The Market Ticker
Commentary on The Capital Markets- Category [States]

I'll listen to all of those folks crying poverty and complaining about how I disrespect government employees in general when those who committed what facially appears to be embezzlement are in the dock for having done so -- and not one second before.

The Illinois Supreme Court on Friday struck down a 2013 law that sought to fix the nation's worst government-employee pension crisis, a ruling that forces the state to find another way to overcome a massive budget deficit. 

In a unanimous decision, the seven justices declared the law passed 18 months ago violates the state constitution because it would leave pension promises "diminished or impaired." 

The government made a promise that was mathematically impossible to keep.  That's bad enough, but then they went further and intentionally did not pay into the funds as originally designed.

State lawyers contended the government had the right to exercise "police powers" in time of crisis, and that the 2008 recession, which decimated retirement fund investment portfolios, provided the crisis. But under close questioning from the bench, the state's lawyer acknowledged that past governors and legislatures shorted pension payments to save money in the short term.

"Shorted"?

Uh, that's called theft and since it was done by someone with fiduciary power and the funds were diverted the common name for that act is embezzlement.

Embezzlement is the misappropriation of assets for the purpose of conversion of those assets, by one or more persons to whom they were entrusted, that were intended to be used for some specific purpose.

Whether you personally keep said assets or distribute them to someone else who you wish to have them doesn't matter.

So please explain to me here how what facially appears to be an extremely serious felony, as the amount of money involved is in the billions of dollars, has not resulted in every single person involved in that act sitting in the dock facing felony charges right here and now.

Until they are, Illinois, those who bleat about what's going on up there but who refuse to leave earn exactly nothing from me except derision.  

Your consent to this facially-apparent act of embezzlement not only at the time but on an ongoing, daily basis disgusts me.

I saw it coming far in advance and got the hell out of there.

What's your excuse?

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