Posted on 05/29/2011 3:49:53 PM PDT by fifedom
A desert site in Arizona sold for $32.5 million this week, five years after the California Public Employees’ Retirement System paid $400 million for the land. “Of all the speculative deals I’ve seen here, this was right at the top,” McDonnell said. Calpers had investments valued at $209.7 million in MW Housing Partners III June 30, 2007. The next year, the investment had a negative market value of $102.9 million.
(Excerpt) Read more at forextv.com ...
It’s important to remember that the Dems appointed the officials who made these investments. They certainly aren’t going to prosecute them.
There should be a law that Democrats can only appoint Republicans, and Republicans can only appoint Democrats.
Another reason for state pension systems to be disbanded. At the very least if private citizens made such bad investments the taxpayer would not be on the hook.
Crooks come in both flavors.(R)(D)
Only a government that is this big can screw up this many things
I hope President Palin GUTS IT TO THE BONE~!!!!
I have worked for government agencies- ALL OF THEM I have seen can easily do twice the work with half the people.
WE NEED AN WASTE INCENTIVE PROGRAM~!!
You get to keep 10% of any cost you save.
Also, one year AMNESTY for any fraud- as long as they report everyone involved and how it was done, and retunr whatever moeny is left.
THEN after one year- MANDATORY MINIMUM 10 YEAR JAIL FOR FRAUD OF TAXPAYER MONEY
Public employee pensions is one of the many things killing California - and not those who retired 30 years ago, or retired 20 years ago, but those who are in the system today and enjoying the raping of California taxpayers on all levels as part of sweetheart deals with the liberals.
Next, give a quarter of all current benefits payouts for health, dental and other programs to the public employees in the state and tell them to go out and buy their own insurance - or keep the money, their choice. Use the other 3/4s to knock down the budget deficit. For elected or appointed officials, sever all benefits, period, including vacations, retirements, etc. They can have back any money they've contributed (HAHAHAHAHA).
Finally, limit every public employee in the state to 7 paid holidays a year, and two weeks of vacation. I'd prefer to slash in half every public employee's salary over $50,000 as well, but at least the other steps can contain the labor costs to something not astronomical.
But none of this is going to happen. No Democrat wants to cut into their base, and no (R)ino wants to ‘alienate’ voters they'll never have. And everyone wants to keep feeding at the public troth like the more equal pigs they are.
Someone profitted big time from this.
I wish you guys would take us to the source rather than a link to the source.
Bet this is in the far, far southeast corner. Damn near Mexico! ... well not quite... but certainly is near the indian reservations in far southern Maricopa County! check out the last paragraph....sealed the deal with the granola crowd <2008 story>
This place is by Ak-Chin Reservation!
This is another case study for leap-frog planners. The good news is that the financial hickey is on Californians and not the taxpayers in Arizona. That's a nearly true statement, unless you reside in California.
Meanwhile, the police department's budget is 25% of all funds, the fire department's 20%. Nearly half of the city's budget goes to 38 people and their toys. $485,000 per employee.
The police department, in turn, extracts more in fines from the people who either live or travel through the city than the city takes in from sales taxes or property taxes. These fines are now a budget item, and counted as income towards paying off the extractors.
I'd compare public employees in California to the mob, but that’d be painting the mob badly. And we're trained by the public employees to accept this situation.. The other day, in a nearby city, there were reports of a very loud argument followed by shots fired. When the police sent in a robot five hours later, two bodies were found within the home, both having bled out from gunshot wounds. It was a domestic murder-suicide.
The rational response would be arriving at the scene, and if no arguing is heard, nor shots being fired, to enter into the home and help the victim. The union response is to stand around, call for more assistance, ensure that neighbors are evicted from their homes, then summon up some expensive solution that will arrive hours beyond any chance of saving a life, lest someone who is paid to risk their lives for the public good actually do something. Then undergo expensive counseling and sick leave to handle the trauma of finding a victim was dead that might have been saved.
Everyone at the table thought my opinion was completely irrational and outrageous. What if someone had a gun in there and was waiting to shoot a cop? Well, what of it? Is that not what police are paid to do? Instead, police today are paid to extract under force as much money as possible from the citizens to pad their salaries and benefits. They drive luxury cars at public expense with the latest technology to better rob the public, armed to the teeth and armored against most dangers.
At the federal level, yes, slashing the welfare programs is critical for balancing the future budgets. At the state and local levels, slashing the salaries and benefits for public employees is most critical, followed by demanding public employees actually perform the job they're paid to do. Ryan budgets do nothing to affect these issues, nor the massive debts that public employee benefits are piling onto the shoulders of the taxpayers.
Go to the city of Goodyear’s website and start looking at the press releases in 2006 and 2007. The Goodyear General Plan Amendment - Sonoran Valley fun reading, a fairy tale.
amazing!
I didn’t know that, sorry.
Location south of Goodyear on the Maricopa/Pinal County line. Yikes look at a map! Goodyear zoning map attached. Bet this is in the far, far southeast corner. Damn near Mexico! ... well not quite...
Looks like current use is agricultural land Business Journal
check out the last paragraph....sealed the deal with the granola crowd <2008 story> News Release Nov. 5, 2008 City of Goodyear Trouble Ahead This place is by Ak-Chin Reservation! Feel Good Planners
This is another case study for leap-frog planners. The good news is that the financial hickey is on Californians and not the taxpayers in Arizona. That's a nearly true statement, unless you reside in California.
It’s all about buying votes with other people’s money.
As long as a politicians can use your assets to advance their career it’s a good idea to prepare for a screwing.
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