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Broke Detroit's Pension Fund "Trustees" Use Public Funds To Fund Hawaii Trip
Zero Hedge ^ | Tyler Durden

Posted on 05/25/2013 10:19:12 AM PDT by blam

Broke Detroit's Pension Fund "Trustees" Use Public Funds To Fund Hawaii Trip

Tyler Durden
05/25/2013 12:46 -0400

"When you have city employees, police, and firefighters have taken pay cuts, it doesn't look good," is the somewhat understated response from Detroit's emergency manager to the city's latest debacle. Amid the deepening financial crisis the crumbling region faces, four trustees of its public pension funds spent $22,000 of retirement funds to attend a conference at Waikiki Beach, Honolulu. "It's one of these things we trustees must do to stay on top of the field," is how one of the trustees defended the decision, a second would not comment, and the other two could not be found according to Reuters (we can only imagine what they were up to). Conference representatives noted that "these are intelligent folks there to do a job, not there for vacation," yet many funds did decide to boycott the event as it sent the wrong message. But irony of ironies, Detroit decided it was appropriate - perhaps since one well attended session covered 'how to avoid front-page scandals.'

Via Reuters,

The city of Detroit may be facing a deepening financial crisis but that hasn't stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii this week.

...

"It especially doesn't look good when you have city employees, police, firefighters having taken pay cuts," said Bill Nowling, spokesman for Orr.

...

"It's one of these things we trustees must do to stay on top of the field," Riehl said. "It's important that we participate in these conferences. The stakes are too high."

Of the three other trustees from Detroit, one declined to comment and two others could not be reached for comment.

...

"These are intelligent folks there to do a job, not there to vacation."

... attended because the knowledge gained "will assist them in prudently executing their fiduciary responsibilities/obligations," spokeswoman Andrea Kenski said in a statement.

...

Some funds boycotted the event, saying it sent the wrong message, particularly at a time when many pension systems face funding shortfalls and the finances of the cities and states that sponsor them remain on shaky ground.

...

Not everyone came on their fund's dime.

...

"The appearance was just not good," Monroe County Administrator Michael Bosanac said of the decision not to send Grodi at the fund's expense. "It doesn't conjure up the image of a hard-working conference."

"These are not junkets," Grodi countered. "We are getting educated to make decisions and have huge responsibilities."

...

One well-attended session covered how to avoid front-page scandals. According to presenter Lydia Lee, a pension attorney from Oklahoma, the session touched on a topic familiar back in Detroit: The indictment this spring of two former city pension officials for an alleged $200 million bribery and kickback scheme, in a case that will come to trial next March.


TOPICS: News/Current Events
KEYWORDS: bankrupt; corruption; detroit; government; pension; pensions; public; publicsector; unions; vacation

1 posted on 05/25/2013 10:19:12 AM PDT by blam
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To: blam

California has the 8th largest economy in the world, and yet 80% of every dime they spend is on salaries, benefits, and pensions.

These public employee unions will eventually bring all of the States down.


2 posted on 05/25/2013 10:23:16 AM PDT by TurboZamboni (Marx smelled bad & lived with his parents most his life.)
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To: blam
It's one of these things we trustees must do to stay on top of the field...

Judging by the results, doesn't look like it worked.

In true leftist fashion, perhaps you are not doing enough of this staying on top of field stuff, and need more excursions to exotic and expensive destinations. (ie, make it up in volume?)

3 posted on 05/25/2013 10:29:38 AM PDT by C210N (When people fear government there is tyranny; when government fears people there is liberty)
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To: TurboZamboni

public workers should fund their own benefits and retirement, of course.


4 posted on 05/25/2013 10:33:11 AM PDT by GeronL (http://asspos.blogspot.com)
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To: blam

why don’t they ever have these conferences in Bismarck, North Dakota?


5 posted on 05/25/2013 10:33:35 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: silverleaf

exactly, these are pure junkets

nothing but a big party

They could get this job done using Skype


6 posted on 05/25/2013 10:35:16 AM PDT by GeronL (http://asspos.blogspot.com)
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To: blam
Couldn't attend by teleconference I guess.

Detroits elected officials and trustees are doing their level best to live down to every racists claim.

7 posted on 05/25/2013 10:39:55 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
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To: blam

“to stay on top of our field”.

Really? You’re on top of your field? REALLY????


8 posted on 05/25/2013 11:04:47 AM PDT by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Secret Agent Man

Yes really. Their field is to live off the largesse of the public teat.....it’s called being a democrat. I’d say these guys are pretty much the shining example.


9 posted on 05/25/2013 11:11:25 AM PDT by Repeat Offender (What good are conservative principles if we don't stand by them?)
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To: TurboZamboni

... The spending has not been on roads or providing a durable water supply for the whole state.... pathetic.


10 posted on 05/25/2013 11:20:48 AM PDT by ptsal (E)
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To: blam

We are witnessing the effects of the low information voter. The low information population in Detroit deserve the corrupt government they voted for and empowered. Unfortunately the low information barbarian will erase all signs of culture and will end up living back in the Stone Age . There several examples of this in Detroit. The closure of multiple attractions at Belle Isle , and the possible sale of the art at at Detroit Art Institute are just a few examples of how these people are poor stewards of American Culture.


11 posted on 05/25/2013 11:42:44 AM PDT by pterional
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To: blam
“Oh we're movin’ on up- movin’ on up to the east side to DELUXE apartment in the shy....”
12 posted on 05/25/2013 12:05:50 PM PDT by jmaroneps37 (Conservatism is truth. Liberalism is lies.)
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To: blam
"It's one of these things we trustees must do to stay on top of the field,"

More like "to keep our snouts in the feed trough".

13 posted on 05/25/2013 12:11:05 PM PDT by csvset
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To: blam

Any pictures of the “trustees” in question?


14 posted on 05/25/2013 12:18:31 PM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: blam
"It's one of these things we trustees must do to stay on top of the field," Riehl said.

Yes, good grifters cannot afford to be stagnant.

15 posted on 05/25/2013 12:23:26 PM PDT by exit82 ("The Taliban is on the inside of the building" E. Nordstrom 10-10-12)
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To: AEMILIUS PAULUS

Keep an eye on their FB pages for photo’s of hot tub and champaign parties.


16 posted on 05/25/2013 12:30:20 PM PDT by GeronL (http://asspos.blogspot.com)
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To: blam

I don’t expect that they’d want to spend any more time with their constituents than they have to.


17 posted on 05/26/2013 3:23:43 AM PDT by clearcarbon
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