Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : True face of China -- A Modern Kaleidoscope -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (9186)	11/8/2010 12:52:31 PM
From: hui zhou	Read Replies (1) \| Respond to of 12464

OT, Some government employee enjoy more than $200,000 a year penstion. No wonder the government is so broken across the board. California is at the forefront of this voter revolt. In Los Angeles County, the summer of 2010 was defined by populist heat over the disclosure of salaries being collected by officials of the working-class city of Bell. Some of them, including chief administrative officer Robert Rizzo -- who stood to collect a $600,000 pension after allegedly writing himself a $1 million-plus compensation agreement -- have been arrested on corruption charges. Even more widespread are troubling legal pensions. In Northern California, Contra Costa Times columnist Daniel Borenstein reported the salary of the city manager of San Ramon (pop. 63,000) at $344,200, and then calculated the pension due this 65-year-old government official: $261,000 a year. And a local fire chief was able to "spike" his base pension to $284,000 a year. Intrepid reporters in California are finding that these stories aren't isolated oddities but symptoms of a generous salary and pension system built in good times -- and one that's crashing down on already-strained taxpayers. Gov. Arnold Schwarzenegger has blamed his state's $550 billion in retirement debt on "huge unfunded pension and retirement health care promises." money.cnn.com