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Pension Fund Losses Hit States Hard

Leo Kolivakis's picture

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Thu, 01/06/2011 - 07:55 | 851950 FinanceSeer
FinanceSeer's picture

Oh, baby! Robbing PENSIONS is a sweet game if you can get in on that action mayne! lol! These cats that STEAL--ooops, i mean, MANAGE these PENSION FUNDS are getting over like Fat Cats! No wonder the STATES are broke.

Thu, 01/06/2011 - 08:04 | 851969 nmewn
nmewn's picture

Black Rock.


Off to work...so I can be taxed heavilly to feed the starving huddled masses of pensioned government employees boo hooing in their mai tai's with the little pink umbrellas.

Thu, 01/06/2011 - 07:40 | 851931 I think I need ...
I think I need to buy a gun's picture

Arent the pension funds wall streets waste basket?

Once the SHTF muni bonds will follow the gm model and the holders will be wiped out. That will improve the states balance sheets all the debt they accumulated will be wiped out. All the pension funds are probably in all this crap fully so we will see eventual cuts in pensions. Is everything a ponzi in this country? Everything.....One local school district in the area here has to raise their taxes from 4000 to 33000 just to cover teachers pensions that are already retired. The town will be empty at 33k

Thu, 01/06/2011 - 07:25 | 851915 nmewn
nmewn's picture

"Any way you slice it, state finances are in dire straights. States need to make cuts and take tough decisions on public pension plans. I expect more states to follow Virginia in raising their minimum earliest retirement age. But that won't be enough to undo the damage caused by the recession."

(Audible gasp)...cuts? Cuts you say!?!?

Why, whatever do you mean cuts?...what is this word "cuts" you speak of?

Cuts?...where Leo?...in what?

In reading your delirious drivel over the past months, governments at all levels, were flush with cash, what happened?...LOL.

So much so, that that they could bastardize the English language and call for "investing" in money losing propositions like solar energy (ask the Spanish government how that turned out years ago).

Why...a trillion dollar ObamaCare was going to be revenue neutral, in fact, a job creator (thus revenue would come gushing into state and federal coffers...Pelosi said so!)...it has been so fantastically successful 250 companies now have waivers (issued by the feds) to not comply with it...why are they starving themselves of this much needed revenue?...are they masochists or is there something deeper?

900 billion was borrowed against future growth...repackaged & crammed down the publics throat as "shovel ready jobs stimulus"...this was nothing more than a bailout to the feds, states & tenured professors everywhere...no "cuts" were made to bring budgets into alignment...where is this money now?...what is there to show for it?...well, at least "something" was done, but those backslapping, high five days are gone...it seemed like only yesterday.

So what are these cuts you speak of?...you should be careful Leo...quite soon, arithmetically challenged statists will be posting emotionally charged diatribes about raising taxes on the "rich"...you know...those ones who pull their pants on one leg at a time and go to work everyday to bring home 250k.

Oh wait...they already have ;-)

Thu, 01/06/2011 - 11:38 | 852506 RKDS
RKDS's picture

Speaking of cuts, the Cuban government announced plans to cut 500,000 state workers, an estimated 10% of their workforce.  That means that in Cuba, 44% of the just over 11 million people work for the government.

Contrast with, let's say, Pennsylvania, a state with almost 13 million people.  Roughly 65,000 are employed by the government or, in other words, one half of one percent.  Cuba is laying off 7 times more people than even the most ruthless hatchetman could even dream of.

Yet, PA is sooooo overburdened by government employees and there's nothing else in a $30 billion budget that can ever possibly be cut.  It's the same overblown sob story from coast to coast, wah those evil pensioners kicked my dog wah!

Thu, 01/06/2011 - 19:21 | 854280 nmewn
nmewn's picture

I would imagine at one point in time inside Cuba there wasone half of one percent working for the government as well.

So now, Che's boyfriend discovers more government is not the answer...on his death bed no less...after so many others have been escorted to their beds by him.

Sooo...10:38 is the time of your post...a little late for a break ain't it?...or does the state of Pennsylvania approve of 45 minute breaks for their employees ;-)

Thu, 01/06/2011 - 06:21 | 851876 A Man without Q...
A Man without Qualities's picture

For me, the losses in these pension funds explain why they are so desperate to push the Ponzi higher.  Once they've got the market to a better level, they may announce a switch to a defined contribution scheme, to remove the investment risk from the state.  It also explains why trash like IYR has been so aggressively ramped.  These funds were considered the ultimate dumb money and would end up buying all sorts of crap, so now, there is a need to ramp the crap up to bail them out.

Thu, 01/06/2011 - 05:42 | 851860 Mentaliusanything
Mentaliusanything's picture

I don't understand ? 

The stockmarket is booming!

the recession is over!

GM is selling more cars than ever!

Tent and camping gear is on a Tear!

Birds are falling out of the sky!

BAC is rumoured to be a safe and growing investment!

I think the graph must be upside down?

Mmmmmmm that Koolaid tastes sweet.

Thu, 01/06/2011 - 05:21 | 851850 Dr. Sandi
Dr. Sandi's picture

This is the kind of news that would have me screaming for my mommy. Unfortunately, Mommy and Daddy are both living on Michigan state pensions, so I might not get much comforting.

Thu, 01/06/2011 - 01:42 | 851707 infiniti
infiniti's picture

old news! BTFD!

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