Free Republic 3rd Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $70,807
Woo hoo!! And after accruing the balance of the monthlies we're now over 80%!! Less than $18k to go!! Thank you all very much!! God bless.

Keyword: pensionfunds

Brevity: Headers | « Text »
  • Hoffa on tea party, congressional conservatives: ‘Let’s take these sons of bitches out!’

    09/05/2011 10:57:27 AM PDT · by martosko · 180 replies · 1+ views
    The Daily Caller ^ | 09/05/2011 | Matthew Boyle
    While warming up a Detroit crowd for President Barack Obama’s Labor Day speech, Teamsters union president Jimmy Hoffa, Jr. said unions need to fight a “war” against tea partiers and congressional Republicans. “President Obama, this is your army,” Hoffa said. “We are ready to march. Let’s take these sons of bitches out and take America back to where America we belong.”
  • Treasury rejects plan to slash Teamsters pension benefits

    05/06/2016 7:34:51 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | May 6, 2016 6:01 PM EDT | Martin Crutsinger
    The Treasury Department on Friday rejected an effort by the Teamsters Central States Pension Plan to cut benefits for 270,000 retired workers starting in July. Treasury Secretary Jacob Lew said in a letter to members of Congress that while the decision blocks the pending pension cuts, it does not resolve the issue because the pension plan remains severely underfunded and is projected to become insolvent within the next 10 years. …
  • Carly Fiorina Really Was That Bad

    09/26/2015 1:58:06 PM PDT · by jimbo123 · 39 replies
    NY Times ^ | 9/25/15 | Steven Rattner
    HER silver tongue honed by decades in corporate marketing, Carly Fiorina has used two debates, and a steely determination on the campaign trail, to climb near the top of the polls for the Republican nomination. But Americans should pause on her biggest professional credential for our highest office: a short, disastrous stint atop one of America’s iconic technology companies, Hewlett-Packard. The clearest measure of her performance — and the report card preferred by Wall Street — is H.P.’s stock price, which dropped by 52 percent during her tenure of almost six years. Yes, Mrs. Fiorina served during the worst fall...
  • How the Teamsters pension disappeared more quickly under Wall Street than the mob

    05/10/2016 3:26:06 PM PDT · by Lorianne · 18 replies
    Market Watch ^ | 06 May 2016 | Elliot Blair Smith
    This is the first of a two-part series on the Central States pension fund. The second part looks more closely into why its investment performance suffered. Real estate investments in Las Vegas casinos and hotels once threatened the integrity of a Teamsters pension fund that the federal government wrested away from corrupt trustees and organized crime after five years of legal battles. A quarter-century later, the professionals who replaced them—Central States Pension Fund administrators; the Goldman Sachs & Co. and Northern Trust Global Advisors fiduciaries; and Department of Labor regulators—stood watch while the financial markets accomplished what the mob had...
  • TEAMSTERS (IBT) Nash Finally Sentenced, Gets Off Easy

    04/16/2002 2:52:21 PM PDT · by knak · 10 replies · 564+ views
    nlpc ^ | 4/15/02
    Almost 55 months after confessing felonious conduct, Teamster money-laundering scandal figure, Jere Nash, has finally been sentenced. U.S. Dist. Judge Thomas P. Griesa (S.D.N.Y., Nixon) sentenced Nash Apr. 9 to a mere two years probation for his role in a series of schemes which lead to the embezzlement of some $885,000 from the Int'l Bhd. of Teamsters' treasury and to $538,100 in illegal campaign contributions to the failed reelection campaign of expelled IBT president Ron Carey. The sentencing appears to have been hush hush: the four N.Y.C. major dailies and the two Washington, D.C., dailies apparently did not cover the...
  • Average Chicago property tax bill up nearly 13 percent

    06/14/2016 2:15:58 PM PDT · by george76 · 26 replies
    Chicago Tribune ^ | 6/14/2016 | Hal Dardick
    Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year. The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters. Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall's painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill...
  • One of the nation’s largest pension funds could soon cut benefits for retirees

    04/21/2016 8:26:05 AM PDT · by pabianice · 26 replies
    MSN ^ | 4/21/16 | Marte
    More than a quarter of a million truckers, retirees and their families could soon see their pension benefits severely cut — even though their pension fund is still years away from running out of money. Within the next few weeks, the Treasury Department is expected to announce a crucial decision on whether it will approve reductions to one of the country’s largest multi-employer pension plans. The potential cuts are possible under legislation passed by Congress in 2014 that for the first time allowed financially distressed multi-employer plans to reduce benefits for retirees if it would improve the solvency of the...
  • "I Guess It's Food Stamps": 400,000 Jeopardized As Giant State Pension Fund Plans 50% Benefit Cuts

    02/19/2016 7:27:00 AM PST · by SeekAndFind · 125 replies
    Zero Hedge ^ | 02/19/2016 | Tyler Durden
    Dale Dorsey isn't happy.After working 33 years, he's facing a 55% cut to his pension benefits, a blow which he says will "cripple" his family and imperil the livelihood of his two children, one of whom is in the fourth grade and one of whom is just entering high school.Dorsey attended a town hall meeting in Kansas City on Tuesday where retirees turned out for a discussion on "massive" pension cuts proposed by the Central States Pension Fund, which covers 400,000 participants, and which will almost certainly go broke within the next decade."A controversial 2014 law allowed the pension...
  • Forcing Green Politics on Pension Funds

    11/20/2015 9:57:34 AM PST · by JeepersFreepers · 14 replies
    The Wall Street Journal ^ | November 18, 2015 | Andy Kessler
    Last month the Obama administration's Labor Department issued Interpretive Bulletin 2015-01, which tells pension funds what factors to use when choosing investments, including climate change. Only a few tax lawyers noticed, but with U.S. pensions at $9 trillion, this is a gross power grab that will hurt the retirees it claims to protect. This government is essentially saying: Don't you dare invest in anything that causes or is hurt by climate change, or you'll be sued for failing your fiduciary responsibilities. Energy, utilities and industrials are 20% of the market. How can pension funds now own any of them? Pushing...
  • Major Teamsters pension fund to slash recipients' benefits

    10/19/2015 4:10:51 PM PDT · by afraidfortherepublic · 133 replies
    Milwaukee Journal Sentinel ^ | 10-19-15 | Rick Romell and Joe Taschler
    No wonder Tom Minerath is angry. Sixty-eight years old and retired since 2007, the Town of Merton man is about to have about $20,000 taken away from his annual pension — money he earned, money that was promised him, money guaranteed in contracts negotiated by one of the country's strongest labor unions. "I'm going to make it through this, but it's just not right," he said. "It's just not right." Which probably sums up the feelings of more than 270,000 people, including thousands in Wisconsin, who have been told by the financially troubled Central States Pension Fund that their pension...
  • When pension funds go empty, all bets are off

    10/12/2015 12:06:25 PM PDT · by Lorianne · 18 replies
    New York Post ^ | 10 October 2015 | Post Editorial Board
    Some 407,000 Teamsters are learning a painful lesson: Their private-sector pensions aren’t as safe as they once thought. Pay attention, government workers — and taxpayers — in New York and New Jersey. Last week, letters informed these Teamsters they’re facing cuts in benefits of up to 60 percent. Why? Because their pension fund is going broke. The Central States Pension Fund covers workers from more than 1,500 trucking, construction and other companies in 37 states. Thanks to trucking deregulation, declining union rolls, aging workers and weak stock-market returns, the fund is now paying out $3.46 in benefits for every $1...
  • Trump tells Steve Rattner: 'You should have gone to prison'

    07/27/2015 2:30:02 PM PDT · by 2ndDivisionVet · 83 replies
    CNN Money ^ | July 27, 2015 | Ahiza Garcia
    Presidential candidate Donald Trump is now taking on one-time Obama "car czar" Steve Rattner.On Monday, Trump fired off a tweet telling Rattner: "I think you should have gone to prison for what you did, I guess Obama saved you." He ended the tweet telling Rattner to watch: "I will win!" It was unclear what activity Trump was referring to that should have landed Rattner in jail. Trump did not respond to CNNMoney's request for comment. In 2010, Rattner did pay $10 million in fines when he settled with the New York state attorney general for his alleged involvement in a...
  • California pension funds are running dry

    11/15/2014 5:32:20 PM PST · by SeekAndFind · 54 replies
    Los Angeles Times ^ | 11/15/2014 | MARC LIFSHER
    A decade ago, many of California's public pension plans had plenty of money to pay for workers' retirements. All that has changed, according to a far-reaching package of data from the state controller. Taxpayers are now on the hook for billions of dollars more to cover the future retirements of public workers, with the bill widely varying depending on where they live. The City of Los Angeles Fire and Police Pension System, for instance, had more than enough funds in 2003 to cover its estimated future bill for workers' retirement checks. A decade later, it is short $3 billion. The...
  • Public Pension Funds Face $2 Trillion Shortfall, Moodys Warns

    09/26/2014 11:53:54 AM PDT · by george76 · 31 replies
    zh ^ | 09/26/2014 | Tyler Durden
    the 25 biggest systems by assets averaged a 7.45% return from 2004 to 2013, but liabilities tripled over the same period leaving them facing a $2 trillion shortfall as investment returns can’t keep up with ballooning obligations. The top 25 funds account for 40% of the entire US public pension system with Illinois, Kentucky, Connecticut, and Louisiana at the top of the 'most underfunded' list. .... the New York-based credit rater’s calculation of liabilities tripled in the eight years through 2012, ... liabilities are crowding out spending for services, roads and schools.
  • Government Pensions Make Big Bucks Off 'Corp Deserters'

    08/06/2014 7:02:38 AM PDT · by SeekAndFind · 3 replies
    Fox Business News ^ | 08/06/2014 | By Elizabeth MacDonald
    It’s not just fat cat hedge funds, banks or Wall Street investment companies that benefit when U.S. companies cut their tax bills by moving their headquarters overseas via mergers with foreign concerns. More than a dozen state government pension funds that run retirement accounts for government workers like teachers, cops and firemen own big chunks in these “corporate deserters,” too. Five U.S. companies merging with overseas concerns have big state government pension investments amounting to nearly $2 billion, based on data provided by Richard Peterson, senior director at S&P Capital IQ. But you don’t hear about government pension investments in...
  • Rezko gave Gutierrez a deal on town house (Gutierrez, IL Dem Rep)

    11/14/2010 8:06:03 PM PST · by STARWISE · 11 replies
    Chicago Sun Times ^ | 11-8-10 | Natasha Korecki
    Congressman told FBI he asked for -- and got -- free home upgrades ### Convicted political fixer Tony Rezko gave U.S. Rep. Luis Gutierrez free upgrades on a riverfront town house after the congressman asked for them, Gutierrez told the FBI, the Chicago Sun-Times has learned. Gutierrez's comments to federal agents in a previously undisclosed 2008 interview contradict what the congressman told the Sun-Times in 2006 about the purchase. "I walked in with my wife -- as any other consumer could have -- and purchased the unit at the listed price, with no considerations," the Northwest Side congressman said then,...
  • Reevaluating Pension Entitlements in the Public Sector

    01/06/2011 2:14:55 AM PST · by Scanian · 24 replies
    NY Post ^ | January 06, 2011 | William Sullivan
    Unfunded state and city pension liability has been isolated by many analysts as the next big crisis on the horizon. But it looms in relative silence, largely because Americans simply do not want to talk about it. Let's be honest; it's not exactly dinner table conversation. Many Americans have family and friends that work in public jobs and many of them expect a considerable pension that could be compromised if the system is altered. So the issue is far too personal for public pensioners to embrace any logic that could suggest the system is flawed, while non-pensioners usually want to...
  • The First 10 City Pensions That Will Run Out Of Money

    12/27/2010 8:03:23 AM PST · by FromLori · 35 replies · 1+ views
    The Business Insider ^ | 10/27/10 | Gus Lubin
    The first total municipal pension default happened last week: Prichard, Ala. ran out of money stopped mailing pension checks. Hundreds of cities could be right behind. Projections by Robert Novy-Marx and Joshua Rauh [PDF] show the average city has $15,000 per household in unfunded pension liabilities. These massive liabilities are ignored by common government accounting (see chart). Insolvency means benefit cuts or borrowing from the already-near-broke states. Many of the 77 cities surveyed by Novy-Marx and Rauh are facing insolvency within the next decade. Other small cities like Prichard could go even sooner.
  • Bolivia cuts retirement age, nationalizes pensions

    12/03/2010 9:28:25 PM PST · by Cardhu · 14 replies
    Business Week via AP ^ | December 3rd 2010, | CARLOS VALDEZ
    LA PAZ, Bolivia Bucking a global trend, leftist-led Bolivia is lowering its retirement age and nationalizing its pension funds. Bolivia's Congress approved legislation early Friday to make Bolivians eligible for full pensions at age 58. The country's 70,000 miners will get to retire two years earlier. The previous retirement age was 65 for men and 60 for women. Bolivia's decision to lower its retirement age runs counter to a global trend to raise retirement ages as life expectancies rise, birth rates drop and national treasuries come under strain from pension obligations. France raised its minimum retirement age to 62 last...
  • Mayor demands apology after Limbaugh takes shot at Bristol (city in CT, not Palin)

    12/06/2010 8:44:38 AM PST · by Tolerance Sucks Rocks · 51 replies · 2+ views
    The Bristol Press ^ | December 5, 2010 | Steve Collins
    BRISTOL — America’s most popular radio talk show host, Rush Limbaugh, blasted Bristol the other day for supposedly making off with some of the $3.3 trillion in loans given to businesses by the Federal Reserve during the recession. While the charge is false – even absurd given the city’s paltry place in the financial arena – Limbaugh didn’t stop there. He described Bristol to his millions of listeners as nothing more than ESPN. “That’s all that’s there: ESPN and a couple of cheap hotels,” Limbaugh said on his nationally syndicated show Thursday. That was more than enough to stir Bristol’s...
  • Colo. Amasses $3.7B In Unpaid Obligations : $1.1 Billion Shortfall Anticipated In 2011-12

    12/05/2010 3:28:14 PM PST · by george76 · 28 replies · 1+ views
    ch 7 News ^ | December 5, 2010 | Justin Adams
    In its struggles to deliver balanced state budgets over the past 10 years, Colorado has amassed $3.7 billion in obligations that it may never pay. That sum includes severance taxes taken from municipalities, funds collected for such state services as tourism promotion and waste tire cleanup that were never delivered, prison and school bus costs that were never paid for, and other accounting tricks. State budget analysts told the Legislature's Joint Budget Committee in November that the 2011-2012 budget, with an anticipated $1.1 billion shortfall, no longer includes the $3.7 billion cut over the years. The amounts were included in...
  • What happens if Chicago pension funds run out of money?

    12/05/2010 4:08:04 PM PST · by george76 · 32 replies · 2+ views
    Tribune ^ | November 16, 2010 | Jason Grotto
    Illinois Constitution raises questions about who's on the hook if they become insolvent. With some city pension funding levels dropping below 40 percent, a question arises that seemed unthinkable just a decade ago: If a pension fund runs out of money, who pays for the retirement security promised to city workers? The answer is complicated by changes to the Illinois Constitution in 1970 that made retirement benefits for public employees a contractual guarantee that could not be diminished. Union leaders say pension benefits are guaranteed not only for retired workers but for those still working, and that if a fund...
  • Pasco Judge: Explain Why You're Screwing People

    11/19/2010 9:25:59 AM PST · by FromLori · 10 replies
    The Market Ticker ^ | 11/18/10 | Karl Denninger
    Heh, Judge Gardner finally drank some coffee! DADE CITY - Pasco County Circuit Judge Susan Gardner decided to take a closer look at her foreclosure cases after law firms were accused recently of overbilling and forging documents. She doesn't like what she's finding – a mountain of fees to serve notice of foreclosure lawsuits to homeowners and to people who don't exist. "Routinely, routinely, I'm seeing charges of $1,600, $1,800, $1,000, $800, any of those are ridiculous, and there had better be a good reason for it," Gardner said, noting that these fees should typically be $45 to a couple...

    11/10/2010 6:45:34 PM PST · by FreeKeys · 25 replies
    Nealz Nuze ^ | November 10, 2010 9:07 AM | Neal Boortz
    Here come the howls of outrage. "You are anti-union." Well, you're only partially right. I'm anti-government employee union. I don't have a particular problem with the legality of private-sector unions, so long as: (1) Employees vote by secret ballot as to whether or not the union will be formed; and (2) No employee should ever be forced to join a union nor should they be forced to pay dues to any union. Government employee unions? Those are a completely different matter. These are people who spend millions of dollars to elect their bosses and then demand raises, pension plans and...
  • Why labor needs a Tea Party

    09/29/2010 3:24:22 AM PDT · by Scanian · 14 replies
    NY Post ^ | September 28, 2010 | Michelle Malkin
    The Service Employees International Union plans to send 25,000 rank-and-file workers on 500 buses to Washington this weekend to protest the Tea Party movement, Republicans and Fox News. If SEIU members had any sense, they'd be demonstrating at their own bosses' DC headquarters. It's the Big Labor left, not the Tea Party right, that is flushing union workers' hard-earned dues down the collective toilet in these hard times. The co-organizer of the so-called "One Nation" protest by a coalition of progressive groups is George Gresham, president of the behemoth SEIU Local 1199 based in New York. Perhaps Gresham should pay...
  • It Takes A Pillage

    07/01/2010 5:25:54 PM PDT · by Kaslin · 9 replies
    IBD Editorials ^ | July 1, 2010 | Investment Business Daily staff
    Retirement: Argentina nationalized private pension funds in 2008 under the guise of shielding them from the economic meltdown. But the funds have been used by lawmakers. That couldn't happen here, could it? Socialist President Cristina Fernandez de Kirchner said the state was protecting private retirement from "policies of plunder." By moving tens of billions from the private sector and placing it in the public fisc, she claimed to be providing "an example" for others to follow as the global financial crisis heated up. The Argentine Congress, making a promise it didn't intend to keep, said it would make sure the...
  • AG eyes LI Ivy's poison; Hid Madoff scam

    05/13/2010 3:47:10 AM PDT · by Liz · 8 replies · 251+ views
    NY POST ^ | 5/12/10 | KAJA WHITEHOUSE
    ..... hedge-fund firm Ivy Asset Management is accused of hiding "disturbing facts" about Madoff from clients on fears the truth would crimp their revenue.....a civil lawsuit claims former CEO Lawrence Simon and ex-CIO Howard Wohl, were aware for some 10 years that Madoff's operation was suspect, but they "kept clients in the dark," pocketing $40M in advisory and due-diligence fees between 1998-2008 that led hundreds of investors, and dozens of NY union pensions and welfare plans, to lose a combined $227M.
  • Argentina grabs private pension funds (Is this the future of America if we run out of cash?)

    04/14/2010 8:50:15 AM PDT · by SeekAndFind · 28 replies · 1,365+ views
    American Thinker ^ | 04/14/2010 | Thomas Lifson
    April 14, 2010Argentina grabs private pension fundsThomas Lifson In a move sure to be observed by other cash-pressed governments, Argentina has seized control of privately-managed pension funds. Ambrose Evans-Pritchard writes in the UK Telegraph: 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. [...] Here is a link from La Nacion and another from El Pais for Spanish speakers.... ... over $29bn of Argentine civic savings are to be used as a funding kitty for the populist antics of President Cristina Kirchner. This...
  • Argentina seizes pension funds to pay debts. Who's next?

    04/12/2010 9:17:42 PM PDT · by george76 · 20 replies · 1,789+ views
    Telegraph ^ | October 21st, 2008 | Ambrose Evans-Pritchard:
    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. My fear is that governments in the US, Britain, and Europe will display similar reflexes. Indeed, they have already done so. The forced-feeding...
  • States Skip Pension Payments, Delay Day of Reckoning

    04/10/2010 5:16:37 AM PDT · by reaganaut1 · 19 replies · 855+ views
    Wall Street Journal ^ | April 9, 2010 | Gina Chon
    State governments from New Jersey to California that are struggling to close budget deficits are skipping or deferring payments to already underfunded public-employee pension plans. The moves could help ease today's budget pressures, but will make tomorrow's worse. New Jersey's governor, a fiscal conservative, has proposed not making the state's entire $3 billion contribution to its pension funds because of the state's $11 billion budget deficit. Virginia has proposed paying only $1.5 billion of the $2.2 billion required pension contribution. Connecticut Republican Gov. M. Jodi Rell is deferring $100 million in payments this year to the pension fund for state...
  • Public Pension Funds Are Adding Risk to Raise Returns

    03/09/2010 3:07:02 AM PST · by reaganaut1 · 5 replies · 167+ views
    New York Times ^ | March 8, 2010 | Mary William Walsh
    States and companies have started investing very differently when it comes to the billions of dollars they are safeguarding for workers’ retirement. Companies are quietly and gradually moving their pension funds out of stocks. They want to reduce their investment risk and are buying more long-term bonds. But states and other bodies of government are seeking higher returns for their pension funds, to make up for ground lost in the last couple of years and to pay all the benefits promised to present and future retirees. Higher returns come with more risk. “In effect, they’re going to Las Vegas,” said...
  • State Pension Funds Down 59% On Private Equity Bets

    08/20/2009 5:09:38 PM PDT · by FromLori · 6 replies · 465+ views
    <p>Ah, the good old days, when diversification meant splitting your money between levered instruments (securities), somewhat levered and less liquid assets (like timber and commodities) and extremely levered investments (like private equity).</p> <p>That kind of diversification didn't work out so well, when everything collapsed at the same time -- those most-leveraged positions got crushed.</p>
  • Infighting Over Financial Power

    07/15/2009 10:22:59 PM PDT · by FromLori · 4 replies · 379+ views
    The best evidence that Larry Summers is headed to the Federal Reserve is the enormous amount of new power the Obama Administration wants to hand over to the Fed. Are they really doing this so that it can be handed over to the relative outsider, Ben Bernanke? Not likely. This is a power play by the ultimate troika, President Obama, Rham Emanuel and Summers. Of course, there is a reaction to this power play from the corners of Wall Street and beyond that don't have significant influence at the table of the troika. A report, by an alliance including two...
  • Retired From G.M. at 54. Pensionless at 74?

    07/01/2009 6:12:21 AM PDT · by reaganaut1 · 49 replies · 1,748+ views
    New York Times ^ | June 30, 2009 | Mary Williams Walsh
    General Motors is using its huge pension fund in a way it never intended. It had planned — and put money aside — for a steady march of retirees over time. But instead, tens of thousands of blue-collar workers, most in their 40s and 50s, are all becoming eligible for retirement benefits now, as the company rapidly downsizes. And even as its pension fund faces this giant bulge in payouts, G.M. is not putting any new money in — the company is not required to make any contributions to the fund until 2013. The longer this goes on, the weaker...
  • Supreme Court clears way for sale of CHRYSLER...( Rule of Law ABOLISHED!?)

    06/09/2009 4:28:47 PM PDT · by Para-Ord.45 · 484 replies · 22,073+ views ^ | june 9 2009 | drudge
  • Court asked to stop Chrysler sale [Obama steals pension funds from teachers and police]

    06/07/2009 11:20:33 AM PDT · by grundle · 23 replies · 1,031+ views
    BBC ^ | June 7, 2009
    Pension funds opposed to Chrysler's sale to Fiat have asked the US Supreme Court to block the deal immediately. Three Indiana state pension and construction funds filed papers at the court on Sunday calling for the sale to be halted so they can pursue an appeal. It comes after a US appeals court approved Chrysler's sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. Chrysler entered bankruptcy protection in April after falling vehicle sales. US carmakers have suffered from a massive slump in sales during the recession. The US government has backed its...
  • Supreme Court asked to block Chrysler sale to Fiat

    06/07/2009 5:29:35 AM PDT · by libstripper · 25 replies · 1,232+ views
    Associated Press ^ | June 7, 2009 | MARK SHERMAN
    Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early Sunday to put the sale on hold so they can pursue an appeal.
  • UPDATE: Pension Funds Ask High Court To Delay Chrysler Sale

    06/07/2009 6:52:45 AM PDT · by jimbo123 · 29 replies · 1,161+ views
    Wall Street Journal ^ | 6/7/09 | By Mark H. Anderson
    WASHINGTON (Dow Jones)--A group of Indiana pension funds opposed to Chrysler LLC's sale to Fiat SpA (FIATY) on Saturday filed an emergency appeal with the U.S. Supreme Court to stay the sale while they continue their attempts to block it. The emergency stay request, filed shortly before midnight Saturday, came after the 2nd U.S. Circuit Court of Appeals in New York approved the acquisition of most of Chrysler's assets by a group led by Fiat, the Italian auto manufacturer. A U.S. bankruptcy judge early last week approved the sale. A coalition of consumer groups lodged a separate stay request early...
  • Court asked to stop Chrysler sale [Obama steals pension funds from teachers and police]

    06/07/2009 2:50:19 AM PDT · by grundle · 31 replies · 1,185+ views
    BBC ^ | June 7, 2009
    Pension funds opposed to Chrysler's sale to Fiat have asked the US Supreme Court to block the deal immediately. Three Indiana state pension and construction funds filed papers at the court on Sunday calling for the sale to be halted so they can pursue an appeal. It comes after a US appeals court approved Chrysler's sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. Chrysler entered bankruptcy protection in April after falling vehicle sales. US carmakers have suffered from a massive slump in sales during the recession. The US government has backed its...
  • Fannie Mae and Freddie Mac were a politicized financial disaster wait until pension funds implode

    02/03/2009 9:28:11 AM PST · by shielagolden · 27 replies · 2,045+ views ^ | 02/02/09 | Jon Entine
    Next Catastrophe Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode. Funds worth trillions of dollars start to plummet in value. Political pressure to be “socially responsible” distorts the market decisions of government-related enterprises, leading to risky investments. Investors who once considered their retirements safely protectedwake up to a sinking feeling of uncertainty and gloom. Sound like the great mortgage-fueled financial crisis of 2008? Sure. But it also describes a calamity likely to hit as soon as 2009. State, local, and private pension plans covering millions of government employees and union workers...
  • Argentina to Nationalize Pension Funds

    11/23/2008 10:31:07 PM PST · by rabscuttle385 · 20 replies · 861+ views
    The Washington Post ^ | 2008-11-21 | Joshua Partlow & Brian Byrnes
    RIO DE JANEIRO, Nov. 20 -- Argentina's Senate on Thursday night gave final approval to the government's plan to nationalize the private pension system in an attempt to protect retirement investments from the international financial crisis. The proposal by President Cristina Fernández de Kirchner last month to nationalize about $25 billion in private pension funds provoked an outburst of criticism that the government was seizing retirement savings for cash to shore up its finances. But after 12 hours of deliberation Thursday, Fernández de Kirchner's plan was approved 46 to 18 by senators who argued that the private pension system never...
  • (NJ) State: Pension fund took $23B hit

    11/23/2008 5:07:19 PM PST · by Coleus · 6 replies · 584+ views
    star ledger ^ | November 21, 2008 | DUNSTAN McNICHOL & CLAIRE HEININGER
    New Jersey's pension fund has lost more than $23 billion this year, dropping to its lowest level since 2003 as a collapsing financial market battered its investments, a state report showed yesterday. The latest losses -- nearly $9 billion in October, and another $3 billion so far this month -- mean the fund is now worth $57.8 billion, or less than half the $118 billion in benefits it is due to pay out over time, state reports show. "I don't think any of us in the division have ever seen anything like it," said Bill Clark, director of the state's...
  • Main Street, not Wall Street, should fix crumbling U.S. infrastructure (some barfiness present)

    05/09/2008 9:09:46 AM PDT · by Tolerance Sucks Rocks · 6 replies · 200+ views
    Yahoo! News / Christian Science Monitor ^ | May 7, 2008 | Kathleen Sebelius and Andy Stern
    Topeka, Kan. and Washington - At its best, America's infrastructure has powered our economic prosperity, created well-paying jobs, and served the public interest. Today, however, it has fallen into a dangerous state of disrepair. The Minnesota bridge collapse last summer brought home the urgency of repairing and modernizing our nation's system of highways, bridges, tunnels, power plants, transmission lines, and airports. But doing so will be prohibitively expensive. Current plans seek to exploit the nation's need for private profit. But there's a better source of capital at hand: public pension funds. The American Society of Civil Engineers estimates that $1.6...
  • Pension Plans Take Chance on Mortgages

    03/21/2008 7:59:25 PM PDT · by BenLurkin · 18 replies · 425+ views
    Associated Press ^ | Friday March 21, 11:15 am ET | Jim Davenport,
    COLUMBIA, S.C. (AP) -- The subprime mortgage crisis has yielded at least one benefit for states: Mortgage-related investments have become so cheap that they are luring some pension funds to buy. Retirement systems in South Carolina and Pennsylvania are nibbling at the securities, betting that they have been beaten down so much that the ones with good credit ratings could yield strong returns later. South Carolina is looking to buy $100 million of mortgage-related investments for its $30 billion state pension fund. Pennsylvania, which made money off those securities' troubles in its hedge funds last year, is also betting that...
  • California bill to divest Iran investments signed ( Teacher's Union not happy ? )

    10/16/2007 8:50:24 AM PDT · by george76 · 8 replies · 258+ views
    Reuters ^ | October 15
    California Gov. Arnold Schwarzenegger signed a bill on Sunday, as he previously said he would, to bar the two biggest U.S. public pension funds from investing in companies doing business in Iran. The bill, which affects the California Public Employees' Retirement System and the California State Teachers' Retirement System, comes amid heightened tensions between the United States and Iran. Schwarzenegger's office had issued an announcement last month stating he would sign the bill while he was in New York as Iranian President Mahmoud Ahmadinejad was appearing at Columbia University. "I couldn't be more proud to sign this bill," Schwarzenegger echoed...
  • Senators Push for Answers on Pensions in New Jersey

    04/16/2007 12:15:00 PM PDT · by george76 · 20 replies · 1,046+ views
    ny times ^ | April 12, 2007 | MARY WILLIAMS WALSH
    State senators from both political parties said at a hearing on Wednesday that they had been shocked to learn that they had voted again and again in recent years for measures that had left the state pension in great distress, and they faulted the state treasury for failing to explain to them the risks of what they were doing. “I had no idea we were in the company of some of the same corporations that I have condemned for not funding their pensions,” said Senator Shirley K. Turner, a Democrat from Mercer County. “And now, it seems, we’re in the...
  • Divesting from terror

    03/28/2007 2:17:24 PM PDT · by 3AngelaD · 1 replies · 77+ views ^ | 28/03/2007 | Howard LaFranchi
    When New Jersey legislators introduced a bill this month that would ban state pension funds from investing in companies doing business with Iran, it was part of an emerging battle cry across the country for "terror-free investing". Surveys show most Americans like the idea of deploying investment dollars to assist in the war on terror. And so a growing number of state officials and a few at the national level are promoting divestment from companies dealing with countries that the US considers state sponsors of terror. "This is an empowering action for Americans who have looked for a way to...
  • Kolkhorst files two bills that would kill the state's controversial corridor proposal

    02/28/2007 10:36:10 AM PST · by Tolerance Sucks Rocks · 19 replies · 406+ views
    Brenham Banner-Press ^ | February 27, 2007 | Brenham Banner-Press
    AUSTIN - State Rep. Lois W. Kolkhorst (R-Brenham) has filed two bills which she says would kill the state's controversial Trans-Texas Corridor highway proposal. If passed, House Bill 1881 will repeal the Trans-Texas Corridor from the transportation code, effectively killing the proposal by removing the enabling legislation which would have served as the foundation for any future corridor project. “I've been fighting against the Trans-Texas Corridor for several years, and it's not because I want to stop progress. We need to look at new ways to fund roads, but this isn't it,” said Kolkhorst. “Some toll systems work, such as...

    10/29/2006 7:33:50 PM PST · by neverdem · 4 replies · 635+ views
    NY Post ^ | October 27, 2006 -- | NICOLE GELINAS
    MEDIA attention on the comptroller's race has focused more on incumbent Alan Hevesi's use of a state worker to drive his ailing wife around the city than on a far bigger issue: the urgent need to reform New York state's massive pension fund. But the attention on the Hevesi scandal may not be too much of a distraction - for it illustrates that the pension fund concentrates far too much power in one place. As comptroller, Hevesi is sole trustee of New York's $145 billion in pension assets, which he invests in the financial markets to fund retirement benefits for...
  • CA: Pay to play - Pols hang 'for sale' sign on pension funds (CalSTRS)

    09/18/2006 9:58:47 PM PDT · by NormsRevenge · 3 replies · 389+ views
    San Diego Union - Tribune ^ | 9/18/06 | Editorial
    Even as it tackled a long-term $20 billion gap in funding for the state's school employees, the California State Teachers' Retirement Board found time at its meeting last week to plug another hole: the millions of dollars that firms which handle, or want to handle, pension fund investments have donated to board trustees who are also elected officers. The state treasurer, the controller and the superintendent of public instruction, each of whom by virtue of the office sits as a CalSTRS trustee, all run for election or re-election statewide. That takes money. If they decide to run for higher statewide...