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| Typical Pension Trustee |
They are would-be union officials but for their being unelectable, so they fall back on the pension route. It gives them a title and some respect. Generally, they are smarter than those they represent but not as smart as they think they are. Certainly, they are not as smart as the politicians and money managers who are quite adept at playing them.
Their price is cheap, a business class airplane ticket to a pension seminar and a few steak dinners. Ask any trustee if they flew business class or coach. Ask them if they had a steak dinner they didn't pay for. After a few drinks and with their belly's full, they will agree to anything, including a funding shortfall.
Why do you think the children of former politicians are flocking to the pension management business. "It's like taking candy from a baby."
The problem for these pension trustees is that eventually, they will (justifiably) be held accountable for the shortfalls. For it was a sacred trust that they violated.
Read more: http://www.myfoxchicago.com/story/24747848/chicago-unions-join-forces-to-fight-for-pensions#ixzz2tg2I2gzj
well put
ReplyDeleteThey should be sued.
ReplyDeleteSpeaking from the point of a retiree's spouse, what no one seems to be talking about is that the pension funds were part of the compensation package; they were a line-item deduction and shown as such on the pay stub. Someone in the City government knowingly "absconded" with these funds (reallocating the dollars to other uses), as they elected to not make the required payments into the Pension Fund. If it's not grand theft or embezzlement, I don't know what is.
ReplyDeleteHere are some of my random thoughts; we should be having this over an ale:
ReplyDelete(1) If Chicago files for BK like Detroit, the loss will be greater than any deal made?
(2) If Chicago files for BK, it needs to restructure its debt to attract (a) new businesses, (b) entrepreneurs, and (c) established businesses? The money resulting from a reorganization of debt will not be funded to pensions, which I think stand the most to lose.
(3) Moody's just downgraded Chicago to Baa1 because of the unfunded pension liabilities. Does anyone seem to care? Or is this an obvious sign of an inevitable BK? Chicago is three levels above junk.
(4) Who honestly believes that (a) raising property taxes, (b) photo enforcement, (c) increasing the cost of business licenses, (d) ticketing car owners, (e) shit parking scam deals, or (f) making taxpayers more miserable will cure Chicago's debt problems?
(5) The pension crisis is preventing Chicago making investments and advancing as a world-class city. Is BK the only method to resolve this crisis if the participants are implacable?
BK is for sure. The pensioners will get what they deserve and not a penny more.
DeleteHe looks like the empire carpet guy.
ReplyDeletebusiness class plane tickets ? the few times I fly I,s cramped in this little seat. I expect same with the trustys. same steak dinners. I eat chopped steak and so should them. These people that did this gots to be rounded up and put in jail?
ReplyDeleteThese union trustees and union officials should have been out there jumping up and down screaming. They did nothing. They betrayed us. They were bought off. CHEAP.
ReplyDeleteI know this guy from somewhere????
ReplyDeleteHe lives in our ward, I know I have seen him???
who is he
DeleteThe picture painted says it all!
ReplyDeleteThe We are one Group is the reason America is in decline. They argue fairness,
ReplyDeletepromises and all the rest. Public employee unions have no interest or I should say understanding of economics,all they want is what they think is their rightfully earned
pension benefit. You will notice that the private sector unions could care less about this issue and I can assure you they understand micro economics big time.
Moreover, the public sector unionists have as their friends many idiotic elected officials whom when asked ,What they think of the Chicago School of Economics
give you a bewildered look.
Both these pols and the public sector unions delivered Barry Obama to the nation
and if you will notice his name rarely mentioned anymore in their circles.The debt crisis out of control and it will take a generation to pull us out of this mess. Local pols aligned with old radicals,corrupt minority politicians,homosexuals,illegal aliens
and all ,members of public sector unions or supporters.
This was along time in the works and,I suppose, inevitable given the pathetic state of higher education and certain historical trends. More later.
There are many union officials and trustees living in our neighborhood. None of them look like that ugly sketch.
ReplyDeleteThe guy in the picture is Rudrick Mehoffer. He is one of those trustees that likes to play the role but was absolutely scared to say anything when a local government agency shorted his pension fund by over $20,000,000 in one year alone.
DeleteThis story had made me sick. I did not know the connection between trustees and whoever. Until now.
ReplyDeleteA steak dinner????????????????????????????????????Are you kidding me?
ReplyDeleteI wonder who these trustees are that you are talking about? If you have any evidence that trustees have violated their fiduciary duty to members of their pension plans then you should notify the Attorney General's office or better yet the U.S. Department of Labor. I think that I will send them a link to your post so they can interview you to substantiate your allegations as you appear to sound knowledgeable and potentially be a great witness. P{lease do name names. I would love for you to say who among these trustees were bought off and exactly what they got..
ReplyDeleteThe bribe was a steak dinner, a few drinks and maybe a cigar.
ReplyDeleteIts obvious to me who is at fault here. UNION OFFICIALS, UNION TRUSTEES, no other. Where is the Dept of Justice.
ReplyDeleteLet's see, if a union has a pension plan, like many trades, then the union has to fund it. If an employer has a plan then the employer has to fund it. The problem with many employers, especially government ones is that the law was changed by politicians to give holidays to themselves from having to fund the pensions.
ReplyDeleteSo, I guess as public employees are getting raped, you are going to blame them?
I am not talking about the gougers. I am talking about the average hard working employee who shows up every day and does what is required of them. They pay into a plan being shorted by politicians for decades and now it is their fault?
Thinking about the trustees, how are they supposed to invest money to pay pensions they were never given?
Based on many of the comments here, I suppose you will be voting for Rauner.
You know, the guy who paid over a billion dollars in settlements by providing substandard care for the elderly. Poor Rauner, we should cut his taxes to screw public employees so he can pay the people he neglected.
Poor Rauner, now that Stuart Levin is gone he is having a hard time getting investments from the corrupted state pensions. And by the way, what union was Stuart Levin a member of, or Tony Rezcko for that matter. How about they are union bashers just like the author of the article here.
That guy lives right here in the 19th ward I see him around west Beverly and Mt. greenwood all the time.
ReplyDeletefred something?????
FRED WHO?
Deleteare you telling me that the guy from Empire Carpets is the city union trustee,,,is that what your saying????
ReplyDeleteguess so
Deleterecall the fire strike yrs ago and the union ppl with the city did nothing but castigate the fire men for going out,who was the leader a guy named Lee who couldnt be found when the guys wanted his blessing when they went out,,all in the mayors pocket. nothings changed....
ReplyDeleteThe result of all these shananigans and corruption is that someday unions will be barred from representing government workers.
ReplyDeleteJust raises taxes. I don't care because I'm moving to Palos.
ReplyDeleteCity workers need unions. Its the on ly way to protect themn.
ReplyDeleteSteak dinners aside, Illinois needs to raise the state income tax rate and Chicago needs to raise real estate taxes in order to meet their pension obligations. A promise is a promise. Therese governments made a deal. Without that deal, these employees would have done to work for private industry, instead.
ReplyDeleteGovernment tradesmen should not be getting the prevailing wage. It's a trade off, in exchange for job security, they get less money.
ReplyDeleteWhere did the $$$$$$$$$$$$$$$ go?????????????
ReplyDeleteWorkers unite. Get behind your union rep and do what he says. Vote the way you are told. Everything will be ok.
ReplyDelete