Pension Money Arrives!
- Standard & Poor's Rating Services' tab is $1.38 billion — including $52.5 million for Illinois — to resolve long-standing allegations by federal and state authorities that the firm misled investors in the run-up to 2008's financial collapse.
The dollar figure attached to the pact with the world's biggest ratings firm, announced Tuesday by the Justice Department and 20 state attorneys general, is larger than the company's profits earned from rating mortgage-backed securities from 2002 to 2007.
In Illinois, the funds will go toward restoring the losses on the investments by Illinois' pension system, Illinois Attorney General Lisa Madigan said.
The settlement comes as reports surface that the Justice Department has been meeting with Moody's Investors Service over similar allegations.
Gee, another $52 million from Moody's and that'll be a cool $100 million - one-tenth-of-one-percent of the current $80 billion state pension deficit.
Labels: pension
posted by SCC at 12:03 AM
17 Comments:
will you guys stop talking about our pensions.. get this through your heads.. WE HAVE NO PENSIONS!! They will be gone within 5 years or less.
It's a start though...remember....pennies make dollars. Now we only need about 8,000,000,000,000 more pennies.
Here is the problem - that is money going to the State pension funds.
Did the Police Pension fund sue on our behalf ?
These recovery lawsuits for bad financial advice and information have been at that State level. Has anyone yet heard of a single recovery on behalf of the Police Fund?
It's not much, but you can bet the greedy elected thieves will think of other uses for "our money" the pension crisis is created by thievery plain and simple, and look at senile faker Daley looking at hundreds of millions in government (our money). In green card nonsense! The guy has a sudden total recovery, no more feditis he's ok, why not reopen the park grill case and make him testify? Who is he paying off now?
You're so optimistic, the current pension deficit is over $100 billion.
Raise the minimum retirement age to 60, or don't allow pension payments to go out until the age of 60 is met if one retires before that.
I pay my end of the pension, why can't the city??
I pay my end of the pension, why can't the city??
2/04/2015 07:44:00 AM
They CAN. They just don't want to. It will backfire on them one day. They'll be held accountable and the money will have to be replaced. The city is NOT broke. Just look at all the pet projects. Definitely not broke.
Like we say at the bathhouse.....it may be small but it's a start.
Now, kees me you fool!!!!
Are you kidding? 9.5 is running around with a tiny boner since he has more money to spend on stupid shit. Maybe a dog park he can name after Daley's old dog. There is a need since they can't shit in Maggie Park.
I read last week that picketing food workers at Rahm Emanuel's Economic Engine - O'hare Airport, demand 5¢ a ticket surcharge creating millions of dollars that would fund their pay raise. Novel ideal, but that airline money is funneled and skimmed through the Daley Family and Friends Benevolent Association.
The money is there, but it's not for anyone but the politicians.
- Sell the crumbling Skyway and now it's a private economic engine.
- Sell right to public streets and dismal parking meters and it becomes a private economic engine.
The city will sell off everything to the connected investors and soon there will be nothing left to sustain pension annuities.
Lets go bankrupt, use the scare ploy right rahm? How much is Midway worth? lets see mayor mumbles wanted to lease it for what a few billion dollars,what about O'Hare whats it worth? Lets sell the maggie daley park, the riverwalk, ok rahm we are game,fund the pensions like you have to by law,avoid anymore conflict if you can! What red light? I never see nuttin!
Anonymous Anonymous said...
will you guys stop talking about our pensions.. get this through your heads.. WE HAVE NO PENSIONS!! They will be gone within 5 years or less.
2/04/2015 12:18:00 AM
And you're a tool who knows nothing other than what a scumbag politician tells you to think.
You've been baked in the glow of Chicago too long pal.... you need to go somewhere else and learn that Chicago doesn't rule the world, nor the courts, nor the federal courts.
Anonymous said...
You're so optimistic, the current pension deficit is over $100 billion.
2/04/2015 07:06:00 AM
And they have 20 plus years to pay that off moron.
But you go ahead and keep piping the big dollar amount to your buddies like you know what you're talking about.
Some fools can't even see past the lies themselves can they?
Yeah it goes to State Pension funds, you know the ones with the 80% pensions, last year best year and 3% compounded, the sons a bitches that caused the problem that they legislated for themselves.
Any retirees who are entitled to receive retro, get their check yet? I didn't. Call finance, girl told me the check MAY go out next week.
0657, Checks were supposed to be held for a week in case you wanted to pick it up, then would be mailed out.
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