What could have been with GM
Ha-Ha! Put that in your union pipe and smoke or toke it!
Who’s still afraid of the BigBad Union? Not nearly as many as in the old days.
Didn't think so.
Unions take one in the shorts ... it’s a ‘feel good’ story!
Not quite yet... Couple more decisions and the stampede begins. Then it will be a race for all the school districts and counties and cites to shed the old dot com bust debt from CALPERs.
Detroit, you paying attention?
Does anyone know personally any comedians to which they could forward that line?
From the article is sounds like they bumped up their pensions just before filing bankruptcy.
It sounds like the judge undid that.
It is normal in a bankruptcy for the court to go back and look at the last nine months activity prior to filing for bankruptcy and reverse anything that significantly compromised creditors position once bankruptcy was filed.
The union might have lost this ruling but it does not appear to be a gutting of pensions as the headline implies.
Maybe a FReeper on her with bankruptcy expertise can verify my take.
good
<><> In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school.
Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it. Why would you leave $25 million on the table? You would never leave $25 million on the table.
- Charles Ramsey, school board president, West Contra Costa School District. “We'd be foolish not to take advantage of getting $25 million” when the district had to spend just $2.5 million to get it, Ramsey says. “The only way we could do it was with a [capital appreciation bond].”
Those bonds, known as CABs, are unlike typical bonds, where a school district is required to make immediate and regular payments. Instead, CABs allow districts to defer payments well into the future — by which time lots of interest has accrued. In the West Contra Costa Schools’ case, that $2.5 million bond will cost the district a whopping $34 million to repay.”
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<><> An analysis by the Los Angeles Times found 84 percent of the roughly two-dozen Ventura County retirees with pensions in excess of $100,000 made more money in retirement than working.
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<><> A Labyrinth of California Govt Fraud----stories like this mean astonishingly easy, massive govt fraud.
REFERENCE Govt officials find 2nd off-the-books bank account / LAT / February 17, 2011
Montebello, Cali govt officials said they discovered yet a.n.o.t.h.e.r secret off-the-books bank account that once contained nearly $1 million in city govt funds. Officials do not know why the secret account was created, why it was never recorded on the city's general ledger or what happened to the govt money that was transferred out.
One signator on the secret account was former City Manager Richard Torres. City policy generally requires the treasurer to be a signator, not the city manager. The bank holding the secret account refused to disclose to the city who the other two signators are.
Revelations about a secret Union Bank account follow news of an off-the-books account at Banco Popular discovered earlier....That account contained about $240,000 govt monies; officials also discovered records that indicated tens of thousands of govt dollars had been transferred out. They do not know to whom or why.
City govt's official banker is Bank of the West. Officials have asked for bank statements and records and are hoping to reconstruct what happened. They have also queried every member of the govt finance department to ask if they know of any other off-the-books accounts. The Union Bank account came to light when an employee spontaneously alerted the finance director. Officials found out about the Banco Popular account when the bank contacted city govt because the account had been dormant for a while.
The news about the secret accounts comes as Montebello struggles to close a deficit that could force officials to make deep service cuts and lay off employees. Criminal probes have also begun in San Bernardino agencies for possible govt fraud.
The city Teachers Retirement System administers pensions for 80,300 members, mostly former employees of the Department of Education and some from City Univ--NY.
Retired Queens College history professor Edgar J. McManus, 90, salaried at $116.000, gets a city pension of $561,286 a year.....the the highest by far in both the city and state teachers retirement systems, according to data obtained by an Albany-based think tank.
The city’s second-biggest pension, $308,358, goes to Alvin Marty, a Baruch College economics professor who retired after 55 years in 2008.
Fifteen other retirees collect more than $200,000 a year — including double-dipping city Schools Chancellor Carmen Fariña, who gets $208,506 pwnsion and was also tapped for Chancellor by Big Spender Mayor "Diamond Jim De Blabio."
And 1,796 retired educators get more than $100,000 a year. The highest yearly payment to a DOE employee, $287,625, goes to James D. Rosen, a teacher who retired at his top salary, $100,049, in 2010. (NYPOST.COM REPORT--10/5/14)
The democrats used you and are now abandoning you. You the union members served your purpose for the democrat party and they are now saying get lost.