"NYC is My Community" City Wide Re-Claim NYC - CPR on NYC's Heart Soul Core Issues The People & Peace to the Streets! New Commission NYPD IAB DA Corruption!
NYPD Coerced me to drop charges or go to jail with a hole in my retina Saturday arrest for Dr Fagelman's savagely VIOLENT LYING receptionist Delita Hooks running punch to my eye grabbing my hair trying to drag me down the hall by my hair damaging my neck not fired or arrested I agreed to false arrest Oct 16 immediate than CORRUPT LIAR Det John Vergona changed my false arrest date to Saturday oct. 20, 2012 4PM IAB let him +his supervisor retire! https://www.youtube.com/watch?v=dh9TedhfthEhttp://www.youtube.com/user/Suzannahartist subscribe!http://mayorbloombergkingofnewyork.blogspot.com/Mike Might Not Win - look at date!When the Community Board Does NOTHING,You Can Do Something see photo of Alfredo & I on Speed Bump I got for Anna Silver School bottom right hand corner of blog! Recogntion: The NYTimes !!! I ask for 1 billion $ x 3 RICO from SAIC look at date CityTimeURGENT 911 Tech System ECTP Criminal Investigation Needed!
Mayor Bloomberg shouted down Aug. 20, 2012 911 Tech Corruption 911 aka ECTP & CityTime! Look bottom of blog!

About Suzannah Troy, suebe1art@aol.com

My photo
Passionate letters published in The Financial Times re: Lucien Freud, my art and women's issues, The Wall St. Journal"Betrayal at Ground Zero", The Chief, The New York Times (9),Crains "NYU's Logo should be a dorm with a dollar", The New York Sun, The New York Post, The New York Daily News, Metro, AMNY, The Village Voice "Carbon Copy" letter of the week, Newsday, Jerusalem Post, my blog mentioned New York Mag Intelligencer neighborhood watch. Got speed bumps for Anna Silver School & doors for women's bathroom Tompkins. Donated my white blood cells twice to help a little girl fight Non-Hodgkins & man w/Lymphoma. Two hour process & you can only do it 12 x in your life. Too worn out to donate now. Way back Liz Smith mentioned me & my favorite zen quote "Live each moment as if your hair is on fire." which means live in the moment like it is your last aka live life passionately! I am really proud to say I have run 2 New York City Marathons!!! Also to have done volunteer work with pre-school handicap children at Rusk. NYTimes My YouTube work 1) Giuseppi Logan’s Second Chance 2)Mysterious Mr. Rechnitz

Saturday, September 28, 2013

Looting The Pension Funds


(Click Here for the Entire 5 Page Article from Rolling Stone Magazine)
This story is from the October 10th, 2013 issue of Rolling Stone
 
All across America, Wall Street is grabbing money meant for public workers
 
 
In his latest article for Rolling Stone, Matt Taibbi reports that Wall Street firms are now making millions in profits off of public pension funds nationwide. "Essentially it is a wealth transfer from teachers, cops and firemen to billionaire hedge funders," Taibbi says. "Pension funds are one of the last great, unguarded piles of money in this country and there are going to be all sort of operators that are trying to get their hands on that money."
 
Union leaders all over the country have started to figure out the perils of hiring a bunch of overpriced Wall Street wizards to manage the public's money. Among other things, investing with hedge funds is infinitely more expensive than investing with simple index funds. On Wall Street and in the investment world, the management price is measured in something called basis points, a basis point equaling one hundredth of one percent.

The fees aren't even the only costs of "alternative investments." Many states have engaged middlemen called "placement agents" to hire hedge funds, and those placement agents – typically people with ties to state investment boards – are themselves paid enormous sums, often in the millions, just to "introduce" hedge funds to politicians holding the checkbook.
So when you invest your pension money in hedge funds, you might be paying a hundred times the cost or more, you might be underperforming the market, you may be supporting political movements against you, and you often have to pay what effectively is a bribe just for the privilege of hiring your crappy overpaid money manager in the first place. What's not to like about that? Who could complain?

The bottom line is that the "unfunded liability" crisis is, if not exactly fictional, certainly exaggerated to an outrageous degree. Yes, we live in a new economy and, yes, it may be time to have a discussion about whether certain kinds of public employees should be receiving sizable benefit checks until death. But the idea that these benefit packages are causing the fiscal crises in our states is almost entirely a fabrication crafted by the very people who actually caused the problem. It's like Voltaire's maxim about noses having evolved to fit spectacles, so therefore we wear spectacles. In this case, we have an unfunded-pension-liability problem because we've been ripping retirees off for decades – but the solution being offered is to rip them off even more.

Everybody following this story should remember what went on in the immediate aftermath of the crash of 2008, when the federal government was so worried about the sanctity of private contracts that it doled out $182 billion in public money to AIG. That bailout guaranteed that firms like Goldman Sachs and Deutsche Bank could be paid off on their bets against a subprime market they themselves helped overheat, and that AIG executives could be paid the huge bonuses they naturally deserved for having run one of the world's largest corporations into the ground. When asked why the state was paying those bonuses, Obama economic adviser Larry Summers said, "We are a country of law. . .  The government cannot just abrogate contracts."

Now, though, states all over the country are claiming they not only need to abrogate legally binding contracts with state workers but also should seize retirement money from widows to finance years of illegal loans, giant fees to billionaires like Dan Loeb and billions in tax breaks to the Curt Schillings of the world. It ain't right. If someone has to tighten a belt or two, let's start there. If we've still got a problem after squaring those assholes away, that's something that can be discussed. But asking cops, firefighters and teachers to take the first hit for a crisis caused by reckless pols and thieves on Wall Street is low, even by American standards.