-- 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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What’s stopping them from divesting now. Is it because fossil fuels are one off the best performing sectors right now.
Hmm, this is an odd story when you consider the CTU visited the oil exporting workers paradise of Venezuela a while back. Even Bidet is put on his knee pads to get them to open their spigot.
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Venezuela is a different story because the CTU and the Venezuelans are both communists
One assumes (and fears) that the fiduciaries enjoy immunity from liability but, if not, they could never afford to reimburse the system for the damages caused by their abdication of responsibility to examine the prudence of any decision to sell or purchase assets. So: yes, the taxpayers will reap what these fiduciaries sow. The problems compound when you reflect on the likely negative impact on resident budgets when fuel prices increase. All for the cause of signaling their virtue. If teachers were covered by defined contribution retirement plans then they could exercise their folly or their foresight, each at their… Read more »
gonna be like cigarettes. what’s the best returning stock in the S+P 500 year over year dividends included? Robert Morris. Why, big dividend, few holders. Energy will become the same as these morons pull out
Useless Marxist morons deserve to have their retirement shit-housed — by their own goofy green grift and graft
Energy investments comprise only 3% of Chicago Teachers Pension Fund total domestic equity holdings. Must be nice to be altruistic on the taxpayers’ dime.
one could only assume Amendment 1 will make taxpayers 100% responsible for paying for are public sec heros equity (equity hustle)? aaaaaaaah, equity on the publics dime!!!