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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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This blog is interesting and helpful page. I am impress for this post. It is very useful for us.more info about Some of that borrowing is for the state’s pension buyout program.
What a bunch of BS! No wonder the pensions in this state are in such a shambles. Can’t be investing underfunded pension money in other countries! What a joke.
The cabal is intentionally doing all this to piss us off. Wake up folks
A relative, an Econ PhD who left academics years ago because of the stifling culture, manages billions for various institutional clients. He has a 30 year record of beating indexes. He is a common sense investor in that he scrutinizes the quality of accounting (very difficult with banks, for example) as well as considering business models which involve some kind of barrier to entry. He doesn’t bother with public pension clients because of the corruption and politics. The business runs on consultants who constantly endeavor to change his mind. I am surprised the CIO of the fund speaks so glowingly… Read more »
She’s so full of BS she sounds like Herkermer Homulka. Doing good deeds!
How is a retired Chicago teachers pension paycheck getting mailed to Miami every month helping Illinois?
I could be wrong here, but don’t all investments in Illinois pension funds have to be voted on and approved by the “Board of Trustees” ? And this is the real issue. Governance. Running a popularity contest among teachers, laborers, ironworkers, municipal employees to manage billions of dollars of retirement assets is insanity. These are mostly good hardworking people, but they have ZERO knowledge, experience or ability to make those kind of decisions. Those trustees should have the humility to know and acknowledge this. Roll all of these funds up into one state fund, hire one professional staff of people… Read more »
It has been shown many times over that money managers, when considering all expenses they incur, have not consistently beat the indexes. Why then can’t the whole bunch of them be fired and simply invest in no cost index fund issued by Fidelity, Vanguard Black Rock and so on? Naturally this would not provide high paid jobs for assorted in laws, cousins, uncles and cronies but isn’t it about the end of the line for continuing to make the same mistakes over and over?
Using the taxpayer to fund your global social agenda campaign is negligence and malfeasance of the highest order. To be so bold as to openly call it out demonstrates the level to which we have sunk. This type of thinking dooms Chicago and ultimately, Illinois.
Mayberry v. KKR is a long-pending public pension case in Kentucky. Some details may be found at Decisions Finally Coming in Long-Running Battle with Hedge Fund Titans in Kentucky Pension Case, Mayberry v. KKR | naked capitalism I think that there is (directly or indirectly) an issue about whether taxpayers have standing to sue a plan fiduciary in a derivative action for costs that taxpayers must pick up as a consequence of fiduciary violations that damage the pension plan that taxpayers are obliged to fund. Someone with expertise and a dog in the fight should take the time to figure… Read more »
The West has been investing in Africa for 700 years and the only ‘good’ to come out of the continent has been cobalt and diamonds, and both are mined with the blood of the natives. The Chicago Teacher’s Pension is no different than every other previous colonizer trying to extract profit from the continent. They will likely have as little success as the forebearers.,
Slavery is rampant in Africa while 1776 in America marked the start of its demise.
Why <any> pension fund invested in <risky investment>? Because taxpayers assume all the risk and cost if they’re wrong and the pension fund gets all the accolades if they’re right.