IL Teachers Pension Fund Is Giant Hi-Risk Hedge Fund...
Message 26616996
From: SliderOnTheBlack 6/15/2010 12:34:38 PM
11 Recommendations of 22674
IL Teachers Pension Fund Is Giant Hi-Risk Hedge Fund...
355,000 teachers from the State of Illinois had better
get down on their knees and give full frontal fealty
to Oba-mao, because their pensions are toast...
Just like Jefferson County (Birmingham) Alabama, the bankers
came, they wined, they dined, they bribed & they raped, looted,
and pillaged yet another...
From Iceland to Illinois, the story's the same. A slickster
in a sharkskin suit arrives from Wall Street and wines,
dines, and bribes the local yokels, selling them Wall Street's
toxic witches brew of CDOs and CDS derivatives, leaving
a ticking time bomb of economic mass destruction....
State of Illinois Teachers pension fund is 61% unfunded,
and loaded with toxic CDS and CDO derivative contracts...
zerohedge.com
Let's skip the usual outrage from the firehose of daily news.
Let's cut to the chase of where this is all going.
The taxpayers of America are going to have to bail out
the multi-trillion dollar pension industry of state and
local government public workers, as well as scores of unions.
Workers who are paid wages +40% above the private market.
Workers who have NEVER been held to any type of free market
performance, or production standard as are those in the private
sector (the US ranks #1 in education spending, but only
18th of 36 OECD countries in test scores).
Workers who have gold-plated benefits packages.
Workers who will retire a decade on average, before those
taxpayers who will be bailing them out.
And they will be bailed out, because Obama is going to be
able to buy a huge voting block - with YOUR MONEY.
And buy it he will.
The Wall Street shylocks will keep their commissions and fees.
The pension fund managers who were wined, dined, and bribed,
will keep their fat salaries, bonuses, perks, and pensions.
The teachers will retire to their vacation homes, their RV's,
their Caribbean cruises, and their liberal lives of leisure,
... all on your dime.
And you will have your taxes hiked, your pensions slashed,
your benefits cut, and your healthcare rationed to pay for
it all.
And don't you dare bitch, whine, or moan about it when it happens,
because you were told it was coming, and you chose to do nothing
about it.
SOTB |
