Crackhouse Owner Speaks
This alderthief has a great idea:
- Ignoring fears that Chicago was “buying high after selling low,” Mayor Brandon Johnson’s most powerful City Council ally on Wednesday forged ahead with his eleventh-hour plan to create a public infrastructure trust to take back the city’s parking meters.
And where would this "public infrastructure trust" get it's funding to buy back the parking meters?
You'll never guess:
- Budget Committee Chair Jason Ervin (28th) formally introduced his long-shot ordinance that would create a nine-member public trust to pool pension and city funds and match the $2.5 billion winning bid submitted by Stonepeak Partners, a New York investment firm, for the city’s parking meters.
Brilliant.
Might we add a suggestion though? If we're going to be taking existing pension funds, it ought to be funded by the best funded first and then working it's way downward through the funding ratios.
First up would be the aldermanic pension funds, which we're certain aren't short a dime.
Second, the teachers pension fund seeing as how they only contribute 2% of their salaries while taxpayers pick up the rest.
Working downward from there, the Fire and Police pensions would be near the bottom of having to contribute to this political boondoggle.
Oh, and the funding that would be raised (unlikely as it seems) would be applied in reverse, so the worst funded would reap the benefits first since those are the pensions that need saving the most.
Labels: dumb ideas, money questions
posted by SCC at 12:05 AM
54 Comments:
Ha!
Hold on...Mayor Mumbles Daley said we will make millions on this deal...
Don't pension funds managers have a fiduciary responsibility to make sound investments in the best interest of their funds? The purchase back of the parking meters would need to meet or beat other potential pension fund investments to make sense.
OMG!!!!!!
The current people running things are running everything into the ground. I personally know five more families getting ready to move out of state. In the next ten years the state will be in dire straits. The Democrat’s are ran by incompetent people.
Who's gonna loan money to a broke ass City in a shrinking State?
Never gonna get paid back so just say "fuq dat!" and take the bid from the guy with real cash in his pocket over in NY...
This actually should have been done from the beginning. Imagine if our pension fund even invested in 25% of this from jump street. Our funding ratio would ah e been going up daily on this cash cow. If Police and Fire pension funds combined would have been the entities to invest in this there would be no issues in their funding.
Oh SCC, you’re a card!
Use the alderman’s pension fund, next till suggest they take a pay-cut to help the city. You kill me.
Needs to contact Van Ecko and company for advice on how to steal many millions
Everyday, this place becomes more insufferable.
Imagine a place without democrats.
I second the motion. Pensions should be invested in Chicago. That way you have an incentive to keep it an attractive place for capital and people.
or just get rid of about 25 alderman spots since we have about 25 too many, that would free up lots of money, then get rid of all those deputy mayor spots
He can’t touch the pension fund. It’s regulated by state statutes.
“Public trust” two words that should never go together when talking about chicago politicians.
How many boards, committees, groups, do we have in this city?
One group of 50 thieves is one group too many.
Let's borrow 2.5 billion from pension funds that are already 38 billion unfunded. Brilliant CPS math at it's finest.
These leftist politicians nationwide are trying their hardest to get the middle class taxpayers to storm the Bastille.
Isnt it great how this socialist trash always screams about "the working class" but dont hesitate to screw them every turn. Why havent the unions filed a lawsuit to forfeit city assets to meet the court ordered pension contributions? Is it not allowed, like it would be in a civil matter?
at some point when do we as P.O say enough is enough, if they want our pension for one of the politician's pipe dreams we say no and if they want it
than we go on strike, let the politician's protect the city. They treat the police and fire like garbage, give up scraps for pay raise force us to work overtime, cancel days off, knowing we can't strike but what more can they do to us, they fall over each other to give the teachers what want but not us, I say screw the city and protect our family
Sorrry, makes to much common sense....they won't do it!!!!
Nice try to demonize the Chicago City Counsel, however City of Chicago aldermen do not have a separate pension fund. Instead, they participate in the Municipal Employees' Annuity and Benefit Fund of Chicago (MEABF), which is the same retirement system that covers general city municipal employees.
Google is your friend.
What do you expect, he probably went to one of those underperforming CPS schools in the first place. Graduated with honors in math.
Let's not forget boys and girls who think the Alderidiot has a good idea...thanks to crime in downtown and the north side, NOT TOO MANY PEOPLE ARE GOING THERE ANYMORE. Plenty of parking, many empty spots on the street . Businesses are dying. I'm sure you could have bought the Titanic cheap too...AFTER IT HIT THE ICEBERG.
This crap from the guy who couldn’t bother to pay his water bills. Democrat insanity to think that’s a good deal, when he hasn’t even put in the second half of his MANDATORY payment to the pension fund. How much is Killinois in the hole in unfounded mandatory contributions?? As these fine politicians keep grabbing millions and billions for their pet projects?
All they would need to do is convince one of the 4 police trustees to say yes. Which one is the most gullible?
But a corrupt pension board can give it to them. Mayor Daley was able to set this up over 20 years ago. A substantial payment to a Vaneko investment fund burned up tens of millions. The money was never repaid. The point is, it is possible. Keep an eye on our pension board members...they have a fiduciary obligation to not make bad investments.
Their long term plan is to have the federal government bail out the funds when they bankrupt them.
All of this socialism is a lie. They are lying about helping the working class. Every socialiism movement that has taken a foothold in any other country has promised to represent the working class. But once they seize power it never materializes. Taxes and inflation always skyrocket and the middle class is always hurt he most. The politicians that made the promises always go dancing off into the sunset with barrels full of cash, and the people are left with a dying economy. See Cuba and Venezuela for recent examples. They may not all call themselves socialists, but their ideologies are the same. Take from the middle class and give tot he poor. Conehead and No plan at all Pritzker are socialist. Make no mistake about it, and they have their eyes on the white house in 2028.
And who pray tell runs the state?
Let’s open an Office of Public Trust to look into all these boards, committees and groups.
Did anyone ever think that just maybe the way business and people are leaving the city there won’t be much demand for parking?
I concur with this statement
"Oh, and the funding that would be raised (unlikely as it seems) would be applied in reverse, so the worst funded would reap the benefits first since those are the pensions that need saving the most."
Makes perfect sense, particularly in their socialist mindset!
Let' do this!
Parking meters in major cities are a losing investment. They’re predicting ride share vehicles to dominate cities within a few years. When autonomous vehicles get up and running guess what? No more parking revenue. And they’re coming soon. You get generation does not want to own vehicles much less drive and park them. Absolutely terrible investment period.
First! Trim, or rather eviscerate the school teachers funds to fulfill the Police and Fire Funds. Then, same for the alderman as a matter of fact, cut the total amount of alderman in half.
(Hey Brandon, have you started packing yet? Tik-Tok asshat!)
John is scared to because he's dirty
Conehead. Financial genius.
No keeses for him!!!!
Once it goes through, Johnson will announce a moratorium on parking rate increases and/or start a program to allow disenfranchised residents free parking and other “programs” to drive down the cost of parking in the city. Glad I left Shitcsgo when I did!
The problem: If the city gets involved, the revenue will disappear into someone's pockets along the way. The funds will go missing, unaccounted for. The parking revenue will go negative, cost more to run that it brings in. We all know this to be the case, only a matter of time. The investment will go negative if the city runs it, costing the pension money not adding to it.
Whoaaaaaa…. Listen to this. Eric Carter called the 1st deputy and asked to have a certain Lt from 006 promoted to a commander and she said no, Waller will be making those decisions and she said she won’t back any of his picks.. he blew a gasket, called Waller and vented and Waller told Carter where to go… hilarious. Good for the first and good for Waller.
What do you mean in the next ten years? It's happening NOW!
Don't forget all those Deputy, Deputy, Deputy Chiefs in the Police Department!! There's about 15 TOO many!! Don't forget the Captains that are in the districts & Units! Plus there cars!
$20,000,000. was given & lost!
Chicago did make millions on this deal. They guys who bought the parking meter revenue made billions
Pensions should be invested where they get the highest return
The politicians in Chicago and Illinois are always 25 years behind trends. Just like gambling. What a bunch of fucking clowns. None are competent to pick up dog shit
Could it be that the current owners see this future trend and are looking for someone to buy them out? You don't sell a productive investment without a good reason.
What a joke, Chicago politicians can't collect outstanding tickets, can't raise violations and those who refuse to write tickets or even show up to work can't be disciplined. You can't compare the City to a real for profit company. The Mayor and his people are up to some scam on the transaction its self, who's getting paid?
Thx o shea
Actually any tie goes to the city. I saw that up close..
You should be saving for your retirement! Live within your income! Sell the big house, get rid of the boat and motorcycle, ?Tell your wife she doesn't need a boob job! Pay yourself first! And STOP voting for the democrats!
so here's the thing, the people who bought the parking meter rights for 1 billion dollars have already quintupled their money, and they have something like another 75 years to go on the contract.
The thing is a cash cow all day long, and there's no rich guy on the planet who says oh gee I made enough I guess I don't need any more money .
so the only reason to sell this contract now is because the city is in such decline that the investment isn't going to be worth much in the future, and they're trying to get as much money out of it now as they possibly can before the death spiral accelerates .
so you find a sucker to buy it, gee I wonder who that could be in the city of Chicago? do not invest your pension funds in this crap .
there's plenty of investments that have good returns which are much safer than this garbage. besides which of the city buys it you know that whatever money they make from it is not going to end up in your pension fund, if you don't believe me just look at the lotto and how that was supposed to solve all the problems with the schools funding...
Trust the big fat greasy ass crack dealing tub of shit about as far as I could throw him !
It wont happen. Never has in the past. The city and our pension fund is circling the drain.
When all PO's can bother to return a mail in ballot...then you might have a movement.
Are non-fully funded pensions socialism? Or ponzi schemes?
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