A huge amount of blame for Detroit’s problems goes to the politicians that kept making pension promises without backing them up as a sound fiduciary would. Michael Corkery writes: Detroit’s road to financial ruin started decades ago with city leaders agreeing to generous pension benefits, which were managed by boards with overly optimistic projections for […]
Search Results for: pension
The Politics of Pension Reform
Forbes columnist, former federal securities lawyer, and investment banker Edward “Ted” Siedle has been critical of Rhode Island pension reform. But then he goes and does this: In an online column for Forbes on April 4, Siedle blasted Raimondo for dramatically increasing both risk and fees by steering a sizable chunk of Rhode Island’s $7-billion state pension […]
Funding Your Neighbor’s Pension
The key to understanding the public pension mess is the expected rate of return—a guarantee at the local and municipal level of 8% or higher. How many of you in the private sector are earning 8% risk free? The five-year Treasury, for example, yields a shade over 1%.
2012 Stock Market and RI Pensions
Your Pension May Fund the Next Solyndra
President Bill Clinton seems to be in the money management business now. You may want to pay attention if you have a public pension. This could get expensive. In January of this year, Clinton met with AFL-CIO President Richard Trumka to discuss the Clinton Global Initiative (CGI). A more descriptive abbreviation would be “EGO.” In […]
Pension Fraud
Destruction of Pensions
You don’t need a report from the Bureau of Labor Statistics to tell you food and energy prices are up. Economists like to strip them out of the Consumer Price Index (CPI) to reduce comparison volatility. It would be nice if we could do the same when it comes time to pay the bills. But […]
Pension Head Fake
Lines Drawn in Pension Fight
The lines have been drawn on pension reform legislation in Rhode Island. After 10 months, tension as thick as fog remained between its two architects, Governor Lincoln Chafee and General Treasurer Gina Raimondo. At the 11th hour, Chafee pushed to include local plans. Raimondo chose to focus first on the state plan. Both of their […]
Pensions on the Brink of Bankruptcy
Collective bargaining and pensions for public-sector employees should have been history a long time ago. In the private sector, you don’t get tenure for simply showing up for work for three years or for writing a few articles here and there that happen to get published. In the private sector, you do your job without […]
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