Hello Detroit
Richie Daley sends his regards Rahm - thanks for closing out the unfinished business:
- A major rating agency downgraded the city of Chicago's creditworthiness two notches to junk status, a move likely to increase the city's borrowing costs and make investors skittish as the financial world reacts to last week's Illinois Supreme Court ruling that bodes ill for city efforts to resolve its massive pension fund shortfall.
Moody's Investors Service downgraded the city's debt rating on bond issues backed by property, sales and fuel tax revenue to Ba1, one notch below investment grade, from Baa2, specifically citing last week's Supreme Court ruling on an attempt to cut state pension costs. Moody's calls the Ba1 rating "speculative," which many investors simply call "junk," meaning investments in them carry far greater risk of a loss.
The downgrade came four days after the state's high court struck down changes to four state pension funds, casting doubt on changes that Chicago made to its workers and laborers funds that also are being challenged in court. The ruling also put the city at a disadvantage during negotiations on pension changes with police and fire unions.
Hey Dean? You read that? "...at a disadvantage." That means shut up and let Rahm dig his own political grave. Don't go around suggesting he lay off coppers or close a few police stations. You represent police officers - not Rahm.
Here's the Sun Times coverage.
In the meantime, open post to discuss the ramifications of Chicago not having any money...except for one-third of a private university stadium, to buy and tear down a trauma hospital for a nonexistent Olympics, a just announced presidential Lie-Barry, extravagant gold braid pensions, million dollar slush funds for each and every aldercreature, to rebuild a parking structure and put a memorial park on top of it for the wife of the crookedest Chicago mayor in history, etc etc etc.
Here's the Sun Times coverage.
In the meantime, open post to discuss the ramifications of Chicago not having any money...except for one-third of a private university stadium, to buy and tear down a trauma hospital for a nonexistent Olympics, a just announced presidential Lie-Barry, extravagant gold braid pensions, million dollar slush funds for each and every aldercreature, to rebuild a parking structure and put a memorial park on top of it for the wife of the crookedest Chicago mayor in history, etc etc etc.
Labels: money questions
posted by SCC at 12:35 AM
94 Comments:
dean youre an absolute momo. complete jerkoff. with that being said I think we do need some sort of reform such as contributing more per check. the 9 percent has been in effect for at least 20 plus years... if we want the pension fixed I think we have to take the first step to do so. Many say its not our fault let them fix it, they stole from our pension. Although true too bad now. Whats done is done and there is nothing we can do about it. So sitting here and pointing a finger at them saying they screwed up wont help any of us. so, we need to swallow pride and be the bigger man here. if we dont then kiss your pension goodbye. the city's credit rating just hit junk status. Dont forget about the meeting about 8 months ago with the city and the firm who handeled the detroit bankruptcy and pension overhaul.. its not a coincidence. The city knew this pension legislation was not going to pass. Its not a coincidence that Rauner, rahms friend is supporting a bill to let municipalities in illinois to file for bankruptcy. If you think its all just one big coincidence then you need to be hit over the head really, really hard... face it, we ARE going to loose our pensions. Retirees are going to get pennies on the dollar, I think detroit came out of the pension talks around 23 cents on the dollar for retiree pensions. This ruling is not a victory by any means. It just means that the stalemate will go on just long enough for the pension to go belly up.
Google Detroit bancrupcy......they went after pensions AND deferred comp...we're a long way from Detroit, but we're slowly getting there
William Hale Thompson, Jr., has been exonerated! Richard M. Daley was the worst mayor in Chicago's history.
Escape while you can. The end is near and doom doom is upon us.
there's the idea about a transaction tax for all financial transactions at the merc and cbot...
a penny a gallon tax on gas at chcgo pumps...
a 25 cent tourist tax collected either through mode of travel (airline ticket, bus ticket etc), or at hotels...
small price to pay for a visit to chicago, seriously. according to news media and city hall, 45 million people visit here annually. What's wrong with 25 or 50 cents a head?
also, maybe it's time to means test public schools... from a hundred a year on up to a couple grand, depending on the area, the household income, and the performance level of the school.
casinos should just be the beginning... let's get real and spark the kind of development this city deserves. By that I mean the lakefront.
Privatize portions in lease deals for high end recreational and exclusive lakefront resorts. Long overdue.
There could be small stretches for private hotel beach and all kinds of aquatic recreation, such as scuba diving, pools and slides in the lake...
What happened to "make no small plans?"
There should also be a portion of the lake that is pay to play for everybody willing to pay not only for parking but entrance and in return you get better facilities, better security, and no riffraff... a gated section.
and the rest of the lakefront would also get updated rules and fees. pay for orderly revamped parking as well as day permits for alcohol consumption in designated areas. Plus stricter security...
Don't worry Obama will bail you out! He is nothing if not loyal to his friends.
Just ask the British, Poles, Israelis and Saudis.
I work in the private industry. If they announce your 401k funding from the company is delayed, get your resume updated and find a new job NOW. That company is going down the tubes and you MIGHT have 6 months, more likely 3.
I saw this once from the inside and twice for friends. One didn't believe me, she was wrong.
Young people should look at the writing on the wall, it isn't likely to get better.
Why the hell does Rahm and the alderscum continue to honor that scumbag Daley and his wife? The entire mess is caused by his many years of leadership making deals to keep his machine running. Then he splits and takes his fortune with. The media needs to go after him.
Margaret Thatcher was right, Sooner or later the Socialists will run out of other people's money.
Shortshanks scum mayor of Chicago he should pay dearly for what he's done.
Screw it. Let Rham declare bankruptcy. Atleast then we can see the books. All the TIF funds, red light, parking, charter school and skyway deals. Maybe we could find a decent federal judge. Maybe even a few indictments.
You should raise taxes on those evil corporations!
Dallas TX would be happy to grab a few more corporate H.Q.
I am sure you can convince Springfield to bail you out.
Hahahahahahaha!
Hey Dean? You represent police officers - not Rahm.
Such naivete'!
It is really touching.
Still dont see bankruptcy in chicagos future. Rahm swung and missed again is all. He will try another route. Maybe the casino will come sooner than later.
Dean also said he won't consider any negotiations until the $550 Milliion deposit due this Dec, is made.
Dean: Are you soft as puppy shit? Please tell me you won't consider negotiations on pension reform under ANY circumstances. Dean if you have a problem comprehending the recent Supreme Court ruling on pensions then have a 5th grader read it and explain it to you.
The problem was caused by politicians and now it's the politicians who must do the digging to get out from under this.
Remember Dean if you give Rahm a centimeter he'll try and take two miles.
As far as FOP should be concerned pension "reform"(reduction) negotiations should be a non starter.
We allowed corrupt conniving politicians to steal from us for years. We have only ourselves to blame. Our present politicians continue to piss money away on a daily basis. Something has to give.
going to have the shithole LIBRARY though, we have cash for that, fuck these crooked bastards
"...Chicago not having any money...except for one-third of a private university stadium, to buy and tear down a trauma hospital for a nonexistent Olympics, a just announced presidential Lie-Barry, extravagant gold braid pensions, million dollar slush funds..."
...and now anybody wanna buy a "modern"-looking glass s__tbox?
That's right -- Rauner wants to sell off the Thompson Center to some poor sucker.
Talked to the guys who were building it. "There are over 200 different sizes of glass in that place and we can't get half of 'em to seal in right."
When it got going, the building systems were pumping the temperatures to over 130 degrees in some offices -- law enforcement was worried about stored ammo cooking off. Architect Helmut Jahn merely told people, "If you don't like it, quit your job."
"Single-paned (non-insulated), curved glass panels were eventually used, and resulted in the need for a more expensive air conditioning system, which remains very costly to operate, and is insufficient on hot days (internal temperatures have reached as high as 90 degrees Fahrenheit). The building is also bitterly cold in the winter..."
No matter! "[The building]...houses a tremendous art collection [including] nineteen specially commissioned artworks funded by the State of Illinois Art-in-Architecture Program.The building also has over 150 of the state's 600 works collected under the Percent for Art program..."
Somneone step up here -- Diana Rauner needs the money to rebuild the Governor's Mansion. "First lady Diana Rauner has a new title. She is now head of the Illinois Mansion Association...
"Diana Rauner, who famously doesn’t like shoes worn in her Winnetka home, replaces former Gov. Jim Thompson, who now becomes Mr. Mansion Emeritus."
Hard times -- or so we're told. The Rauners already have about nine houses. Why don't they just park a double-wide down there? A lot of people would be glad to have that.
Chicago already looks more rundown than Detroit. Just should some film footage of 011 and 010, or anything other minority occupied part of town.
So the city should divert any and all investment in her future just to pay your pensions? You're losing the battle, guys, and if you don't get off the high horse it won't be long until your own pension amounts to zero.
Look, I love the Blues and have utmost respect but it's high time to think about the big picture here. Chicago is having to sell investments just to meet pension payments today. Those investments WILL run out at which point where will the money come from?
Lots of blame to go around but it's time to stand up and look towards the future.
Glad to see you reference the outrageous gold braided pensions. Along with the double dipping, these abuses are what is killing the state and city financially.
I'm afraid we have already entered the "death spiral" where rating downgrades lead to higher taxes and less services which cause more and more taxpayers to leave.
It seems everyone I talk to wants to move out and for many its only a matter of time.
I know its unpopular, but why is the FOP not pushing for pension reform that will protect the everyday copper? The longer we wajt to address this, the worse off we will be.
Ha - Ha!! Lie-Barry. So it is written. So it shall be.
Shortshanks and all his uber wealthy connected friends ought to be forced to pay back all the money they've stolen over the years or face serious jail time.
Under Tier 2 the Gold Braid is gone for new hires, as is Captains and full Lieutenant rate pensions.
Max pension is 75% of maximum social security taxable wage.
If you want to claw back existing benefits then you open the door to doing that for everyone.
In the meantime, open post to discuss the ramifications of Chicago not having any money
Don't you mean "Rahmifications?"
Now we know why Daley and Burke feel they need bodyguards.Two thieving underhanded politicians who aided in the downfall of this once great and proud city.
Maybe we should sue all the trustees that were in office during the years that the city failed to pay their share into the fund. Their job was to insure the cities compliance and or inform us of any irregularities that could have been rectified at the time.
"For now, City Hall must continue paying the property’s former owners, the Mills family, owners of Medline Industries Inc., a medical supply business. A federal bankruptcy judge awarded the Michael Reese property to settle the hospital’s debts to the family.
"The Mills family includes Wendy Mills Abrams and her husband James Abrams, who are close friends of Emanuel. Abrams and his wife each contributed $50,000 last month to Chicago Forward, a political campaign fund the mayor’s allies used to financially support aldermen loyal to Emanuel."
Dean like the blog says please just SHUT-UP! Don't negotiate giving our pension away or "downgrading " the pension! You have a degree from a mediocre institution what is it equal to a diploma mill? Do what you do best dean just be quiet!
Now what caused this?
The Daley cabal? Which rahms has continued? Why can't Obama scrap the library and give his hometown what we desperately need? A huge cash infusion!
Ok rahm every penny counts to fund the pension and get the credit rating raised lets get skin in the game sir!
Cut city council to 8 max like other big cities!
Sell you fleet of mayoral non-green gas eating Tahoes the "rolling tanks!"
Vri? Call Leo have state and national guard take care of crime infested thug areas!
Eliminating many gold badges salaries way to top heavy!
Why pay parents to patrol "safe passage" you get taxpayers provided government assistance you walk or drive your kids to school!
Casino yep get it done!
Illegals sorry no more room no more money!
Forensic audit city finances!
Audit all link card holders and stores that cheat with link!
This is just a start!!
There is plenty of money for Rahm and his buddies.
Blah blah blah keep voting democrat blah blah blah.
Cullerton has another idea to cut pensions:
http://www.chicagotribune.com/news/local/politics/ct-illinois-pension-reform-cullerton-met-0513-20150512-story.html#navtype=outfit
Wait did the legislature or city council talk about cutting their bloated pensions for part time work? We must of missed that! How about cutting both bodies in 1/2 or money you could "save more money in Illinois" and pay the money due and ruled on by Illinois Supreme Court! John cullerton enough, cut link and welfare!
During the 1930's we had government assistance plans it was called WPA. Where you had to work building roads, cleaning up, no work your able bodied no check, crime was low people didn't get money for nothing so they worked got a piece of bread why not implement this? Watching the welfare rolls plummeted you could use extra cash to fully fund the pension!
Don't be surprised if Rahm is behind the scene on this. Don't underestimate this guy, this is something he would have Moody's do on purpose!!!!!
Don't say you haven't been warned
Overheard a conversation...
Major OT cutbacks are coming, including VRI. VRI to be either reduced drastically or shutdown all together...
Chicago is finished.
Illinois House bill 298 will get voted into law and municipalities will finally be allowed to declare bankruptcy in the state of Illinois.
http://www.rebootillinois.com/2015/02/06/editors-picks/kevin-hoffmanrebootillinois-com/illinois-municipalities-chapter-9-bankruptcy-protection/32897/
But coppers got paid, after bankruptcy the order was to pay first responders pensioners! Hello cut link back, cut out all the extras to illegals we would have trillions in reserves! Have you been following Texas where the military is conducting operations? Homeland bought how many million rounds of ammo? do you think with what the government is doing to police forces that a government take over of policing is coming? Think about this, the media and elected have created this anti-police bias,they will welcome with open arms federal policing isn't that what happened with the Nazis and hitler? propaganda maybe!
Pam Zekman is after gold braid double dipping pensions on the ten o'clock news last night! All that she could did up was just over 25 people? She must not be looking too hard. Guess it's fuck the Police sweeps time!
we are fucked. Huge tax increases and major cuts coming, and even then you could make the case that its too big of a debt. Sell o'hare, midway, the family silver.... this is a good article on the situation: http://www.zerohedge.com/news/2015-05-13/chicago-junking-triggers-22-billion-payment-deepening-financial-crisis
If you think you are going to get what the gubmint promised you, you need your head examined. Our pension is going to be greatly diminished. If they refuse to fund it and allow it to dry up then we will have no other choice. It is called math.
This is very serious...It will affect gov workers should the city file for bankruptcy. Corp workers will be affected should the corp tax go up - again..
The only relief, like it or not, is bankruptcy.
....and good ol' CULLERTON is at it trying to screw with the Pensions again, as reported in todays rag called the Chicago Tribune!
Pensions should be based on the last rank that a Police Officer earned , not any merit or political appointment .
That would save millions , also raise mandatory retirement to age 66 and minimum age to collect a pension 57 . No double dipping after retirement .
Convert the TIF money, but then again 9.5 won't .
remember this is all the fault of the police,fire,teachers and every other city worker....and we're suppose to bite the bullet now because Rahm and Daley have been ripping off the pension funds for years....and Rahm and the press will turn the city against all of us....
blame it on daley n the inbreeds from the 11th ward, axis of evil, boy I wish jane bryne was still alive n still mayor,
I was born and raised in Detroit. I won't have to waste money and time driving down interstate 94 any more. I can stay right here and feel at home.
You make a goodoint but was" Lie Barry "necessary?
OT
http://dailycaller.com/2015/05/12/police-officers-morale-is-low-in-departments-across-the-country/
Morale is down
I would suggest that they can raise revenue by requiring a city sticker on the zamboni at chicago stadium.
2 Investigators, BGA: Pension-Collecting Cops Rehired By City One Day After Retirement
http://chicago.cbslocal.com/2015/05/12/2-investigators-bga-pension-collecting-cops-rehired-by-city-one-day-after-retirement/
also . .
http://www.bettergov.org/no_retirement_parting_%e2%80%93_chicago_cops_draw_pensions_return_to_payroll/?CategoryId=1
Where is the financial plan on april 8 from ballerina boy , maybe he should open up city books and chuy chuy Garcia could solve his financial problems
park district announces 20m in new electronic signage at soldier field. 7m to be financed with rest paid by the bears.
What about the overall financial outlook of the entire country? Seems like America has been running in the red for quite some time.
1240am>city can't go after our 401k stop spreading BS,it's not the city's $$$.
Still dont see bankruptcy in chicagos future. Rahm swung and missed again is all. He will try another route. Maybe the casino will come sooner than later.
5/13/2015 02:50:00 AM
Casino money wouldn't even make a tiny dent in this hole. Have you seen Atlantic City lately?
You are right though. The city doesn't have to declare bankruptcy. That massive property tax increase AND new city income tax might at least cover the interest payments.
Rahm needs to talk to ......
Adam Buchanan, vice president of sales and trading at Ziegler, a broker-dealer in Chicago.
This is the mouthpiece quoted through different news sources about the negative pressure that is on the Chicago bond rating.
zekman last night! Wow! Guess these double dippers cant let another guy with a family have a position! I'm retiring in Sept. who do i have to take care of? My pride is gone, im ready for a "double helping" of cash!
http://chicago.cbslocal.com/2015/05/12/2-investigators-bga-pension-collecting-cops-rehired-by-city-one-day-after-retirement/
The pension theft takes center stage for our main concern but does anyone have any legal expertise on the deferred comp plans? A few seem to think the city can take that too but I was told no way. It's a private company and the city puts nothing into it. I dont blame anyone for worrying seeing as how corrupt and evil the scum that run this place are.
Anonymous Anonymous said...
Cullerton has another idea to cut pensions:
http://www.chicagotribune.com/news/local/politics/ct-illinois-pension-reform-cullerton-met-0513-20150512-story.html#navtype=outfit
Wait did the legislature or city council talk about cutting their bloated pensions for part time work? We must of missed that! How about cutting both bodies in 1/2 or money you could "save more money in Illinois" and pay the money due and ruled on by Illinois Supreme Court! John cullerton enough, cut link and welfare!
During the 1930's we had government assistance plans it was called WPA. Where you had to work building roads, cleaning up, no work your able bodied no check, crime was low people didn't get money for nothing so they worked got a piece of bread why not implement this? Watching the welfare rolls plummeted you could use extra cash to fully fund the pension!
5/13/2015 07:36:00 AM
I Like that Idea work, they would be to tired to sling dope and fight the police and then maybe the blacks would realize their lives matter!
WPA Story bravo why not governor or rahm? how about it revs?
http://www.u-s-history.com/pages/h1599.html
I'd be all for looking into the possibility of changing the pension laws to only allow collection at your last career service rank. This department is way too top heavy and the pension fund can't sustain all of the huge payouts that the clout heavy receive. I honestly think it's the fairest way to help relieve the stress on the fund.
Thanks Richie.
Thanks for the parking meter deal.
Thanks for the pretty flower boxes.
Thanks for all those no bid contracts that went to your friends.
Thanks for the contracts that benefited your son, nephews, and other relatives.
Thanks for getting your daughter put on the McPier board.
Thanks for the Hired Truck scam.
Thanks for the Silver Shovel scam.
Thanks for all the scams that you had no knowledge of.
Thanks for your on again/off again memory loss when it comes to insider deals like the Park Grill.
Most of all, thanks for not paying the required city's share into the pension funds for almost two decades. You used this money along with the fifty yes votes to take care of the above contracts and nearly bankrupt a city.
Thanks again Richie.
This is very serious...It will affect gov workers should the city file for bankruptcy. Corp workers will be affected should the corp tax go up - again..
The only relief, like it or not, is bankruptcy
You have no idea what you are talking about. You just can't declare bankruptcy to get out of debt when you have assets and taxing powers and alternatives for raising revenue. There will be no bankruptcy
Police, Fire, Emergency Services, Transportation, Water, Sewerage, Electricity - all needed.
The rest of it are WANTS - cut it all to ZERO. Take ALL of that money and pay off the pension debt.
Then going forward, look at how much the pensions will cost, and keep them fully funded.
Use the rest of the $$$ for some nice to have's.
In the meantime, I don't care how much it tugs at the heartstrings, how wonderful the program is, how much money it 'saves', disadvantaged youth, homeless, teen mothers, drug abusers, etc. screw it.
12:37 A.M. first comment...
So you want us to contribute more so when things go to shit we will loose the additional contribution. Who the f$#@ do you work for troll.
Pensions got screwed big when Daleys family stole them by investing to assholes shorting those investments. SEC should get involved just like they did with Madoff to lock up these crooks. Nobody is getting hired and less people are contributing. Contribute more to loose that as well! We do not want to get on are knees for these Lib satan worshipping bitches. Come up with the money Lucifer and shut up troll.
So what's the status of the scumbag politician's pension fund? Anyone know? Let's ask those questions. How's Daley's pensions?
Rahm is delusional. He's quoted in today's Sun Times as saying he will not raise taxes before he gets pension "reform " Maybe he's a little slow and somebody needs to explain the recent Supreme Court ruling covering those "reforms"
He also references ongoing pension "reform" negotiations with 2 more unions........ Dean Angelo needs to be impeached if he's discussing pension "reform" with this slimy, delusional prick.
I encourage everyone to call the Lodge and make your wishes known ..... absolutely no negotiations on pension "reform".
Hello! If the 'crats can line their own pockets with new revenue sources they don't want it.
Free tuition for all at the Shitty Colleges of Chicongo!
Ever wonder why Rahm keeps promoting the Shitty Colleges? Because it is one of the last governmental taxing bodies with cash on hand to loot. Check out the construction contracts and the pinstripe patronage over by there with funky soul sistah Cheryl bankrupt suburbanite Hyman running the circus. Build a new Malcolm X College because the first one was such a success.
Mike Madigan will save us!
Way to go, Emanuelle
now Chicago public schools downgraded to junk, but then again they are not the best now they are junk!
http://www.chicagotribune.com/news/local/politics/ct-cps-downgrade-met-20150513-story.html
Ok rahm your move!
We allowed corrupt conniving politicians to steal from us for years. We have only ourselves to blame. Our present politicians continue to piss money away on a daily basis. Something has to give
Daley and his fellow thieving Union Thug kickback Artists and Pension Double Dippers. You can run but you cant hide, boys.
Anonymous said...
dean youre an absolute momo. complete jerkoff. with that being said I think we do need some sort of reform such as contributing more per check. the 9 percent has been in effect for at least 20 plus years... if we want the pension fixed I think we have to take the first step to do so. Many say its not our fault let them fix it, they stole from our pension. Although true too bad now. Whats done is done and there is nothing we can do about it. So sitting here and pointing a finger at them saying they screwed up wont help any of us. so, we need to swallow pride and be the bigger man here. if we dont then kiss your pension goodbye. the city's credit rating just hit junk status. Dont forget about the meeting about 8 months ago with the city and the firm who handeled the detroit bankruptcy and pension overhaul.. its not a coincidence. The city knew this pension legislation was not going to pass. Its not a coincidence that Rauner, rahms friend is supporting a bill to let municipalities in illinois to file for bankruptcy. If you think its all just one big coincidence then you need to be hit over the head really, really hard... face it, we ARE going to loose our pensions. Retirees are going to get pennies on the dollar, I think detroit came out of the pension talks around 23 cents on the dollar for retiree pensions. This ruling is not a victory by any means. It just means that the stalemate will go on just long enough for the pension to go belly up.
5/13/2015 12:37:00 AM
In the end, we will have to deal with the laws of mathematics and basic finance. We would all be better off if they just let you keep your own money.
We only get, what is it, 40% of social security because of our pensions? So if we lose our pensions we will all be homeless I guess
thats ok just go on link and welfare...free health care also,why work now!
don"t forget the air conditioning of the public school buildings that Rahm put in! So the little rats could eat their free lunch while getting their free education talking on their free cell phones.
12:37...
You are correct about everything except Detroit. The pensioners actually only suffered minimal cuts because the city is on the hook for their pensions. Their pension fund is structured as part of the city budget, ours isn't.
Our fund is not an asset of the city and it can be allowed to go bankrupt.
In short, we're at greater risk.
If you have been paying attention to Moody's or to outside actuaries you will realize that the money spent on a sports stadium or the money in the TIF fund is not nearly enough to save the cities pension funds from insolvency. The math does not make it. It will take massive tax increases and cuts in employee numbers and benefits to make this work, The CPD fund is in worse shape then Detroit was before the bankruptcy. No one really knows what will happen. A lot of speculation. But, claiming that the city has lots of cash hidden somewhere is just juvenile and not addressing the problem. It is fact that all things equal the CPD pension fund will go into insolvency in less then 8 years. That means we will get pennies on the dollar and it will cast most retirees into poverty. The police should be outraged and demand something done now.
Has anyone in the media asked about the politician's pension? I've never heard it discussed ever! They created the mess and the media doesn't call them on it. They do nothing good for the city and they act like they are Gods of some type. First responders lay their lives on the line but what do these politicians give? Nothing! They only take. They get rich while the average guy struggles. They(mainly Daley) are the soul cause of the problems. They spend scam steal and take.
I saw that little turd (Shortshanks) walking a dog down Michigan Avenue the other day. What a smug little fucker.
I think the dog was embarrassed to be with him.
blame the 11th ward and the inbreeds who live in it
Anonymous said...
We only get, what is it, 40% of social security because of our pensions? So if we lose our pensions we will all be homeless I guess
5/13/2015 04:27:00 PM
There's a silver lining in every cloud. If you lose your pension, you will be able to keep 100% of your social security.
dean youre an absolute momo. complete jerkoff. with that being said I think we do need some sort of reform such as contributing more per check. the 9 percent has been in effect for at least 20 plus years... if we want the pension fixed I think we have to take the first step to do so. Many say its not our fault let them fix it, they stole from our pension. Although true too bad now. Whats done is done and there is nothing we can do about it. So sitting here and pointing a finger at them saying they screwed up wont help any of us. so, we need to swallow pride and be the bigger man here. if we dont then kiss your pension goodbye. the city's credit rating just hit junk status. Dont forget about the meeting about 8 months ago with the city and the firm who handeled the detroit bankruptcy and pension overhaul.. its not a coincidence. The city knew this pension legislation was not going to pass. Its not a coincidence that Rauner, rahms friend is supporting a bill to let municipalities in illinois to file for bankruptcy. If you think its all just one big coincidence then you need to be hit over the head really, really hard... face it, we ARE going to loose our pensions. Retirees are going to get pennies on the dollar, I think detroit came out of the pension talks around 23 cents on the dollar for retiree pensions. This ruling is not a victory by any means. It just means that the stalemate will go on just long enough for the pension to go belly up.
5/13/2015 12:37:00 AM
I think you have no idea what you are talking about. You sound like the voice of doom and you have no idea what the facts of the Detroit bankruptcy are. The police lost NOTHING of their pension. The only thing that was altered were the rules regarding the COLA.
Like I have said many a time before. Take my pensions and you won't like how I react.
The pension theft takes center stage for our main concern but does anyone have any legal expertise on the deferred comp plans? A few seem to think the city can take that too but I was told no way. It's a private company and the city puts nothing into it. I dont blame anyone for worrying seeing as how corrupt and evil the scum that run this place are.
5/13/2015 01:08:00 PM
I dont see how. Maybe some are confusing that if YOU declared bankruptcy, then YOUR 457 plan may be taken to pay debts. Unless I'm missing something here?
Chicago already looks more rundown than Detroit. Just should some film footage of 011 and 010, or anything other minority occupied part of town.
Have you ever been to Detroit? 010 and 011 are high line compared to Detroit.
Well, at least Chicago isn't Detroit...
"Chicago partisans, starting with Mayor Rahm Emanuel, argue vehemently that their city isn’t Detroit. They cite population growth, a diverse economy bolstered by an abundance of Fortune 500 companies, vibrant neighborhoods and a booming tourist trade."
http://finance.yahoo.com/news/chicago-city-junk-just-moved-193345521.html
rb
Rahm is doing everything in his power to prove that he is unable to make that lump sum payment.
Everything is happening in order to lower the cities value to use the courts to push the payment back or set up a installment plan which he would then pay with the casino Chicago is going to get.
It's the same way businesses, banks and individuals play the system.
Our pensions are secure, stop playing the dooms day scenario.
Anonymous Anonymous said...
Mike Madigan will save us!
5/13/2015 03:40:00 PM
Madigan has been MIA a lot lately. Is he ill?
Anonymous said...
The pension theft takes center stage for our main concern but does anyone have any legal expertise on the deferred comp plans? A few seem to think the city can take that too but I was told no way. It's a private company and the city puts nothing into it. I dont blame anyone for worrying seeing as how corrupt and evil the scum that run this place are.
5/13/2015 01:08:00 PM
I dont see how. Maybe some are confusing that if YOU declared bankruptcy, then YOUR 457 plan may be taken to pay debts. Unless I'm missing something here?
5/13/2015 08:06:00 PM
Some while back I phone Nationwide and worked my way up tsenior management level and was assured by all I spoke with that ONLY WE have control and access to our 457's.
There will be naysayers here who ask, "and you actuallybelieved them"? Hey, it's not like I phoned city hall for the info.
"Rahm is doing everything in his power to prove that he is unable to make that lump sum payment."
Everything with this con artist is a shell game. He wasted his first term covering for Daley and doing nothing. During the reelection, he marketed himself as a financial whiz kid, once the polls closed on April 7th, the complacent local media finally reported how messed up everything is and the negative ratings and scandals suddenly came to light.
F*ck Rahm. Fight for pensions!
Like I have said many a time before. Take my pensions and you won't like how I react.
5/13/2015 07:43:00 PM
@@@@@@@@@
You will come on the blog and pout? Yeah sounds right. Sounds like what 90 percent of our department does. Enough tuff guy threats, you won't do anything except complain and whine just like I'm sure you do about everythinh
Cook Co jail has 12k mutts.
$30k/yr for each
12k x 30 k = $36M per year
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