Another Public Sector Employee Money Grab at Our Expense?
Posted: Thu Feb 19, 2009 8:34 am
If this proposal were to become law, it would be outrageous (click below).
A Proposal to Shore Up Banks With Pension Funds
A more misleading headline could never be written, It's no wonder the New York Times is about to declare bankruptcy. Ostensibly the article is about investing public employee pension funds into newly-created preferred shares of ailing banks. However....
So obviously it has nothing at all to do with shoring up banks. It's all about shoring up public employee pension plans, at the expense of the rest of us. The highest guaranteed return I can get in my 401k is perhaps 1%.
Well knock me over with a feather....
And somehow putting money from woefully underfunded public employee pensions into woefully undercapitalized banks makes perfect sense....
I'm sick of this sh*t.
By the way, Phillip Morris nailed it in this morning's Plain Dealer (click here).
A Proposal to Shore Up Banks With Pension Funds
A more misleading headline could never be written, It's no wonder the New York Times is about to declare bankruptcy. Ostensibly the article is about investing public employee pension funds into newly-created preferred shares of ailing banks. However....
A federally guaranteed return of 8.5 percent (would) give the public pension funds a new lease on life.
So obviously it has nothing at all to do with shoring up banks. It's all about shoring up public employee pension plans, at the expense of the rest of us. The highest guaranteed return I can get in my 401k is perhaps 1%.
Pension fund officials who had heard about the measure so far were eager to participate.
Well knock me over with a feather....
And somehow putting money from woefully underfunded public employee pensions into woefully undercapitalized banks makes perfect sense....
I'm sick of this sh*t.
By the way, Phillip Morris nailed it in this morning's Plain Dealer (click here).