-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Compare the performance, after expenses, with holdings of balanced index funds and see what these so called investment advisors bring in over the long term.
Simple fix for a big problem.
would be refreshing someday if someone said, “We are investing based on merit and the returns”. Investing money is not a racism problem. Picking winners in the stock market, doing private equity, picking a winning seed investment has zero to do with gender or race. It’s skill and there are people that are better than others but it’s because of the way they think and analyze things. To say, we are only going to invest in XYZ type person discriminates against everyone else who is NOT that person who might be worthy of an investment. It will hurt returns the… Read more »
Not sure of the demographics of IL-15, (another made up gerrymandered district written in crayon by Mad-again) but im sure they will be glad to know white women don’t count.
Never a question about the returns of the set aside programs that are supported by trash research regurgiated by failed managers. Guess what, the few pension executives who actually understand the business, realize they have a higher responsibility, called a “Fiduciary Duty”. Not pandering to minority investment managers and brokers (Ariel/Loop) who expect their pro quo from their fully paid for legislators.
I am really against gerrymandering. But in this environment it is hard for me to make an argument that 31 Republican state houses shouldn’t gerrymander the heck out of their states to eliminate Democrats. You know the 19 Democratically controlled states will gerrymander.
Returns don’t matter, what’s important is the race and gender of board members. Got it
As if there isn’t enough proof that they are fiscal idiots!