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| State Pension Fund Managers Must Be IMPRISONED in forum [Market-Ticker]
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Snooze
Posts: 2819
Incept: 2007-07-09
florida
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Social Security Lite....mimic the master.
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Wealth is found in the warmth of the sun, in the coolness of moist soil, in the taste of fresh air, and in the pulse of your heart. Plant a seed and harvest your riches.
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Leicestersq
Posts: 221
Incept: 2009-10-12
UK
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Hasnt all the 'growth' on Wall Street been about finding ways to appropriate monies in pension funds, particularly public schemes? Those in such schemes assume someone else is looking after the money, they assume that it is trustworthy experts who know more than they do.
The sad truth is that the pension funds the western world over are seen as targets to be pillaged by whatever means necessary. Without these funds, the mortgage scams wouldnt have worked, IPO's would struggle and there would be no easy place to offload bad assets.
I wonder how many pension fund managers, entrusted with the savings of other people, receive alternative sources of income?
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Onelegged
Posts: 265
Incept: 2009-11-13
NW Colorado
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It sounds like NY has learned a lesson well from the Fed.
How is it that someone could possibly think this is a good idea? Seriously.
I will need a bigger monitor screen to contain the "Told ya so!" that Karl will author when this particular **** ball goes up in flames for good.
1,000,000 in the streets is what we need!
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The light at the end of this tunnel is a train.
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Bagbalm
Posts: 4247
Incept: 2009-03-19
Just North of Detroit
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This is the same as a fellow on the edge of bankruptcy having dinner on his credit card. He'll order the stinger, have drinks and a fancy appetizer and a special dessert because he knows he isn't going to pay for it anyway so he might as well live large in the moment.
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Etz
Posts: 13888
Incept: 2007-06-26
LA
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I'm Paul Krughman and I approve this scheme.
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Trades50
Posts: 4214
Incept: 2007-10-30
Land of Tax and Spend
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Ben Bernanke's Ponzi Pension management course for MBAs at Princeton.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Delapaz
Posts: 61
Incept: 2009-04-29
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No big deal, the federal government will bailout underfunded pension plans. At least until it can't.
Just think of it as doing their part to get us to our "Thelma and Louise" moment that much quicker.
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Whewt
Posts: 2284
Incept: 2008-03-17
Lake Bonneville Shoreline!
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Does this qualify as pension fund kiting? In this case they didn't even have the sophistication to have pension fund A borrow from pension fund B while pension fund B borrows from pension fund A. Just straight out writing a check from the same account to cover your bounced check... or using your credit card to pay off the balance...on the same card.
That's more f***d up than a soup sandwich.
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Except for the math, it's all going to work out.
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Goforbroke
Posts: 5331
Incept: 2007-11-30
Just call me 'Comrade'
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Quote:No big deal, the federal government you and I as taxpayers will bailout underfunded pension plans.
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We have met the enemy and it is us. -- Pogo
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Eaglewwit
Posts: 6054
Incept: 2007-11-30
SoCal
Banned
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And the public just turned the channel form American Idol to the new season of Dancing with the Stars.
Carry On, Nothing to see here.
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Frat
Posts: 1934
Incept: 2009-07-15
NKY
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I HOPE it makes the end that much closer. Being this obvious about their ridiculous scheming might mean they simply have no other choice, lest the whole ponzi collapse.
Then again, I think I might hope a little TOO much for a disorderly collapse. Just yesterday, the power in the office went out. The first thing I did was check my cell, and was a little disappointed to find out it wasn't an EMP blast, just a normal outage. Sigh.
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We're ****ed. Where's Henry Bowman when you need him?
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Eighty6thebs
Posts: 4180
Incept: 2007-06-26
It's contained to sub-prime!
Online
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+1 Frat and Delapaz. Hit the gas Thelma.
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Taint
Posts: 238
Incept: 2008-12-24
texas
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Its just like borrowing from your 401K and then telling everyone you are richer!
the hand writing is so clearly written on the wall. the ponzi will be continued at ALL costs until it collapses. Too many takers and others vested with the takers against too few producers.
this matter like the 40 + indicators before it is just another sign of future financial apocalypse.
Not really much the producers can do unless they quit and begin protesting full time and even then we are outnumbered. There is no political solution.
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Eighty6thebs
Posts: 4180
Incept: 2007-06-26
It's contained to sub-prime!
Online
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"America is at that awkward stage; it's too late to work within the system, but too early to shoot the bastards." Claire Wolfe
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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine
"No I am not scared, and neither should you be!" - Iraqi Information Minister
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Delapaz
Posts: 61
Incept: 2009-04-29
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Goforbroke: The federal government is putting ~40% of their budget on the national credit card. Taxpayers aren't paying it, holders of FRN notes are.
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Aliveh
Posts: 4042
Incept: 2008-01-18
Los Angeles
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I was going to post this and think it might deserve it's own ticker but it is related to this and the general cultural / enforcement problem: http://www.bloomberg.com/news/2012-02-27...."The “upper class,” as defined by the study, were more likely to break the law while driving, take candy from children, lie in negotiation, cheat to raise their odds of winning a prize and endorse unethical behavior at work, the research found." Good so far, but the ******* ethic's professor's (self-interested) solution is to prescribe more employment opportunities for ethics professors. |
Panamajack
Posts: 9
Incept: 2010-11-23
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Something is wrong with the Durable goods COLLAPSE ticker. When you open it it goes to a blue screen with an audio player bar saying "Bye, Bye, Bye." All other tickers open without a problem. I was reading it when it collapsed. When I tried to reopen it gives me the above description.
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Andysvw
Posts: 1703
Incept: 2010-06-26
Tujunga Ca
Online
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These are the people that jumped into MBS with our cash. Expect more!
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Lowbeyond
Posts: 16864
Incept: 2008-02-11
CO aka West NJ/East CA
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Heh. I see these words. officials, pension, promise, scam Welcome to government. 
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Maybe it was a birdy bread-bomber from the future?!
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Frat
Posts: 1934
Incept: 2009-07-15
NKY
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Sure it wasn't "Buy, buy, buy?"
:-)
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We're ****ed. Where's Henry Bowman when you need him?
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Marvinmartian
Posts: 744
Incept: 2011-03-16
Pasadena, CA
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In principle, this is no different that the "mark to fantasy" accounting principles that allow banks to carry assets on their books at an unreal level.
Its also somewhat similar to the whirlpool going on in Europe: sovereigns issue debt, banks buy debt, ECB buys debt from banks... the game is being called for Greece, soon to be called for Portugal, Spain. The biggies France & Italy are on the horizon. Its a mess.
All the while, the politicians campaign on "I have a plan." The plan is impossible.
Whats a shame is the politicians can get re-elected on such drivel.
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Binney
Posts: 4185
Incept: 2008-08-27
Riverhead, NY
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we've (I've) been railing against this for some time now...especially in the face of a school bond referendum of $89million - which the idiots in my school district passed. Karl, you might like this article from July about this very issue: http://www.newsday.com/opinion/oped/mcma....
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write-in: Beelzebub
When you just can't vote for the lesser of two evils any more.
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Ktrosper
Posts: 1497
Incept: 2010-04-06
ft collins co
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KD wrote..State Pension Fund Managers Must Be IMPRISONED Bah! Gary Johnson said they broke no laws!
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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
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Jubber
Posts: 13935
Incept: 2007-07-05
UK
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So why isn't anyone prosecuting these people? I still don't understand this. Surely the New York Times has a hack that can write this up?
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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