Kick That Can Rahm!! (UPDATE)
- Mayor Rahm Emanuel is seeking to put off a massive teacher pension payment that’s due at the end of the month until Aug. 10 under a measure that surfaced Tuesday in the Illinois House.
The request for a delay comes after a series of internal Chicago Public Schools reports indicated that even if the school district drained its checking account, maxed out its credit card and burned cash set aside for other debts, it still would not be able to make the pension payment of more than $600 million, cover payroll and pay all the other due bills.
Like magic, these bills appear in Springfield. Isn't the legislature on summer break?
UPDATE: The measure lost in Springfield - by seven votes. So now what? Is their pension technically bankrupt?
UPDATE: The measure lost in Springfield - by seven votes. So now what? Is their pension technically bankrupt?
Labels: money questions
posted by SCC at 12:11 AM
30 Comments:
Maybe rahm can get a job as the Bears punter.
But plenty of money for maggot park.
Little pain now, or big pain later.
Keep is updated.
So now what? Is their pension technically bankrupt?
Their pension is not technically bankrupt, yet. They have some money left, just not enough. Like all Good Socialists, they eventually run out of other people's money.
Maybe Rahm can borrow against the police and fire department pensions to pay the teachers' pensions?
He may be kicking the can, but he has run out of road.
I'm a CPS teacher and remember when our pension was fairly well funded back in the 1990s. So where did the money go, exactly? I have been trying to do my own research and can't get anywhere. Was it to central loop improvement projects? Millennium park? Block 37?
Museum campus and diversion of Lake Shore Drive? It would be really nice to know, especially given the teacher-bashing that Rahm's media machine has been so effective at generating.
The check will clear on August 10. Really, it will!
Guess you can forget about pensions coming to those who have retired or will retire in the next ten years or so.
I bet the money will magically appear out of thin air.
Rahm is a financial wizard and genus. He will figure a way out of this monetary morass.
CHUY CHUY CHUY!
I remember every one saying RAHMS a genius he has handled billions of dollars.
Rahm will save us he will buy a new Merry Go round then build a Museum for Star Wars and Finally a Library for a failed President in a park outside of downtown!
He is on a roll and the pensions? all he keeps doing is asking for time like decades to pay.
Oh well at least the 10 hour day is a rumor. RAHM is going straight to 12 hours!
What that mean no mor VRI???
If the mayor wants to raise revenue, how about ticketing all the bicyclists who ride on the sidewalk and don't stop at red lights and stop signs. At $100 per offense I could have given out $1,000 worth of tickets last night when I walked around Lakeview.
The only law he needs changed is to be able to convert TIF funds to be able to pay. debt reduction
Time for another strike baby! Remember Rahm, "It's for the children".
require a bicycle license plate for all cyclists that use bicycle lanes during rush hour
yes ticket offenders that run stop signs , red lights , fail to yield to pedestrians etc
big time $$$ would be collected
Anonymous Anonymous said...
Rahm is a financial wizard and genus. He will figure a way out of this monetary morass.
6/24/2015 07:40:00 AM
Well, you got the last three letters right.
Rahm needs a hard kick IN his can...
To the CPS teacher with pension questions.
http://www.chicagobusiness.com/article/20150624/BLOGS02/150629918/who-killed-cps-report-lays-out-the-fiscal-felons#utm_medium=email&utm_source=ccb-politicshinz&utm_campaign=ccb-politicshinz-20150624
Anonymous said...
The only law he needs changed is to be able to convert TIF funds to be able to pay. debt reduction
6/24/2015 09:20:00 AM
100% correct!
Anonymous said...
The only law he needs changed is to be able to convert TIF funds to be able to pay. debt reduction
6/24/2015 09:20:00 AM
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Not going to happen, God bless the Bankers who are investing those pensions... they are living in multi-million dollar homes paid for by your taxes. by the way, I moved outside of the city awhile ago. I still have a bitter taste from working for the city. I am glad to see this pension go belly up
Rahm is screwing the teachers because he hates Karen Lewis end of story.
Why don t they do a roll call of teachers and where they claim they live by checking drivers licenses, registration ,tax returns,property tax bills. Most teachers teaching at the school where I work live outside the city and belong inside the city and they are not grandfathered . Maybe a little more revenue from them could help out a little for there pension payment. We have to use the shit city CPS schools for our family why don t they and pay over inflated prices for small old houses in what safe areas that are left. Also students attending CPS schools (select enrollment) who live in the burbs or moved and our still here( 10-15 at my school alone) Happens a lot more than you know and they admit and when uncovered they bury it. If it was CPD or CFD we would be fired. Have them set up a hotline to turn them in. I m sure we all know at least one. Oh no lets strike and demand more.
Anonymous said...
The only law he needs changed is to be able to convert TIF funds to be able to pay. debt reduction
6/24/2015 09:20:00 AM
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Not going to happen, God bless the Bankers who are investing those pensions... they are living in multi-million dollar homes paid for by your taxes. by the way, I moved outside of the city awhile ago. I still have a bitter taste from working for the city. I am glad to see this pension go belly up
6/24/2015 06:50:00 PM
Don't they have tooth paste and mouthwash out there where you are to help get rid of that bitter taste? What have you been swallowing anyway? Remember, this is a family website.
Anonymous said...
I'm a CPS teacher and remember when our pension was fairly well funded back in the 1990s. So where did the money go, exactly? I have been trying to do my own research and can't get anywhere. Was it to central loop improvement projects? Millennium park? Block 37?
Museum campus and diversion of Lake Shore Drive? It would be really nice to know, especially given the teacher-bashing that Rahm's media machine has been so effective at generating.
6/24/2015 06:02:00 AM
You dope. You already received that pension money in the form of raises in salary. Remember all those 7% raises you got? Three year contract, total 21% in raises? Did you think that Daley liked teachers or you were doing a good job?
Daley gave the CTU President a pension equal to the union president salary, not the usual civil service rate pension. That was to go along with the scheme. Then you teachers all approved the contract also giving the City a succession of "pension holidays" that allowed the City to contribute nothing to the pension. The raises were done with your pension money and were less than those pension contributions. CTU got fat raises and the City saved lots of dough and teachers get fucked down the road. Daley didn't care. He knew that when it became a problem he would be gone. How do those raises feel now?
You can look it up. Ask Karen Lewis at the next union meeting.
Just imagine, when Daley took office the Teacher's pension fund was funded at 115%. Fucking Daley was licking his jowels. He ruined the finances of the City in 22 years flat. And those inbred morons in the 11th and 19th ward would vote for him again today.
Anonymous said...
Why don t they do a roll call of teachers and where they claim they live by checking drivers licenses, registration ,tax returns,property tax bills. Most teachers teaching at the school where I work live outside the city and belong inside the city and they are not grandfathered . Maybe a little more revenue from them could help out a little for there pension payment. We have to use the shit city CPS schools for our family why don t they and pay over inflated prices for small old houses in what safe areas that are left. Also students attending CPS schools (select enrollment) who live in the burbs or moved and our still here( 10-15 at my school alone) Happens a lot more than you know and they admit and when uncovered they bury it. If it was CPD or CFD we would be fired. Have them set up a hotline to turn them in. I m sure we all know at least one. Oh no lets strike and demand more.
6/24/2015 08:49:00 PM
Here's why doesn't aggressively enforce their residency employee...it costs money to investigate and put a teacher through the ringer on a residency violation. And, CPS doesn't get any money out of the investigation, they just put money into it. Where as, if a student is nabbed for a residency violation, CPS can get back tuition money from the student's family.
Also, CPS will rarely pinched a teacher for residency violation if the teacher is doing good things and not problematic. CPS will go after troublemaker teachers instead.
Prosser just hired a new principal (Mark Schall) and he lives in Hickory Hills. CPS claims he had 6 months to find a new residence from last summer when he was hired as an asst. principal at Prosser, he said he did, and CPS backed off. In reality, he's still living in Hickory Hills and is using a Chicago residence. What has CPS done about this? NOTHING!!
There's 6-7 teachers at Taft HS that CPS is aware of that are violating the residency policy and what do they do? NOTHING!!!! Hell, one teacher (Chad Nishibayashi) is one of three family members working at Taft and more specifically in Taft's PE Dept together as teachers. Chad had the balls to move to Northbrook after establishing Chicago as his residency upon his hiring.
FYI: CPS will give a 3-yr. renewal residency waiver to teachers if they're hired as non-Chicago residents after November, 1996 and if these teachers work in need basis subject areas, PE is considered a need basis subject. GO FIGURE!!
Anyways, a few 'troublemaker' Lane Tech PE teachers (Ed Nobiling - Antioch, Jeff Szukala - Park Ridge)were nabbed in recent years after getting hired as Chicago residents and then moving to the suburbs.
The provision on the CPS residency waiver doesn't allow for teachers to be hired as Chicago resident, move outside Chicago, and ask for a waiver. CPS considers this circumventing the policy, but, it still happens as CPS claims a lack of manpower restricts how many investigations they can pursue each year.
Anonymous said...
The only law he needs changed is to be able to convert TIF funds to be able to pay. debt reduction
6/24/2015 09:20:00 AM
100% correct!
6/24/2015 04:26:00 PM
If he wanted to buy a new merry-go-round he'd figure out a way to get to those goddam TIF funds. Or if he were running for re-election he would give it to the democrats so they would love him sum mo'
Not going to happen, God bless the Bankers who are investing those pensions... they are living in multi-million dollar homes paid for by your taxes. by the way, I moved outside of the city awhile ago. I still have a bitter taste from working for the city. I am glad to see this pension go belly up
6/24/2015 06:50:00 PM
Don't they have tooth paste and mouthwash out there where you are to help get rid of that bitter taste? What have you been swallowing anyway? Remember, this is a family website.
6/25/2015 01:11:00 AM
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In the end... after that guy uses mouthwash and his breath is fresh... who is going to get the knife in their back, and no pension. But then again, I don't really care. Just as long as the politicians are take care of, and Rahm is in office, that is all that matters to me
I'm a CPS teacher and remember when our pension was fairly well funded back in the 1990s. So where did the money go, exactly? I have been trying to do my own research and can't get anywhere. Was it to central loop improvement projects? Millennium park? Block 37?
Museum campus and diversion of Lake Shore Drive? It would be really nice to know, especially given the teacher-bashing that Rahm's media machine has been so effective at generating.
6/24/2015 06:02:00 AM
Once $$ is deposited in the pension fund, the government can't spend it; the members of the pension board invest it and it's used to pay pensioners.
The $$ went to retirees and millions were lost first when the Internet bubble burst in 2000 and then against in 2008 when the bottom fell out if the market. As a matter of fact in 2008-2009 public plans lost a median of 15-16%. That, in a nutshell is where the $$ went.
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