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Please read my latest entry and post your comments here:
http://pensionpulse.blogspot.com/2010/03/dutch-pension-giant-sues-bank-of.html
Kind regards,
Leo Kolivakis
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Make sure you watch Charlie Rose's excellent interview with Michael Lewis (click on his screen image to start video), and then ask yourselves, where the hell were these "powerful giant pension funds" all these years while these assholes on Wall Street were plundering the financial system? They totally abdicated their fiduciary duties, fell asleep, and in most cases, were in cahoots with these brokers, buying their toxic crap. Moreover, deep inside they too wanted to get paid big bonuses for losing billions. It's a monumental scandal, and if someone knows how I can get in touch with Mr. Lewis, I got personal material to feed him for yet another book (or even better a movie) on the Pension Ponzi. My email is lkolivakis@gmail.com.
If ever the lawyers were to seek redemption for all the money they have taken out of the pockets of individuals to give to some aggrieved few, in this country, via class-action lawsuits of the frivolous kind, (the corporations they sue just raise prices to pay for their losses) this is the time to man up and take the investment banks and their accomplices at the ratings agencies out back to the wood shed.
Get all the bonus money back, the phony 'profits' from fraudulent practices, or if they aren't in violation of the letter of the law, just niggle them to death until they settle, which is the usual practice, and be redeemed.
Many countries and USA States will begin all sorts of lawsuits against these bankster criminals... they need the money and there is blood in the water.
Gentlemen, let the games begin.
This is back blow is getting huge. The lawyers, instead of the bankers, will end up with all the money.
Thank you Leo Kolivakis for bringing us all the highly relevant pension news.
So sorry for http://www.zerohedge.com/modules/wysiwyg_spellcheck/tinymce/spellchecker...); background-repeat: repeat-x; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; cursor: default; background-position: 0% 100%;">Jackin the post - my apologies.
However...
I/We have not Seen MARLA - post-comment-edit-or do anything in AT least 2 months!!!
WHAT..... ZH has become of Marla?? and the Great job she has done for this site??
So sorry for Jackin the post - my apologies.
However...
I/We have not Seen MARLA - post-comment-edit-or do anything in AT least 2 months!!!
WHAT..... ZH has become of Marla?? and the Great job she has done for this site??
Mebbe the chirrens of the chirrens of the 60's will be able to think of a way out of this mess... but I think the original hippies are in a perpetual state of denial.
Speakin' economically, America... it's gonna be such a winter's day... for a long, long time.
http://www.youtube.com/watch?v=dN3GbF9Bx6E
I disagree it is too late. It is never too late for the masses. California has been derelict in its management of its public officials. California is too large of an economy to act like Georgia, Maine, Indiana, Iowa, New Mexico, etc. California is dying because of Pelosi and her cronies. California, with plenty of oil and gas is bankrupt. If one was to list the most ignorant states in the union it would start with California and Calpers is an extension of that ignorance. But they do not have to stay that way. California never grew up. It is still in the 1960's. It is still waiting on the reunion of the Momas' and the Papas'. Wake up California, turn off your TV sets for 1 month. You are drowning. Make your voices heard before you go under for the last time. Stand up and show America that you are not the drug addicted, tree hugging, environmental idiots the rest of the country sees you as. Show the world what a top ten economy is worth. Show the world that you are not the lazy bastards you act like.
Sorry, California in the 1960's was utopia, I lived in Marin County, it doesn't get any better and hasn't. I t was the pinnacle of California Dreaming and the USA good life.
Ignorant? More like, corrupted, greedy, and sold out to the illegals in the 1990's which is when the problems soared along with other complications, very little I attribute to pure ignorance.
Who let the dog out? +1
I can't wait to see how this will turn out, just because the CEO was being a "good" American by not disclosing this problem because the Fed told him to, doesn't stop him and his company from being legally liable. This is going to be a nasty fight.