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Mercer Pays $500M to Settle Pension Suit

Leo Kolivakis's picture

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Tue, 10/26/2010 - 03:08 | 677070 guccichanel
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Tue, 06/15/2010 - 09:31 | 414425 Grand Supercycle
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As suggested earlier,  the EURUSD daily chart is giving bullish signals.



Tue, 06/15/2010 - 08:03 | 414315 dcb
dcb's picture

Company pays, people who did the wrong don't go to jail and get to keep their money. tell me how this is a good outcome. transfer of burden from the gulity to the shareholders. Good for the pension fund, but the outcome just ensures more funny business with other people's money.

Tue, 06/15/2010 - 01:39 | 414129 GoldmanSux
GoldmanSux's picture

Good God. This is huge. They must have done something amazingly negligent to agree to this settlement. What could it be? There are only 4 or 5 variables to calculate a pension plan, although each of those is extremely important. If they didn't manage the money, it couldn't be return. Perhaps negligence on determining p.v. of future benefits, or most likely, a widely off base discount rate that moved based on the client wishes.

Tue, 06/15/2010 - 07:49 | 414306 Commander Cody
Commander Cody's picture

Nobody is at fault, as usual.  Financial "advisors/managers" get paid exorbitant sums to fail their clients who eventually take the hit on losses.  Everybody, Alaska included, is looking for the quick fix to appease the masses, only the masses will get screwed in the end.  Nothing to see here, move along.

Tue, 06/15/2010 - 02:18 | 414147 Dicite justitiam
Dicite justitiam's picture

It was nothing so obvious, but it involved trying to cover up mistakes.  Oops.  Better to come clean right away rather than ponzify.  Just ask Bernie.

Tue, 06/15/2010 - 00:03 | 414079 StychoKiller
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It seems to me that the ONLY growth industry in the World right now is STUPIDITY!

Mon, 06/14/2010 - 23:23 | 414022 Privatus
Privatus's picture

Trusting your retirement savings to total strangers with every incentive to gamble it and no consequences for losing it? What could go wrong? The whole idea of mandatorily- (as distinct from voluntarily-) funded pensions is, was and always will be (if they survive) a patronistic scam.

Tue, 06/15/2010 - 05:33 | 414242 exportbank
exportbank's picture

Privatus - No truer words were ever spoken.

Mon, 06/14/2010 - 20:59 | 413831 Mitchman
Mitchman's picture

If the deficit is truly $8.4 billion, then the $500 million is a drop in the bucket.  How do you suggest they make up the rest of the $7.9 billion shortfall with such few residents?  How does this translate into a great "win" for Alaska.  It seems to me to be a great "win" for Mercer.

Mon, 06/14/2010 - 21:43 | 413882 QQQBall
QQQBall's picture

Its not $500MM - the attys ate $100MM of the settlement. You gotta feed the beast

Mon, 06/14/2010 - 21:27 | 413863 Mactheknife
Mactheknife's picture

And a MONUMENTEL win for the "outside attorneys" - 97 million.

Mon, 06/14/2010 - 20:55 | 413829 Augustus
Augustus's picture

Who will pay when the CPB finds out that it has promised more than it can deliver?  Will payments be reduced retroactively to get it back into balance?

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