Rahm Shorted the Pensions?
- The city of Chicago has filed suit against the Illinois state Comptroller’s office and pension boards for its police officers and other city workers, accusing the pension funds and the comptroller of wrongly intercepting state grant funds otherwise owed to the city because the pension funds say the city has shorted its pension contributions.
On May 1, lawyers for City Hall filed a complaint in Cook County Circuit Court, asking a judge to slap an injunction on the comptroller’s office and order the state release the money.
[...]
According to the lawsuit, the comptroller’s actions followed notices of “final determination” submitted in March and April by three pension funds which manage retirement funds for Chicago city workers, including police officers. According to the complaint, city believes the pension funds have told the comptroller City Hall has shorted its contributions to the three pension funds by a total of about $23.1 million, which could trigger an embargo on state funds to the city.
Under state law, the comptroller is required to intercept and hold any payments being made by the state to a municipality, if one of the municipality’s pension funds reports the local government has failed to fund its pensions at the levels set by law.
Rahm's people accused of shorting pension funds? Who would ever believe that? Oh yeah - everybody.
But can Mendoza prove it in court? Go read it all. It's interesting to say the least. Especially in light of this article:
But can Mendoza prove it in court? Go read it all. It's interesting to say the least. Especially in light of this article:
- Mayor-elect Lori Lightfoot could need to come up with more than $200 million beyond what Mayor Rahm Emanuel previously estimated in the 2020 city budget to cover higher pension payments and costs previously covered with expensive borrowing, Emanuel’s chief financial officer said Wednesday.
That would push the budget shortfall Lightfoot faces north of $700 million, higher-than-expected costs the incoming mayor didn’t know about until recently.
The city’s pension investments performed badly at the end of 2018 as the stock market took a dive, Chief Financial Officer Carole Brown said. That led to a negative rate of return that will force the Lightfoot administration to come up with perhaps an additional $100 million as the city shifts to actuarially based pension payments in 2020, Brown said.
Labels: pension
posted by SCC at 12:03 AM
53 Comments:
Unbelievable, Rahm trying to play a fast one on the way out!!!!
The market was up in 2018.
Don’t be surprised if he leased out City Hall and hid the money in the Cayman Islands.
L-2-L please report to the firing range dressed in
Day-Glo Yellow
Who campaign funds were intercepted?
They better do something very quick! They are not making this job very attractive and when the few interested people hear they will get lied to and fucked over on their retirement, they surely won’t be applying. Crime is already running wild. Imagine how it will be when the city backstabs and destroys it’s entire police force’s lives? How will cops that paid into the pension for 20 plus years, make adjustments? Little late in the game to plan otherwise. All that time wasted to invest elsewhere when the bomb drops. Who would have taken the job 20-30 years ago if the city would have said “there’s a possibility of us screwing you?” No one! Lightfoot wants people to stop moving out of Chicago and attract people to move in? Hahahahaha....If she doesn’t fix this and police officer’s lives get destroyed. Then Chicago will die. This is THE worst thing that can happen to Chicago. It’s not her fault but she can fix it.
I sure hope Lightfoot doesn’t do the “kiss ass thank you how awesome you are Rahm” fest on her first day. He left her holding the bag on his and Daley’s corrupt screwing of Chicago. Hopefully she just says good bye and seals herself away from any long time machine Chicago politician and cleans house.
Rahm has to leave quickly so the moving truck is packed ready to go, and he is not leaving the wedding dress this time. He has made it known around the Hall that he wants the Riverwalk named after him. How in hell do these people become so egotistical?
Never before in the History of Man has a pile of wealth that is the Stock Market been assembled. The usual culprits will milk that cow for all she's worth.They will blame algorithms, quants, shortsellers, speculators, lack of overight, technical glitch, circuit breakers or a full moon.
401k savings and pension investments will need to be wiped-out so people clamor for Socialism. These ARE the roaring 20's.
No contract this year either, the retro money has obviously not been budgeted. Our new mayor has no financial experience other than maybe balancing her checkbook every month. We need a professional money person, not another one who's only answer is to raise taxes and issue more debt. Large cities all across america have balanced budgets, healthy investment portfolios and fully funded pension funds. What the hell is the problem here.
Rahm Short-Shanked the Pensions,
arrest him like PROCO Joe
THAT Low Life Scum Thieve Weasel Ballerina took it Who else ,or used it , that's why we have a New RIVER walk , NEW NAVY PIER OVER PASS and much More , and Thats why he kept pulling MILLIONS OUT OF HIS ASS for anything he wanted , What did you expect from this Scum , Plus EXTORTION and having Employees to pay money if you don't go along with his BULLSHIT Medical Employee Plan , and report your Health issues to him , Like if he was going to pay for your health when he found out your Medical history , Which is a Violation of the HIPAA Violation , He should be Put In Prison , ITS HIS WAY OR THE HIGHWAY REMEMBER
can't the pension fund re-hire that jag-bag vanecko for the opportunity to be able to lose millions of the funds money after he's paid a few million up front.
maybe Rahm could have the pension contribution shortage after himself
No surprise the ballerina cheated us again. Are the federal authorities even investigating the ballerina and his crew? It seems like he does whatever he wants whenever he wants without any penalties he’s a criminal even went on that pathetic program and brag about how Chicago is a no Trump zone and how he would protect illegal criminals and give them money schools for education housing free healthcare etc. etc.!
Now Kevin you are head of the fraternal order of police what is going on with the pension we have fraternal order of police lobbyists down in Springfield working on this any answers has the mayor made the proper payment to the pension fund he was supposed to do in January 2019 stop being so silent you need to talk a little bit.
You wonder if the taxpayers can get a class action suit against the person in government that has gross negligence in mismanagement of taxpayer funds. I mean go after the person, not have the government pay. The lies and hiding of debt is not what we elected politicians for.
The courts in the past said that the peoples response should be to vote the politicians out. With the lies and cover up how can we manage the decision to vote? With the democrat party controlling who runs, how can we make a decision? Ya, get out and vote. It never happens. Look at what Hillary did to Bernie. She fixed the system. This is just an example of what goes on. The system does not work as it supposed to. If the politicians who park their back end into a chair for multiple terms are held just a little responsible, maybe things could be different.
The problem is that the people are lied to so often and the debt is hidden, that the politicians should be personally responsible for their fiduciary duty to protect the taxpayer or their lack of duty to safeguard the taxpayer.
The only thing left we have is to vote with our feet. The tax amendment for the state constitution is only going to tax the upper 20 percent. Ya right. There will be an unexpected shortfall and with people moving out of state, there will be the top 40-50 percent now paying higher taxes. Prove me wrong.
Emanuel's propaganda machine is working overtime in his last days.
He is rewriting his legacy:
https://www.city-journal.org/rahm-emanuel-chicago-crime
He, Daley and the demohacks have ruined Chicago.
Weird my stock pick in 2018 gained myself about 17%! I dont mean the deffer ed comp either actual stock!
I put a small boat load into the magical HEMP plant stocks.
I figured out that the city does not invest in anything that generated revenue. They do invest in thing that charge large fees.
Think about it why isnt the city an investor in the parking meter company?
Aurora cannabis
Canopy Growth
Aphria (not so hot right now)
cronos group
CannaRoyalty
You have to open a trading account online (TD ameritrade)
The companys are based mainly in canada.
I should call the ethic board and ask if this is ok... but since exempts are stealing social security checks from DEAD moms i think ill be ok.
Did ANYONE GO GRAB THAT EXEMPT PISTOLS YET FROM HIS HOUSE? HE IS A FELON!!! OR IS HIS BROTHER GONNA COLLUDE WITH HIM AND HOLD THEM.
OT: wow. The following will make you cry. Thank you boys and girls in blue and your families. We really do appreciate you.
For those non-LEOs, watch this and thank God others stand up for you. Then, do something about it:
Storm city hall and demand CPD pensions and survivor benefits.
Demand they have a fair contract and funded pensions.
Demand they and their families can escape the shittcago to live in the suburbs as they wish. Are you tied to an area because your job terms demand your residency?
Demand our LEOs receive respect.
Demand LEOs are treated with functioning equipment, exceptional protective gear and true leadership.
Demand the feral community learn to respect a LEOs, us and our property.
Demand real change that they become normal citizens.
Try wearing probably 50+ pounds extra for long ass days knowing someone’s gunning for you. Get busy and support the blue.
Shame on anyone who sits back and stands down fiddling with nonsense.
LEOs: please add to the list. It’s time we lazy asses non-LEOs stopped whining and forking over our hard earned money to stupid corruption.
Oh and hug an LEO but first ask them. Minimally smile and thank them. Their pay doesn’t begin to compensate for the true shit they endure.
https://youtu.be/-NY6kxUo9CY
Pensions? Don't talk about pensions. You kidding me? Pensions? I just hope we can get another paycheck.
Anyone thinking they are going to get a full pension for the rest of their life should heed the words of Steven Tyler: Dream On!
The City needs to cool it with billion dollar grants to firms for riverwalks, and devote the TIF funds to restoring the pensions. Just for a few years. Then they can get back to their bullshit when the pensions are solid again. You think they can stop their crooked misuse of funds for just a few years and do the responsible thing?
Yeah, probably not.
Remember, Rahm is not leaving, he wants 2 b a senator now, and word has it Turban Durban is retiring. Trump will do nothing 4 this fucked up town!
"OR"...Chicago could just stop building frivolous public works projects for a few years. U know, the ones always connected to a political crony or two! The ones that get funded even though the city is broke? If you added up all the waste in building monuments to nothing, you could pay down the pension debt, and likely balance the budget. But Chicago, being like it is, likely will continue this way in the foreseeable future. Mayor Lightfoot will need to build political clout, and this is how it is done. I have no doubt, that in her first year, she will sign off on some big expensive project. Walsh construction needs the money! Even if she needs to raise taxes to do it. After all, "It's for the children..." "And their future..."
Maybe Chicago's airport's runways need rebuilding or something. And maybe Navy Pier needs a facelift..(sarcasm)
Sad.
Anonymous Anonymous said...
THAT Low Life Scum Thieve Weasel Ballerina took it Who else ,or used it , that's why we have a New RIVER walk , NEW NAVY PIER OVER PASS and much More , and Thats why he kept pulling MILLIONS OUT OF HIS ASS for anything he wanted , What did you expect from this Scum , Plus EXTORTION and having Employees to pay money if you don't go along with his BULLSHIT Medical Employee Plan , and report your Health issues to him , Like if he was going to pay for your health when he found out your Medical history , Which is a Violation of the HIPAA Violation , He should be Put In Prison , ITS HIS WAY OR THE HIGHWAY REMEMBER
5/16/2019 03:38:00 AM
the same guy that just gave billions to the Lincoln yards and the 76 development friends and family program, lori said no not yet then the money must of got into her secret stash and suddenly she changed her mind and said "go ahead." Rahm is such a blatant crooked pos and the feds are letting him walk out with his head high! Ever think how odd it was that rahm gave away much of his campaign fund to whoever he wanted,maybe the feds told him to get rid of all the millions of ill gotten money and they would let indictments slide for him and his wife?
who could foget this drunken tthe "no trump zone," on colberts program where he refused to get rid of illegals! Watch this pos more evidence to lock him up! rahm says at the beginning "Chicago is a city Trump will never sleep in!" Hmm rahm do you think this dirty swamp is a place he would ever want to sleep in,it is infested with #1 in the country corruption and scum,crime,he will never let Airforce 1 wheels even touch the tarmac at any Chicago airport,he cannot stand the stench like many taxpayers and law and order people cant!
We should all take to the streets dancing as your finally gone,and God willing the prison bus is picking you up!
I am not surprised that Rahm did not tidy up the office before his departure. He is a Mr. Poopy Pants.
Now, kees me you fool!!!!
Just how much money did he give to Sterling Bay for the privilege of donating to his campaign fund?
That bullshit has got to stop! All government supported projects should be halted until the city gets their own finances straightened out!
No more tiff funds, etc... pay all your real debts before supporting campaign donors and corporate freeloaders.
.
"He has made it known around the Hall that he wants the Riverwalk named after him. How in hell do these people become so egotistical?"
When "the Rahm RIver Walk" floods again, we will remember him!
Shortshanks and Rahm belong in prison.
It’s an intentional breach of fiduciary duties.
We own 50% of the problem for not sticking together!!
God I hope Lightfoot is a 180 from Rahm and Daley. I hope she stays true to her word about our pensions and cleaning up the city. I hope she knows the unthinkable damage that will be done to the CPD and the city if the pension isn’t funded. Police officers have already taken an unfair beating but a failed pension fund is the ultimate backstabbing. NOTHING could be worse! This is what everyone is working for! An earned, paid into, and guaranteed pension. This shouldn’t even be a topic. Police officers don’t get social security either. When crime skyrockets who will respond to the calls? A fucked over cop? What business will stay? What person will move here? Where will the taxes come from? This could be the worst possible thing for Chicago’s future.
Anonymous Anonymous said...
THAT Low Life Scum Thieve Weasel Ballerina took it Who else ,or used it , that's why we have a New RIVER walk , NEW NAVY PIER OVER PASS and much More , and Thats why he kept pulling MILLIONS OUT OF HIS ASS for anything he wanted , What did you expect from this Scum , Plus EXTORTION and having Employees to pay money if you don't go along with his BULLSHIT Medical Employee Plan , and report your Health issues to him , Like if he was going to pay for your health when he found out your Medical history , Which is a Violation of the HIPAA Violation , He should be Put In Prison , ITS HIS WAY OR THE HIGHWAY REMEMBER
5/16/2019 03:38:00 AM
They can spend money on all kinds of projects, parks and upgrades but when the CPD is demoralized and crushed due to the purposely destroying of the pension fund, who will feel safe enjoying all the things the city built? Who will apply to be a police officer? What taxpayer and business will stick around?
Like the post above, Democrats cannot run anything without screwing it up unless it benefits their donor class.
Malfeasance and manipulation. They shut down banks for this kind of accounting and practices...just ask The Prickzters.
Chicago shouldn’t have to rely on elections to oust bad, deceitful con artists.
“The city’s pension investments performed badly at the end of 2018 as the stock market took a dive, Chief Financial Officer Carole Brown said.”
What does that mean?
Eight years of bad decision making, poor management and overspending on legacy pork projects.
And the only answer they have, Rahm & Brown is to blame Donald Trump.
Carole Brown, now she’s a city appointed swamp clown and from Baltimore, the financial disaster training capitol of the nation.
She’s been appointed to CTA, RTA and TIF Reform...how are these agencies and funds doing?
The Harvard graduate, (wow another one) has been in “finance management for decades”, boasting firms like Lehman Bros, Mesirow and Barclays. Lehman (a Rahm favorite) went bankrupt, Mesirow another big Dem supporter, and Barclays with a history if money laundering, tax cheating and price fixing. No wonder ShortShanks made plenty of trips to London.
Nice résumé Carole.
That’s a lot of bouncing around and only to end up working for a failing (on the books) municipality...now you know why.
Where’s all that finance savvy, same kind Rahm former chief of staff to the undocumented hawaiian has.
This city is being drained of its revenues and ignoring its liabilities, all the while wasting capital on sanctuary benefits.
The Pensions are being managed poorly yet the managers are making out like bandits.
Too many fingers in the finance purse.
If only we could invest our pension funds in the same economic engines as the city insider investors.
I really can't see how Chicago will not go bankrupt in the next year to 2 years, and then might well take Illinois and all of your pension funds down in the next five. I would be extremely worried if I was a city / government employee there. I don't think the US gov can or will or even should bail out Chicago . I'd get out if you can, now.
I wouldn’t be surprised if we ended up like the Memphis Police Department. Much smaller but same pension crisis problem. They don’t have one anymore for new hires.
Hey 0338, for the record the lakefront bike path and NP flyover was payed for by the richest man in Illinois and how 12 million dollar donation. But as you pointed out the a-hole did blow our money on many personal projects which were not needed. The river walk and the “DePaul stadium being two which need to be looked into once he is gone.
Check Vaneckos Sauganash basement or his boat up in New Buffalo. I heard he's got bags filled with our pension money.
Don't be surprised when they amend the pension clause,you will get what you have already earned up to that point.
Anonymous Jim Mora said...
Pensions? Don't talk about pensions. You kidding me? Pensions? I just hope we can get another paycheck.
5/16/2019 07:56:00 AM
You sound ridiculous
Anonymous Anonymous said...
We own 50% of the problem for not sticking together!!
5/16/2019 11:25:00 AM
Ummm...and what in God’s name would that do to fund the pension? The pension fund has nothing to do with us. It’s not contractual. We pay into it like we agreed upon the first day of employment. That’s the last we see of the money until retirement. There’s not a damm thing we can do to make the fund 100%. I do agree that it’s a “me me” every man for himself department now, but we are totally removed from the fund other than voting for our fund rep. And the rep can’t do anything regarding the funding either.
Anonymous Anonymous said...
God I hope Lightfoot is a 180 from Rahm and Daley. I hope she stays true to her word about our pensions and cleaning up the city. I hope she knows the unthinkable damage that will be done to the CPD and the city if the pension isn’t funded. Police officers have already taken an unfair beating but a failed pension fund is the ultimate backstabbing. NOTHING could be worse! This is what everyone is working for! An earned, paid into, and guaranteed pension. This shouldn’t even be a topic. Police officers don’t get social security either. When crime skyrockets who will respond to the calls? A fucked over cop? What business will stay? What person will move here? Where will the taxes come from? This could be the worst possible thing for Chicago’s future.
5/16/2019 11:25:00 AM
Goodnight: looney lightgroot is a demonrat. She'll not care about POs. She wants totalitarian state like all good libtards. Time will tell, but she's chummy with nutsy pee-on-you-lousi. The only thing grooty will save is her own @ss. She's bringing more of the same on steroids.
Love and kisses boys and girls in blue. Stay fetal
Pollyanna
Anonymous Anonymous said...
Shortshanks and Rahm belong in prison.
It’s an intentional breach of fiduciary duties.
5/16/2019 11:02:00 AM
Yes especially since the money is regularly taken from your paychecks. That's whole lot of evil. Prison is too kind, Financialky strip them and empty all their offshore accounts, pensions, etc.
Carole Brown, CFO. That's a fucking joke.
Instead of using low-fee index funds (S & P 500),
she probably churned the money using in-house
branded funds from all those big institutions.
She did not in a fiduciary manner. Depending on
the laws, some forensic accounting (follow the
money) could sink her ass and prohibit her from
handling pension money in the future.
Two of the biggest TIF districts are expiring in the next two years. Kenzie St TIF District is going to be expiring in a few years. The City doesn’t include this money in their budget which keeps it hidden. This is all to the tune of $380 million dollars, yes you heard me $ 380 million dollars. I learned a lot being around Paul Vallas the last year, yes TIF’S expire in 20 or 25 years. No one gave a rats ass how he was going to fund our pensions if he became Mayor and now everyone wants to complain.
"Anonymous Anonymous said...
Don't be surprised when they amend the pension clause,you will get what you have already earned up to that point.
5/16/2019 04:44:00 PM"
Don't be surprised when cops exercise their 2nd amendment rights against a corrupt and tyrranical municipal government.
Why does the Pension Board pay "Advisor Fees" that cost the fund millions of dollars per year to connected political hacks who run management companies?
How much of those "Advisory Fees" are being kicked back to the Pension Board and corrupt politicians?
Why are pension funds being managed actively when those funds could be allocated into the Vanguard family of index funds with extremely low fees (allowing more of the money to be used for generating income/alpha), while saving the fund and its members millions of dollars per year, which can be reinvested?
The Pension Board and its Advisors, in my opinion, is just another graft scheme to separate as much money from the fund and enrich the connected and corrupt.
As we are already seeing, the democrats in the ILGA will cover the democrats in Chicago... to protect the (D). License plates cost 50 % more already, with arise in fuels taxation coming soon.
Why, the state will be flush with new borrowing ability and will toss a few bones to Chitown.
Turn out the lights. The parties over. Its time for all good things to end.
We pill soon be called The new Portland by the lake.
Anonymous said...
"Anonymous Anonymous said...
Don't be surprised when they amend the pension clause,you will get what you have already earned up to that point.
5/16/2019 04:44:00 PM"
Don't be surprised when cops exercise their 2nd amendment rights against a corrupt and tyrranical municipal government.
5/17/2019 12:09:00 AM
"that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty, and the pursuit of Happiness-That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed, that whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it,"
2nd amendment in play, and I think the Benito Mussolini treatment would be covered too.
Anonymous said...
I wouldn’t be surprised if we ended up like the Memphis Police Department. Much smaller but same pension crisis problem. They don’t have one anymore for new hires.
5/16/2019 04:11:00 PM
Now they collect a street tax for the cookie jar!
Abolish TIF Districts there is plenty of money!
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