the impact of bad years. Without using that method, the unfunded liability goes up to nearly $1.1 billion, according to the T.


    https://www.bostonglobe.com/business...rGL/story.html

  6. #76

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    Fort Worth’s employee pension problems grow worse


    Mayor Betsy Price called continued pension issue “a critical situation.”

    The city has about 6,200 active employees and 3,900 others receiving pensions.

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

  7. #77

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    Why 10 Million Americans Could Loose Their Pensions

    http://davidstockmanscontracorner.co...heir-pensions/

    One of the more distressing risks lurking beneath the surfaceóone that represents a threat not only to shareholders, but to pensioners as wellóis Krogerís exposure to a large number of multi-employer pension plans (MPPs). The company intentionally keeps these plans in an underfunded status and this has the potential to backfire on the company. In addition to increasing annual costs, the companyís total exposure to these plans, in another downturn, is potentially debilitating.

    Krogerís woes are emblematic of an affliction plaguing pension funds across the country. Itís the same old story Ė chronic underfunding, as the swelling ranks of retirees overtake a smaller base
    Last edited by ynot2k; 07-03-2016 at 08:30 AM. Reason: Kitco copyright policy 120 word limit
    What's the Frequency, Kenneth?

    432Hz

  8. #78

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    There sure is lots of money for banker bailouts & bonuses whenever banks holler for it.

    Yet people are expected to tighten their belts to pay for the above.

  9. #79
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    Quote Originally Posted by Silvercoin View Post
    There sure is lots of money for banker bailouts & bonuses whenever banks holler for it.

    Yet people are expected to tighten their belts to pay for the above.
    I think the crisis that is coming is why we have so much gun control. Gun control does not deter criminals but it does deter law abiding people. Perhaps those are the ones the government fears most when the bleep hits the fan. That is why, now, more than ever is a good time to buy gold, silver and land.

  10. #80

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    Quote Originally Posted by Bobmhey View Post
    I think the crisis that is coming is why we have so much gun control. Gun control does not deter criminals but it does deter law abiding people. Perhaps those are the ones the government fears most when the bleep hits the fan. That is why, now, more than ever is a good time to buy gold, silver and land.
    And arms, and ammo.

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