Posted on 05/06/2023 8:04:42 AM PDT by ChicagoConservative27
New York City teachers, cops and firefighters lost nearly $30 million in pension funds tied to the collapse of Silicon Valley Bank.
Critics accuse Comptroller Brad Lander, who is custodian of the pension systems, of favoring the “woke” bank over shareholders.
Five city pension funds had a total of $41,867,214 invested in the doomed bank as of Jan. 31, according to data provided by the comptroller’s office under a Freedom of Information request by The Post.
(Excerpt) Read more at nypost.com ...
3,2,1...Brandon provides a bailout.
That’s because politicians used benefits to buy votes.
They got their votes, generations after pay for them.
That’s OK. They can just raise real estate taxes. Heh.
New Yorkers? They should be PROUD for taking one for the woke team.
I was a trustee for a large union pension fund representing the employers side of the contributors.
We had that fund divided between four different fund management companies with different fund goals and make-ups. Each of the four was restricted that no single investment could be more than 2.5% of that single fund. Thus, some investment could fail to zero and it would not impact the pension fund by more than 62/100ths of one percent.
On and on the protections went that are too lengthy to recount but this is beyond criminal.
Well as long as SVB was DIE it’s all good.
State and big city pension fund management is for sale to the highest bidder.
What you are bidding is the amount of the kickback to the politicians.
Our jails would be filled with governors and mayors if the truth mattered.
Critics accuse Comptroller Brad Lander, who is custodian of the pension systems, of favoring the “woke” bank over shareholders.
Yeah, I'm sure the various unions were not 100% behind having some woke a-hole run their pensions.
Kind of always wondered where, if you won $500 million in a lottery, you could ‘safely’ invest it.
At $250,000 per bank, that’s 2000 different banks. Or maybe 2000 different accounts under different names at one bank.
I think treasury bonds are safe enough if you care about safety a lot.
Politicians will gladly stick taxpayers with the bill.
I thought depositors were getting baled out....no?
pretty sure it’s $250k per account, not bank
You can buy T bills at brokerage accounts or directly from Treasury online—millions of dollars if you have it....
Seems like I remember reading a while back that you can safely have more than $250K in a single bank, but each account must be under a different name/entity, i.e. one account in your name, one account in your wife's name, one account in your joint names, one in your business names, etc.
Of course, then you've still got the 'all your eggs in one basket' problem.
So still, 2000 accounts or 2000 banks.
That’s right. But if you have treasury bonds and the bank just keeps track of them and goes under you’ll still keep the bonds.
Good luck with the lottery!
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