Why Are Pensions Broke?
- It is little known because it has been even less reported that during her lucrative time working among the Chicago political elite, current Obama White House Senior Adviser/de-facto President Valerie Jarrett was for a brief period a part-time member of the Chicago Transit Authority.
The CTA is in Chicago circles known to be an entity meant to reward those for services rendered, a political payback enterprise that offers a lifetime of future riches courtesy of the Chicago taxpayer. None has benefited more than one, Valerie Jarrett…
Jarrett was appointed the CTA Chair in 1995 by then Chicago Mayor, Richard M. Daley – Jarrett’s boss at the Mayor’s Office. Like so many times before, the CTA position was a likely reward for a job well done. Valerie Jarrett took care of business and kept her mouth shut, thus, it came as no surprise to find her given the $50,000 a year part-time position.
Jarrett then stepped down from the CTA in 2005. This was around the same time she was accelerating the political career options of Barack Obama, a man she had groomed in Chicago and Illinois politics for the last decade.
Up to that point, Valerie Jarrett had invested just over $11,000 into her CTA pension fund. To date, that fund has paid out to her over $300,000 and will continue doing so for the remainder of her lifetime.
Nice rate of return, isn't it? Like Hillary's turn in the futures market, Rahm's stint in the world of finance, Jamie Gorlick's job at Fannie Mae, and Mrs Obama's run at the University of Chicago.
Labels: money questions