feh... at least it's not going to fund RAT campaigns
Posted on 05/10/2016 3:26:06 PM PDT by Lorianne
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 failed to: which was to smash the fund’s long-term solvency with massive money-losing investments.
(Excerpt) Read more at marketwatch.com ...
Lol, freaking amazing. They’d be better off with the mob than with the feds.
I'd call that a bad run, myself. My advice is double down.
That’s why they call them banksters.
Duh.
Mobsters have accountability. As in you lose money, you get whacked.
Wall Steet and their leftscum allies? Not so much.
/sadly, no sarc
Unless you lose Chinese money. Then you get whacked.
So I don't feel too much sympathy for these pension funds. In many cases they got in trouble because they ignored warnings from their long-time advisors, and listened to consultants and banksters who were in line to collect hefty fees.
Wall Street loses money and they get whacked with bailouts.
Someone has to take the bad side of a securities transaction in order for the banksters to make safe profits.
feh... at least it's not going to fund RAT campaigns
Well, what does one expect from a system that pays the brokers whether the investment rises or falls?
At least the mob had Las Vegas to show for it! LOL!
Multi-employer pensions are pathological — the sponsors (companies) are jointly and severally liable, so if one goes b/k the rest have their burden increased. Death spiral.
Not so different from living in a blue state, sadly.
It’s all about embezzlement pal. They have hundreds of ways to get our money. To name a few; the stimulus packages (billions syphoned into their designated pockets, the “green” movement with all those “bankruptcies”, any kind of disaster help such as Haiti, medical solves such as “Obamacare” (just an excuse to get our money and not give it back to us, but rather “somehow” it does/will land into their back pockets), medical scares with their treatments (such as Ebola or the new one the Zika scare), giving help to needy countries which almost always ends up in thug pockets, and the list goes on and on. Any excuse will due, especially one that is emotionally driven, to extract money from the naïve, duped public and have much, if not most of it make it’s way into their rotten, evil, greedy one world pockets.
They had so much money flying around during the stimulus who knows where it ended up. I am pretty sure that was the point.
I also read that billions went missing under HC while she was Secretary of State. We are being fleeced out of billions and billions and likely they laugh at us for being so stupid and gullible.
The feds are the mob.
The feds are the mob.
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