Posted on 02/22/2011 12:50:44 PM PST by FromLori
US - Illinois, which plans to sell $3.7bn of pension bonds next week, may seek a federal guarantee on retirement-system debts if its unfunded liabilities can’t be eliminated, according to budget documents.
Illinois's pension plans have an unfunded liability estimated at over 60%, the documents show. Governor Pat Quinn disclosed the potential need for a federal guarantee of pension debt in his $35.3bn general-fund budget on February 16, without going into specifics.
(Excerpt) Read more at globalpensions.com ...
Aren’t the Build America Bonds (BABs) backed by the Federal Government?
I am 1000% against this but no way will they be denied this USG guarantee for these bogus pension bonds. The Feds guarantees all kinds of slick financial creations. Other states will emulate Illinois on this to bail out outlandish promises made to public sector unions
Hope Illinois is turned down...
Ready to go here, just blow the whistle.
If Illinois gets this Federal guarantee you can bet other states will rush in to get the same kind of Federal help in bailing out the BS pension promises they made
I know I’m worried about it I can see the Fed going a long with this too saying it is too big to fail. Screw that let them fail we have our own budget problems in WI for them to force this on the rest of the nation is despicable but I have no doubt they will try it and I wouldn’t be too sure they won’t do this. They’ll want to stick the rest of us with CA, IL and the other big ones instead of having them to take their medicine.
Remember the so call too big to fail banks? I suspect that logic will try to be used for Illinois, CA, etc.
I only hope our representatives know we are watching them and we know about this.
That’s a great graphic, Lori, but what did you expect from the state of Illinois that’s given us our current president. Of course they want a Federal Bailout! That’s plan “A” for everything! That’s voting “present”! That’s fair and balanced according to these guys! Get ready for Mayor Rahm!
This proposal will never see the light of day in the House, not now.
This proposal will never see the light of day in the House, not now.>>>>>>
I’ll bet it only needs Federal bureaucratic approval. Perhaps in the Department of Treasury. Congress is not involved in approving such schemes
I know it's silly, but one would hope that Speaker Bohner and at least a few Senate Pubs would try whatever they could to kill an idea as bad as this one.
HELL NO. No no no no. Any Republican anywhere who votes to permit this must be immediately primaried if not recalled.
We shall see. I give this band of Democrat thieves credit for coming up with such a scheme to keep their public sector drones in clover
Good luck with that. Of course Obama would OK it in heartbeat but there is that pesky House of Representatives that would be a problem.
Do the names Ben Siegal and Mickey Cohen ring a bell?
Ding, ding, ding... we have a winer!
Do the names Ben Siegal and Mickey Cohen ring a bell?
Ding, ding, ding... we have a winer!
Not to be snarky, but you are assuming that rule of law and constitution are still extant. The public Treasury was looted long ago and it’s all being propped with smoke and mirrors. Jus’ Sayin’.
But I will still complain when the rapists turn to sodomy - same crime, different jurisdiction.
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