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
posted by SCC at 12:31 AM
53 Comments:
Is Huberman getting anything? He was the head honcho over there for a short time.
And that's what's wrong with Chicago FUCKING DISGUSTING! What a scam. Politicians taking care of their friends on the backs of the tax payer How sick and wrong
Ron Huberman
It just goes to prove that America is still the land of opportunity, that knows neither race nor gender.
"...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. "
While we are at it:
Is Rahm getting anything Golden Parachute $$$ from his time at Fannie Mae?
Is Garry getting any hush money after being "fired"?
How may Democommunists collected their Government Pensions and full Social Security Benefits while in jail? Rostenkowski, Ryan, Blago, I could go on.
BTW I now that the photo of Garry as QEII (nicely done) was supposed to be the last but I think we need one more.
THE KING OF THE GYPSY COPS!
Bandana tied around head, slouched fedora.
Maybe a collection of badges hanging off him.
You get the idea.
Shut up and deal with it,this is the bullshit we are fucking told. So the teachers are greedy right? How the fuck can you get 50k for a part time position where you have zero responsibilities, then only put 11k into the pot but have gotten so far 300k? I am sure there are widows trying to decide to get medicine or food right now, this is some bullshit and really needs to stop. And there are other boards that do the same damn thing. Part time only meet once a month but pay six figures and you get a pension. WTF indeed.
Criminal!!!!!!!
End CPD "Gold Braid" pensions. It's nothing more than legalized bribery for clouted suckholes and inept political hacks.
No no, NO!
Don't look here!
Look THERE!
Lookit what da cops are gettin'!
"It's you greedy Cops with your sweet early retirement in your 50's and
your cush $100K pensions that we read about in the papers!"
Funny...
They want to put a brick on a Policeman's comparative
pittance of a pension.
"Y'all can't collect until y'all 67 an' shit!"
Nothing but pure hatred drives this.
Another slanted, anti-Police hit piece coming in:
3... 2... 1...
Wow. What a very lucrative coincidence huh?
But our pensions are the problem.
Same damn reason the state is broke
Careful someone might think there is a pattern.
Mind yer own fuckin' business.
Now get out there and write some ISRs.
"This is clearly Bruce Rauner's fault," said Mike Madigan.
The Elite take care of the Elite. The Peons are to keep their mouths shut and shake their heads in the affirmative when told to do so.
OT- Cmdr Bobblehead on the radio again micro managing the troops. It's easy to fuck with the beat cars, especially on 2nd watch when he is prancing around 012, because we are all tied to the radio. But what about the desk where the select females leave at 1130 every day? DSS ducking at 1100. Watch secretary and station security(what a fucking joke) out by 1130. And foot guys? WTF. He tells Zone 3 to assign jobs to early cars til 1430. Ok asshole, see how we return your kindness. Fuckhead wont even acknowledge PO's in the station. What a leader of men. 012 is being run into the ground by this fool. By the way, as station security was sitting on her ass playing desk officer a m1 and f1 were seen taking video of plates on personal cars in 012 lot. And of coarse nothing was done about it and nothing mentioned at roll call for a heads up. Nice.
Just love the pension system. You can get one for every job you worked. Like that new Alderman a former police Sgt. will just after, "two" terms, Get an 85% pension from the city for that job too.
I've contributed over 150k in my career and won't see a fraction of what she does. That's why the public hates us/pensions. Total BS.
shhhh, thats suppose to be a secret......
The important sentence in that phrase is "for the rest of her life"....................well, anyone?
But guys like Romney and Trump who made their own money are somehow the villains in this society?
Members of the pension board addressed roll call yesterday and were asked when the fund would be insolvent if the city failed to make the promised payment . 6 years was the answer . The fund pays out monthly twice what it takes in. The head of the board said that the last time he met with the mayor , Rahm asked for a delay of payment . From what I could gather both parties are praying for the casino stalled in state political wrangling . If you don't have a plan B you better cultivate a taste for cat food .
Jarrett reportedly was against the "green light" decision for the raid that killed Osama Bin Laden, as being too politically risky for the President. Who cares about the risk to the troops, right, Valerie?
This just in.......9 1/2 or panderer in chief..has found a new way to try to quell the calls for his removal...he's going to charge downtown developers extra and give that money to....you guessed it...Chicago's "economically depressed neighborhoods" (I read the revrunds)... oh by the way..NO money for extra police..NO money for pensions..No money to replace the POS squad cars... Maybe we should all move to Englewood..it's where the money is after all..
(OT) even Russia can see Michelle Obama extreme corruption along with Barry talk about arrogance:
http://observer.com/2016/02/russian-tv-trashes-michelle-obama/
On the same vein, check out the story in the Tribune today about the police chief in Hinsdale...
Rahm is trying to bankrupt our Pension! One more disaster in the markets, we will lose it all! The Pension board is useless, web site is terrible and so is the news letter we get.Does anybody care? Hey SCC, can we as individuals sue the city if the Mayor doesn't come through with his balloon payment? Apparently, they have in NYC and other places and have been successful.Anybody care to comment of possible law suit ?
$300K ??? That's peanuts. Wait until she get's some tips on how to play the cattle futures market from Hillary.
That is insane. There definitely needs to be changes made to prevent corrupt assholes from double and triple dipping multiple pensions.
Mike Lappe will get this resolved
...and this is just pocket change.
"Until joining the Obama administration, Jarrett was the CEO of the Habitat Company, a real estate development and management company...Jarrett was a member of the board of Chicago Stock Exchange (2000–2007, as chairman, 2004–2007).
"She was a member of the Board of Trustees of the University of Chicago Medical Center from 1996 to 2009, becoming vice chairman in 2002 and chairman in 2006. She also served as Vice Chairman of the Board of Trustees of the University of Chicago and a Trustee of Chicago's Museum of Science and Industry. Jarrett serves on the board of directors of USG Corporation, a Chicago-based building materials corporation.
"Jarrett's previous year's income, in a 2009 report, was a $300,000 salary and $550,000 in deferred compensation from the Habitat Executive Services, Inc. The Wall Street Journal also reported that she disclosed receiving payments of more than $346,000 for service on boards of directors that reflect her political ties, work in Chicago real estate, and Chicago community development. She was paid $76,000 for service as a director of Navigant Consulting, Inc., a Chicago-based global consulting group with governmental clients. She received $146,600 from USG and $58,000 to serve on the board of Rreef American REIT II, a real estate investment trust based in San Francisco. The Chicago Stock Exchange, Inc., paid her $34,444..."
https://en.wikipedia.org/wiki/Valerie_Jarrett
Whatever monies Mrs. Obama may or may not be receiving as part of a structured pension from U of C has no bearing on
City, Country of State pensions here in Illinois. Lest you forget, the U of C is a PRIVATE university. I'm sure they can
afford whatever monies they pay their employees when they leave active service.
This is more reasons that the thieves don't want pensions eliminated! They dip quickly into the fund put a little in get back what a 3,000% or more return? Read the new FOP magazine from Feburary 2016, the pension will be gone in 7-10 years if the city and state does not put in their share that over the years were allowed to skimp on! Why then was the daley/vaneko crew allowed to freely take over 60 million of our pension money in a lump sum and lose all of it, but yet they are not charged and the pension board heads that gave away "our money" are still there! Was there a back door deal? Were the pension heads given something in an envelope in return for this allowed major theft?
Why also are the gold star club, some patrolmen (Like mayors commanders) allowed to take a non existent not recognized pension dip? Why is the civil service rank not allowed for pension, but the "He is my guy" Chicago way allowed to get exempt (LOL) rank pension that is undeserved? Rant/OFF Thank you SCC for all you,and officers "stay fetal" warm weekend ahead let jungle rules apply stay safe may God please bless officers everywhere and especially CPD with all the political turmoil they are being dragged through!
Anonymous Anonymous said...
(OT) even Russia can see Michelle Obama extreme corruption along with Barry talk about arrogance:
http://observer.com/2016/02/russian-tv-trashes-michelle-obama/
2/18/2016 09:10:00 AM
Now that is great reading! Trump was asked what President Putin thought of obama trump replied "he laughed!" Now we see another reason why! Then he gave a pittance of money to Flint Michigan poisoned residents but spent millions more on his and hers taxpayers trips! Even the security detests these atrocious actions!
About 8 years ago I posted comments about the Pension Fund and had quite a few responses which were mostly negative. The standard that the city would not do it, against the law ( which it is) but if there is no money?, plenty left in there and on and on.
In 2008 my estimate was posted as 2020-2022/ I will stick to that. I have seen for almost 40 years that biggest concern for the average police officer was the retro pay, never looking past that bribe that the city stuck out there. I am pretty well set ( not rich but comfortable) and will have to tighten the belt a little if/ when the pension fund folds. The fund will be bankrupt and some will still be talking about some silly retro money.
old retired guy
9.358,000 of the local currency transferred to Iran, according to today's exchange rate. Mata Harri got nothing like this. (Except for the firing squad.
Anonymous Anonymous said...
"...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. "
It is odd how these same people keep turning up in different key government jobs and leave after having caused destruction instead of improving conditions for us? It makes one wonder if there is some puppet master behind the scenes, placing them there in order to implement an agenda, (new world order, one world government) and they then pay them off with these jobs or sweet deals. It Is no wonder why they want to take our second amendment away.
If you fools think you will retire with a pension your crazy,hopefully everyone has a plan be when it all hits the fan!
Chicago corruption tax at every turn. It adds up over time.
Anonymous Anonymous said...
End CPD "Gold Braid" pensions. It's nothing more than legalized bribery for clouted suckholes and inept political hacks.
2/18/2016 02:56:00 AM
Clouted or not, they should still end.
Anonymous Anonymous said...
Mike Lappe will get this resolved
2/18/2016 11:44:00 AM
Hope so, he is going after the disability crew but yet dean is untouched strage or planned?
And President Valerie owned buildings in Chicago that were not prime, basically slum for the Tenants.....(things just keep getting better and better don't they??...oh, those secrets).
Anonymous said...
OT- Cmdr Bobblehead on the radio again micro managing the troops. It's easy to fuck with the beat cars, especially on 2nd watch when he is prancing around 012, because we are all tied to the radio. But what about the desk where the select females leave at 1130 every day? DSS ducking at 1100. Watch secretary and station security(what a fucking joke) out by 1130. And foot guys? WTF. He tells Zone 3 to assign jobs to early cars til 1430. Ok asshole, see how we return your kindness. Fuckhead wont even acknowledge PO's in the station. What a leader of men. 012 is being run into the ground by this fool. By the way, as station security was sitting on her ass playing desk officer a m1 and f1 were seen taking video of plates on personal cars in 012 lot. And of coarse nothing was done about it and nothing mentioned at roll call for a heads up. Nice.
_______________________
I wish SCC would let me tell the wonderfully creative ways that morons like that were dealt with in the past. Yes, the job has changed, but the way those things were handled could still be done today, and no, they are not be found in the General Ordrs.
2/18/2016 05:56:00 AM
AND YET, most coppers vote Democratic because.... "the democrats support unions". The democrats support themselves only and union jobs will not exist without a strong economy. When do we have the strongest economies? when Republicans are in charge! WHAAAT? yes Timmy, that's ECON 101!
Ron Huberman will be the next superintendent! Charles Ramsey will push Ronnie's nomination on Rahm. Shom Rim Society and LGBT activists will also jump to his side. He looks black and hates the police. He is the perfect candidate.
"Why Are Pensions Broke?"
Money Kiting
Corruption
Theft
Malfeasance
Who will take this job, if there is no pension? That's why the city won't let it fold.
Anonymous Anonymous said...
OT- Cmdr Bobblehead on the radio again micro managing the troops. It's easy to fuck with the beat cars, especially on 2nd watch when he is prancing around 012, because we are all tied to the radio. But what about the desk where the select females leave at 1130 every day? DSS ducking at 1100. Watch secretary and station security(what a fucking joke) out by 1130. And foot guys? WTF. He tells Zone 3 to assign jobs to early cars til 1430. Ok asshole, see how we return your kindness. Fuckhead wont even acknowledge PO's in the station. What a leader of men. 012 is being run into the ground by this fool. By the way, as station security was sitting on her ass playing desk officer a m1 and f1 were seen taking video of plates on personal cars in 012 lot. And of coarse nothing was done about it and nothing mentioned at roll call for a heads up. Nice.
2/18/2016 05:56:00 AM
Bid out to 007, 003,005,007. Or somewhere else and quit your bitching about working in 012 jackass!
Pensions are broke because of Richard Daley. How can one man financially bankrupt the third largest city in the united states and not be held accountable. CEO's of large corporations have done less and are in jail. It's well beyond sickening and the media protects him and crucifies the police.
Everyone in the Pensions pages a percentage of their income into the pension fund and you always hear that they are going broke.!
Why don't you ever hear about welfare going broke when the only income they have is our tax money?
Where does the money go that people put into pensions and social security and die before ever getting 1 red cent?
Being a black communist bitch democrat has its privileges
Grate investment return!!!
while it is annoying that political appointees seem to get the lion's share of pension money, it is really not enough to matter all that much in the grand scheme of things.
However, it is a good reason to convert all public employees to a defined contribution style plan so it won't happen anymore.
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