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Broke Detroit's Pension Fund "Trustees" Use Public Funds To Fund Hawaii Trip

Tyler Durden's picture




 

"When you have city employees, police, and firefighters have taken pay cuts, it doesn't look good," is the somewhat understated response from Detroit's emergency manager to the city's latest debacle. Amid the deepening financial crisis the crumbling region faces, four trustees of its public pension funds spent $22,000 of retirement funds to attend a conference at Waikiki Beach, Honolulu. "It's one of these things we trustees must do to stay on top of the field," is how one of the trustees defended the decision, a second would not comment, and the other two could not be found according to Reuters (we can only imagine what they were up to). Conference representatives noted that "these are intelligent folks there to do a job, not there for vacation," yet many funds did decide to boycott the event as it sent the wrong message. But irony of ironies, Detroit decided it was appropriate - perhaps since one well attended session covered 'how to avoid front-page scandals.'

 

Via Reuters,

The city of Detroit may be facing a deepening financial crisis but that hasn't stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii this week.

 

...

 

"It especially doesn't look good when you have city employees, police, firefighters having taken pay cuts," said Bill Nowling, spokesman for Orr.

 

...

 

"It's one of these things we trustees must do to stay on top of the field," Riehl said. "It's important that we participate in these conferences. The stakes are too high."

 

Of the three other trustees from Detroit, one declined to comment and two others could not be reached for comment.

 

...

 

"These are intelligent folks there to do a job, not there to vacation."

... attended because the knowledge gained "will assist them in prudently executing their fiduciary responsibilities/obligations," spokeswoman Andrea Kenski said in a statement.

 

...

 

Some funds boycotted the event, saying it sent the wrong message, particularly at a time when many pension systems face funding shortfalls and the finances of the cities and states that sponsor them remain on shaky ground.

 

...

 

Not everyone came on their fund's dime.

...

"The appearance was just not good," Monroe County Administrator Michael Bosanac said of the decision not to send Grodi at the fund's expense. "It doesn't conjure up the image of a hard-working conference."

 

 

"These are not junkets," Grodi countered. "We are getting educated to make decisions and have huge responsibilities."

 

...

 

One well-attended session covered how to avoid front-page scandals. According to presenter Lydia Lee, a pension attorney from Oklahoma, the session touched on a topic familiar back in Detroit: The indictment this spring of two former city pension officials for an alleged $200 million bribery and kickback scheme, in a case that will come to trial next March.

 

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Sat, 05/25/2013 - 12:50 | 3598435 Frastric
Frastric's picture

Damn it feels good to be a bureaucrat...

Sat, 05/25/2013 - 13:01 | 3598447 Divided States ...
Divided States of America's picture

These trustees must have previously worked at the big 3 before.

Sat, 05/25/2013 - 13:11 | 3598460 SHEEPFUKKER
SHEEPFUKKER's picture

"trust"-ees. lol

Sat, 05/25/2013 - 13:19 | 3598470 Chuck Walla
Chuck Walla's picture

And this is why the NAACP and all the unions and "social welfare organizations" tried to stop the take-over. It was the end of their license to steal. Most of these thieves are black. They will march and pontificate on solidarity and the struggle. Just pretty words to guarantee they won't have to struggle if they can just steal a few more dollars from their impoverished brothers and sisters.

 

FORWARD SOVIET!

Sat, 05/25/2013 - 13:38 | 3598500 kliguy38
kliguy38's picture

Using white vs black is a divisive tactic to keep the masses from focusing on the true evil that has controlled your destinies for centuries. The SAME beurocratic/corrupt slime suck the blood from us in all areas......hell...even the corporate beurocrats albeit private are even more insidious.......just go into any large corporation and look how many are on the dole......its sickening....gl

Sat, 05/25/2013 - 13:44 | 3598510 Beam Me Up Scotty
Beam Me Up Scotty's picture

"Conference representatives noted that "these are intelligent folks there to do a job, not there for vacation,""

Why is the conference being held in Hawaii AT ALL????  If you aren't there for a vacation, it shouldn't matter if its held somewhere MUCH CHEAPER!!   Nothing more than doublespeak.  *Cough*BULLSHIT*Cough* you are there to do a job.....

Sat, 05/25/2013 - 14:05 | 3598544 I think I need ...
I think I need to buy a gun's picture

ok, how is this continuing, i mean zero hedge runs articles about bankrupt munipalities, detroit harrisburg etc....have bond holders lost one dime yet? How did we rebuild the boardwalks along the coast? What are the rules if i go an buy a beach house will the government rebuild it for me now? Because i'm not going to sit here anymore i'm going to do what they are doing if this is how we are going forward? How are these bankrupt citites fuunctioning let alone funding hawaiian trips?

Sat, 05/25/2013 - 14:12 | 3598556 dark pools of soros
dark pools of soros's picture

They are only bankrupt when paying things they don't care for... like when you tell your ex-wife or the credit card companies you are bankrupt but still have hooker and blow money

Sat, 05/25/2013 - 15:32 | 3598650 mjcOH1
mjcOH1's picture

"They are only bankrupt when paying things they don't care for... like when you tell your ex-wife or the credit card companies you are bankrupt but still have hooker and blow money"

Don't the per-dayem cover dat, yo?

Sat, 05/25/2013 - 18:02 | 3598838 bonin006
bonin006's picture

They are bankrupt in the sense of not having enough money to pay future obligations, but they are not down to zero yet in terms of current cash, hence their need to hurry up and spend it before it's all gone.

Sat, 05/25/2013 - 21:46 | 3599066 TheFourthStooge-ing
TheFourthStooge-ing's picture

Just draining the last few drops of blood from the carcass.

Sun, 05/26/2013 - 10:52 | 3599642 Will To Live
Will To Live's picture

Vultures picking the eyeballs.

Sun, 05/26/2013 - 04:48 | 3599363 MeelionDollerBogus
MeelionDollerBogus's picture

Harrisburg was broke enough to stop putting out fires and stop paying firefighters.

Sun, 05/26/2013 - 06:12 | 3599396 savagegoose
savagegoose's picture

so why isnt city hall burnt to the ground?

Sun, 05/26/2013 - 04:45 | 3599358 MeelionDollerBogus
MeelionDollerBogus's picture

for that matter they could be using web-conferencing, video and slides as needed with audio able to cover everything else.

Sat, 05/25/2013 - 14:34 | 3598580 Not My Real Name
Not My Real Name's picture

just go into any large corporation and look how many are on the dole......its sickening

 

Really? This is going on in every large corporation, eh? Bullshit.

I work for a very large corporation. Nobody -- and I mean nobody -- gets a free ride (at least not for long) in any corporation worth its salt. In the private sector, it's produce or perish.

Believe it or not, unlike the government, corporations must pay attention to the bottom line to survive.

Sat, 05/25/2013 - 15:05 | 3598618 malikai
malikai's picture

I can think of a few large banks where "the bottom line" is little more than a ceremonioal formality.

Sun, 05/26/2013 - 09:10 | 3599517 espirit
espirit's picture

And don't forget to mention "Golden Parachutes" worth [M]illions.

Who in the world (corps) would agree to such clauses in contracts unless unless it was really "chump change" for the oligarchy.

Sat, 05/25/2013 - 15:20 | 3598634 Terminus C
Terminus C's picture

Name the corp and I'll name the dole.

Sun, 05/26/2013 - 01:14 | 3599273 merizobeach
merizobeach's picture

'Name me a street, and I'll name you a bar'  :-)

Sun, 05/26/2013 - 09:12 | 3599518 espirit
espirit's picture

Name a caliber, and I'll name the weapon.

Sat, 05/25/2013 - 16:40 | 3598728 WillyGroper
WillyGroper's picture

The productivity is for the peeps. Look at Telco, free phones or GE. They're both on the dole. Who do you think is paying for this?

Sat, 05/25/2013 - 18:21 | 3598861 Dr Benway
Dr Benway's picture

You must be fucking kidding? No leeches in major corporations? And you got four upvotes for that fecal comment?!

Go fuck yourself moron

Sun, 05/26/2013 - 04:43 | 3599356 MeelionDollerBogus
MeelionDollerBogus's picture

exception, not the rule.

Everywhere I've looked, magically except where I work now, follows the rule. People are worthless for managers, lie all the time, falsify reports on anything that would prove it and customers pay out the arse to support this. If only they knew.

Sat, 05/25/2013 - 16:03 | 3598673 Chuck Walla
Chuck Walla's picture

Detroit is a basically  black city governed by a black kleptocracy. They rob each other, and demanding whitey put up even more. This ostensibly is to wash whitey's conscience clean, but is ever more so for guys like mayor Kwame and the last convicted mayor before him, and the rest of black gangsters(NAACP among them) to steal even more. None of the cash trickles down to the street where its needed, you can't even get a cop, much less a dollar.

 

 Just like Birmingham, negro run cities are just giant slush funds for the friends of a liberal progressive elite in exchange for votes.  If they were not, there would be some real prosecution. But they run free until it cannot be ignored any longer.  No white Progressive really gives a shit if they kill each other. When did Barack ever fly out one black mother of a shot down child from Chicago?  Thats why democrats demand Mexicans come fill the void.

 

FORWARD SOVIET!

 

On Black man's take:

 

In politics, few talents are as richly rewarded as the ability to convince parasites that they are victims. ... generosity is seen as an admission of guilt, and the reparations as inadequate compensation for injustices – leading to worsening behavior by the recipients.

 

~ Thomas Sowell 

 

Sun, 05/26/2013 - 04:40 | 3599355 MeelionDollerBogus
MeelionDollerBogus's picture

fuckjesus, you are one blind racist.

The entire process is built on fraud, force & corruption and that's how the money gets INTO the pension funds.

To think somehow government fraud & force would abate for the final handling of this "money" is incredibly naive. EVERY city has these crooks & it does NOT get better with various selections of skin tone. OR democrat/republican switchups.

What kind of dumb fuck actually believes this racist nonsense in the face of factual fraud & statist coercion?

Sun, 05/26/2013 - 15:34 | 3599961 Kobe Beef
Kobe Beef's picture

One more time: Genes code for more than skin color. Different races are made from different genes. Genes are why when two tigers fuck, you don't get a pony. Next, you'll be telling us that "tigers" and "ponies" are social constructs. Please.

Race is a biological reality. Racism is a social construct.

Skip the ad hominum attacks and read a fucking biology textbook.

Sun, 05/26/2013 - 21:16 | 3600409 Cathartes Aura
Cathartes Aura's picture

.

Race is a biological reality.

actually, no.

Sun, 05/26/2013 - 23:10 | 3600530 Kobe Beef
Kobe Beef's picture

Wow. Not a single measurement nor genetic marker included in that study. Just a compendium of social scientists and philosophers. I'd rather ask a doctor, forensic pathologist, or biologist.

Actually, yes. Here's a few examples, with actual empirical science.

http://www.academia.edu/3062381/Prediction_of_Race_Using_Characteristics...

http://cancerpreventionresearch.aacrjournals.org/content/2/3/244.full

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1196372/

Sun, 05/26/2013 - 23:34 | 3600546 Cathartes Aura
Cathartes Aura's picture

oh, yes, because "science" never veers far from it's funding, completely un-biased. . .

Almost a century later, Harvard biologist Stephen Jay Gould described in his book, The Mismeasure of Man, how he remeasured the same skulls used by Morton.  He discovered that Morton must have attempted to confirm to himself what he and other Americans already "knew": that whites were superior to blacks and to Indians.   He did this by accepting data that confirmed his biases, and rejecting data that did not support them.  For example, he included in his sample of black skulls more females than he included in the white sample.  In his American Indian sample, he included more small-brained Inca skulls than large-brain Iroquois skulls.  In addition, he omitted small-sized Hindu skulls from his white sample.  In fact when Gould remeasured the skulls, he found that the average size of black male skulls was larger than that of white males.  He know now that skull size or cranial capacity tells us nothing about intelligence, but in the nineteenth century such "scientific" efforts were used by people to legitimate their racial biases.

your preference for those trained in the cultural institutions is noted.

But that's not what modern genetics reveals. Quite the contrary, it shows that race is truly skin deep. Indeed, genetics undermines the whole concept that humanity is composed of ''races''—pure and static groups that are significantly different from one another. Genetics has proven otherwise by tracing human ancestry, as it is inscribed on DNA.

http://web.mit.edu/racescience/in_media/what_dna_says_about_human/

Mon, 05/27/2013 - 04:03 | 3600652 Kobe Beef
Kobe Beef's picture

Wow. Stephen Jay Gould. Not a geneticist, oncologist, neurologist, pathologist, or somebody who has to deal in real biology. Why not just quote Foucault, Marcuse, or Boas? They've been trained in those "cultural" institutions, not laboratories, you prefer.

Let's not forget that modern science allows us to measure the actual size and approximate number of neural connections of an individuals' brain, and identify the presence or absence of specific genes which code for greater cognitive function. So let's just ignore all that and debunk 18th century phrenologists. Thanks, Stephen Jay Gould.

Mon, 05/27/2013 - 13:39 | 3601381 MeelionDollerBogus
MeelionDollerBogus's picture

one more time: race as you see it is like identifying entire lineages of families and immunities just based on ONE thing you see - skin color. Actual "racial" categorizations are invisible to the eye and the most powerful ones are immunities. You haven't even come close to seeing it. You're a blind dumb-fuck.

Sat, 05/25/2013 - 17:19 | 3598782 Blano
Blano's picture

Generally speaking, I agree with you.  But when it comes to Detroit, he/she is right on the mark.

Sat, 05/25/2013 - 17:31 | 3598796 NoTTD
NoTTD's picture

That doesn't stop it from being true,

 

Had they been antyhing but black, the article would have been pictorial.  ( The guy in the photo is the state's emergency manager.)  After all, the way to really sell this story is picture of them on the beach.  Not that that would not have been anything but upchuck material.

Sat, 05/25/2013 - 18:57 | 3598898 natty light
natty light's picture

To be fair, John Riehl is white.

Sat, 05/25/2013 - 13:39 | 3598503 Saint Pitbull
Saint Pitbull's picture

Hey Trustees!!  Owl Gole invented this amazing new thing called the N-ternet a couple of years ago.  Believe it or not, it's like you are actually at another place and you can "learn things" without even being there!  I know that this is WAY technical and all, but perhaps some of your constituents can explain it to you while you spend some time in the pokey for the misuse of public funds.  Maybe you can even learn new job skills in the pokey from the N-ternet.

Sat, 05/25/2013 - 13:51 | 3598525 Beam Me Up Scotty
Beam Me Up Scotty's picture

Gotomeeting DOT com

Sat, 05/25/2013 - 16:18 | 3598702 beercandad
beercandad's picture

albore --albore

Sat, 05/25/2013 - 13:49 | 3598522 PiltdownMan
PiltdownMan's picture

No body parties like gov't hacks on someone else's dime.

Sat, 05/25/2013 - 18:04 | 3598841 Aurora Ex Machina
Aurora Ex Machina's picture

That man clearly deserves defenestration; it's a crime to over-fill wine glasses like that. And they don't. even. match.

 

/The Horror, The Horror.

Sat, 05/25/2013 - 16:39 | 3598726 Kaiser Sousa
Kaiser Sousa's picture

"Most of these thieves are black. They will march and pontificate on solidarity and the struggle."

how many of those "black theives" are or have ever been the chairman of the Fed and their client banks that have enslaved you and the masses via their debt based currency paradigm which is at the root all the evil and injustices currently destroying this country and most of the globe???

get of that black/white, democrat/republican bullshit man....there is only the wealthy ruling elite against you and everybody else.....................

Sat, 05/25/2013 - 16:57 | 3598749 Chuck Walla
Chuck Walla's picture

Kaiser, its the rank hypocrisy of "we must help the minority" when all they do is facilitate everybody continuing to steal from them, including their self-esteem and futures.

 

After passing the "War on Poverty" LBJ summed up the white progressive's philosophy.

 

“I’ll have those niggers voting Democratic for the next 200 years.”

– Lyndon B. Johnson 

 

Sounds like a man who really cares about his downtrodden brothers? Or is that the cynicism of race hating, vote buyer? Guys like Jesse and Al go with the program for cash and power. Fuck the poor,they are pawns as usual. Not many are even aware of how LBJ felt about them. And this hasn't changed since the democrats fired on Sumter to uphold the right of one man to own another.

FORWARD SOVIET!

Sat, 05/25/2013 - 17:04 | 3598757 Kaiser Sousa
Kaiser Sousa's picture

hey man, waste all the time you like on that white versus black, left versus right, demopub versus republicat false dichotomy's....

just they way the planned it...

just the way they like it...

Sat, 05/25/2013 - 21:19 | 3598819 Things that go bump
Things that go bump's picture

Johnson was the kind of man who would bring friends home in the middle of the night, wake his wife up and make her cook for them. He was known to take his dick out, put it on the table and invite the other men present to do the same. Apparently, he thought he was the biggest swinging dick present, but needed confirmation. Politicians are not noted for being sterling human beings, but a slimier, baser, more crude piece of work was never born. His goal was always the presidency, and he got it, probably by foul means and we suffered him for over 5 years. He led us into constant escalation of the Vietnam war that cost the lives of thousands of young men for nothing. He would never have won reelection, and rather than face the humiliation of defeat he didn't run for his second term, but slunk out of the white house like the coward he was. Not much was ever heard of him again.

Sat, 05/25/2013 - 13:37 | 3598495 Matt
Matt's picture

They are the trust-ees, and you, Detroiters, are the trust-ers. Good job with that trust placing.

Sun, 05/26/2013 - 13:29 | 3599833 PiltdownMan
PiltdownMan's picture

Take a look at the numbers. Detroit retirees outnumber workers by OVER 2-1 and the margin is growing!!!!!!! See this guy's analysis.

http://confoundedinterest.wordpress.com/2013/05/26/detroit-pension-woes-worsen-while-trustees-splurge-for-5500-each-for-conference-in-hawaii/

Sat, 05/25/2013 - 13:38 | 3598499 freewolf7
freewolf7's picture

Trustees: "Fuck you, Detroit."
Detroit: "See you when you get home."

Sat, 05/25/2013 - 13:44 | 3598508 B2u
B2u's picture

They check with Lois Lerner at the IRS and she said it was ok as long as lower level approvals were received. 

Sat, 05/25/2013 - 13:53 | 3598528 Beam Me Up Scotty
Beam Me Up Scotty's picture

They get all the benefits of the vaca, and don't even have to pay taxes on the event.  They should have to claim the value of the trip as INCOME and pay taxes on it.  Then we'll see how many "conferences" are held in Hawaii!!

Sat, 05/25/2013 - 15:15 | 3598626 max2205
max2205's picture

Govt can only spend money never cut costs.  

Sat, 05/25/2013 - 19:27 | 3598921 Fish Gone Bad
Fish Gone Bad's picture

They stayed at the Hilton Hawaiian Village.  It is real close to all the downtown hookers.  They should have stayed at a real hotel, The Kahalla.  That is where all the important people stay. 

Sat, 05/25/2013 - 12:51 | 3598436 larryj
larryj's picture

Detroit is broke.  Yet they have a $14 billion dollar art collection?  SELL it!!!

http://www.myfoxdetroit.com/story/22413980/dias-art-collection-at-risk-amid-detroits-financial-woes

Sat, 05/25/2013 - 13:14 | 3598465 Seize Mars
Seize Mars's picture

larryj

The reason "they" (the State) shouldn't sell it is because it doesn't belong to them.

It belongs to the people of Detroit. The people didn't borrow, the people didn't spend and yet they are expected to pay. Sorry it doesn't work that way.

It's the same with Federal debt. I didn't borrow, I didn't spend. I owe nothing. Whoever lent their Federal Reserve Notes to the Treasury took an unseemly risk. Oh by the way that entity is about 35% the Fed. Circle Jerk.

Anyways I'm not paying.

Sat, 05/25/2013 - 13:20 | 3598473 Chuck Walla
Chuck Walla's picture

 

The reason "they" (the State) shouldn't sell it is because it doesn't belong to them.

It belongs to the people of Detroit.

 

 

Seize Mars,  I assume you've never heard of Cyprus.

 

FORWARD SOVIET!

Sat, 05/25/2013 - 13:39 | 3598501 Matt
Matt's picture

What about Cyprus? The creditors of the bank took a haircut, not the people of Cyprus via taxation. To be clear, depositors are creditors; when you deposit money in a bank, you are lending them your money. Be careful who you lend to. Or "neither a borrower nor a lender be", if you don't like to worry.

Sat, 05/25/2013 - 13:49 | 3598521 bombdog
bombdog's picture

Yes those stupid people, the "lenders" like the businesses of Cypress should have kept cash Euros at all times.

Sun, 05/26/2013 - 01:17 | 3599278 Matt
Matt's picture

There are several banks in Cyprus; only 2 had losses. 

Sat, 05/25/2013 - 16:35 | 3598722 malikai
malikai's picture

Do you vote?

Sat, 05/25/2013 - 17:23 | 3598786 Blano
Blano's picture

Do you really think most Detroiters, meaning people that live within the city, really give a shit about that art collection??  I mean come on, really?? 

The DIA is a playground for wealthy white suburbanites.  When you're bankrupt, ALL assets should be sold.  If the collection is really worth $14 billion, well guess what?  It wipes out the debt. 

How is that worse than pay cuts for the average Joe?

Sat, 05/25/2013 - 18:58 | 3598900 Seize Mars
Seize Mars's picture

Of course the ordinary Detroit taxpayer doesn't give a shit about the stupid (and I mean stupid) art collection.

Their money was stolen by coersion. It was squandered on an art collection. Then, the same Statists who shook them down, voted to borrow, and then spent it all. Ok, so the stolen money (art collection) should get liquidated to pay for the Statist debt spree? No no no. Just give the art back to its owners. The. End.

The State has failed, and I don't know how much more clear the Detroit situation can get. Seriously.

Sat, 05/25/2013 - 17:33 | 3598800 NoTTD
NoTTD's picture

Bullshit.

Sat, 05/25/2013 - 19:02 | 3598901 Seize Mars
Seize Mars's picture

Which part is bullshit? The part where peoples' money was stolen, or the part where it was spent on...art? How about the part where money was borrowed, and not paid back? Who should pay? The same taxpayer whose stolen money was spent on art? What?

Just give the art back to its owners, the taxpayers of Detroit. The debt must be defaulted.

Sun, 05/26/2013 - 04:31 | 3599349 MeelionDollerBogus
MeelionDollerBogus's picture

Shit, son, that was just the weather report.

Shit pressure's buildin' and the winds of shit are a comin'

Sat, 05/25/2013 - 20:20 | 3598964 Divine Wind
Divine Wind's picture

 

 

 

Sheeeeit.

The PEOPLE of Detroit elect these dirtbags.

If the PEOPLE of Detroit, and the officials they elect, want more handouts, they need to sell off the art, Belle Isle and few of the other gems left in the city.

Otherwise it is just another shakedown.

Sun, 05/26/2013 - 09:24 | 3599527 espirit
espirit's picture

"The PEOPLE of Detroit elect these dirtbags."

That's like saying the glass is half-full, and half-empty.

Sat, 05/25/2013 - 13:23 | 3598479 Jena
Jena's picture

From the article:

"So how much is the museum's collection worth? According to a report from Crain's Detroit Business, a city report from 2004, when the DIA was still a city department, valued the collection at more than $1 billion."

Pre-2008 value means that it's not worth over a billion now in this soft market.  One thing is certain, a careful inventory probably ought to be done to make sure that pieces don't "walk off".
Sat, 05/25/2013 - 13:39 | 3598502 toady
toady's picture

...and... it's gone...

Sun, 05/26/2013 - 09:27 | 3599531 espirit
espirit's picture

 

 

Inflated appraisal at $1 [B]illion, actual worth ??? $5 meellion.

Sat, 05/25/2013 - 16:10 | 3598689 Urban Redneck
Urban Redneck's picture

-

Sat, 05/25/2013 - 17:26 | 3598791 SpeakerFTD
SpeakerFTD's picture

What soft market?

http://www.nytimes.com/2013/05/16/arts/design/christies-art-auction-sets...

Frankly, now would be an excellent time for any municpality to sell.   This will be the last bubble the Fed is able to blow.  Sell now, build necessary infrastructure, buy back art at 80% off in 2020.

Sat, 05/25/2013 - 23:45 | 3599206 Jena
Jena's picture

There are two factors at work:

One, the bluechip art is and always will sell when money is moving into hard assets. For other art it is a soft market.

The other is that institutional art is not always blue chip even though the right names might be present.  Taking a cursory look at the Detroit Institute of Art, it looks as though some of the names are there, particularly in the Impressionists and post-Impressionists.  The problem is that when people donate work, they often donate small or lower quality work to regional places and gift the more important pieces to say, the New York museums, if they will accept them. 

Then there are the other collections which may be valuable as groups but not so much as individual pieces. 

Is it a good time to sell off work?  Sure, it might be for certain pieces. 

Sun, 05/26/2013 - 09:29 | 3599534 espirit
espirit's picture

The Fed can still inflate my nad sack.

Sat, 05/25/2013 - 13:42 | 3598504 Saint Pitbull
Saint Pitbull's picture

The dirty secret about all of these broke states and cities is that they own all sorts of assets (most of which they have no business in owning in the first place).  Before saying you're broke, sell all of your assets - especially the land.

Sat, 05/25/2013 - 14:06 | 3598514 pashley1411
pashley1411's picture

See the article on Detroit, has $1bn of art?

Of course, "paid for" $1bn does not mean getting back $1bn.

And then there is real estate.    The city has all these nonliquid assets, and yet can't control expenses.

Sat, 05/25/2013 - 14:54 | 3598606 Jena
Jena's picture

The City of Detroit didn't pay for that art collection.  While it did probably purchase some of it, the rest was likely gifted to it by people who were looking to lessen their tax bill by donating pieces.  You used to be able to get a hefty write-off for a number of years in a row by donating pieces to municipalities, museums and institutions.  I believe that the tax code has tightened so it's not the same benefit it used to be but while it lasted, it was a way to get rid of old work and save money all at the same time.

Maybe some of you who know the tax code better could advise.

Sat, 05/25/2013 - 12:53 | 3598438 Gringo Viejo
Gringo Viejo's picture

I've no problem being called racist. Show me any major city (or country) with black people at the helm and I'll show you a shithole. There exist exceptions such as Sacramento, Ca. but all in all it's a factual statement.

Sat, 05/25/2013 - 12:55 | 3598440 Dingleberry
Dingleberry's picture

The inland bowels of Cali are shit holes, too. Maybe not as bad.  

Detroit is "exhibit A' for what happens when you let liberals run wild.  

Sat, 05/25/2013 - 13:04 | 3598452 Troll Magnet
Troll Magnet's picture

its not that blacks are incompetent. its just that the bad, twisted ones are recruited by the PTB. you know, because they stick together.

Sat, 05/25/2013 - 14:18 | 3598562 Bay of Pigs
Bay of Pigs's picture

Detroit deserves whatever is coming to them. Here's a good example why.

http://www.youtube.com/watch?v=XpzRuB-YMpg

Sat, 05/25/2013 - 14:19 | 3598563 dark pools of soros
dark pools of soros's picture

Funny how with ZH's new racist policy everyone goes back to blaming blacks since they'll never sue... Only those chosen folks will

The same ones that get their black puppets elected

Sat, 05/25/2013 - 17:40 | 3598807 NoTTD
NoTTD's picture

The truth is sometime a painful thing.

 

So fuck you.

Sat, 05/25/2013 - 15:06 | 3598620 Nick Jihad
Nick Jihad's picture

No, blacks really are incompetent. Whenever they achieve political power in a city, they jack up business taxes to fund public employment. Even though this causes immediate tax-base erosion, they never allow themselves to connect cause and effect. The resulting unemployment and crime are actually welcome developments, because they are taken by the voters to confirm the narrative of racial victimization. This is a bad incentive for black politicians, because the more maladroit or corrupt they are, the more sure they are of winning reelection.

But, that is all a needlessly long-winded way of saying what could be said in a single word: "Detroit".

Sat, 05/25/2013 - 16:46 | 3598738 Kaiser Sousa
Kaiser Sousa's picture

"No, blacks really are incompetent. "

really now....i didnt know Jerry Brown was black nor all the other governors and mayors of most of the US's broke ass states and municipalities...

dude everyone's entitled to their opinions...even fucking morons.....

Sat, 05/25/2013 - 17:45 | 3598814 NoTTD
NoTTD's picture

The fact that there are incompetents of all races hardly disputes his statement.

You sound like any good Lefists when he hears someone criticize Obama:  "But, but,but BOOOOOOSSSSHHH!!!!.   There, that puts Obama's incompetence in perspective.

Sun, 05/26/2013 - 16:17 | 3600042 Kaiser Sousa
Kaiser Sousa's picture

look whoever the fuck you r....

i dont claim left....

i dont claim right...

black, white, yellow, the whole lot r staffed with amoral and incompetent mother fuckers....

with a asshole throws out generalizations about a entire race there aint nothing to dispute cause basic logic in and of itself renders such characterizations invalid...

but you dumb ass mother fuckers knock yourselfs out over this bullshit...i aint wasting my time...yeah, its the Blacks thats the cause of all of the States problems....

hilarious and typical whitey...

 

 

 

Sat, 05/25/2013 - 22:57 | 3599144 sgorem
sgorem's picture

@ Gringo +1.....how 'bout the good ole ussa?

Sat, 05/25/2013 - 12:57 | 3598439 razorthin
razorthin's picture

Who are the fools who trusted these parasites to do otherwise?  Parasites know no race nor ideology.

Sat, 05/25/2013 - 14:21 | 3598566 dark pools of soros
dark pools of soros's picture

Whoa... You are getting awfully close to defaming a sue happy race there buddy

Sun, 05/26/2013 - 09:34 | 3599539 espirit
espirit's picture

Where do parasites fit into the left/right paradigm?

~ EVERYWHERE ~

Sat, 05/25/2013 - 13:02 | 3598448 IridiumRebel
IridiumRebel's picture

Et tu hubris?

Sat, 05/25/2013 - 13:03 | 3598451 Icantstopthinki...
IcantstopthinkingaboutNINJAs's picture

Did they guy in London get decapitated or not?

Sat, 05/25/2013 - 13:29 | 3598463 Hopium Dealer
Hopium Dealer's picture

No he got culturally enriched. The white Brits could care less their country is getting taken over. Why worry when you have Guiness and football on tv?

Sat, 05/25/2013 - 13:43 | 3598507 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

UEFA  final is on today and I will be watching. Screw racism, screw the PTB, TBTF, and everything else.

Go Dortman

Sat, 05/25/2013 - 13:07 | 3598454 Honey Badger
Honey Badger's picture

Bring back tar and feathering.

Sun, 05/26/2013 - 09:37 | 3599544 espirit
espirit's picture

Where can I find "white" tar, and "black swan" feathers?

Sat, 05/25/2013 - 13:11 | 3598456 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Stay on top of things? Like hookers?

Sat, 05/25/2013 - 13:45 | 3598511 toady
toady's picture

That's where my mind went... I suppose it says more about me than the writers intent.

Sat, 05/25/2013 - 13:16 | 3598458 Miss Expectations
Miss Expectations's picture

.


Sat, 05/25/2013 - 13:11 | 3598459 Hopium Dealer
Hopium Dealer's picture

Nig Economics 101: Spend money you do not have. Blame others for your financial illiteracy.

Sat, 05/25/2013 - 13:35 | 3598486 RafterManFMJ
RafterManFMJ's picture

Time Preference
r/K Selection Theory
Human Biodiversity Theory HBT

Spend an afternoon reading and many things will become clear unto you about the behavior of certain ... groups.

Sun, 05/26/2013 - 03:26 | 3599337 MeelionDollerBogus
MeelionDollerBogus's picture

nope.

The bio-argument has no evidence to support it.

Socially, those trained to be corrupt are bankers, politicians, lawyers.

Race, ancestry, has no bearing and can not have bearing. That's not PC, that's the facts.

Sun, 05/26/2013 - 15:28 | 3599989 Kobe Beef
Kobe Beef's picture

Despite the fact that peer-reviewed studies conducted over the last 70 years show consistent racial differences in intelligence, conscientiousness, time-preference, and impulse control which are remarkably predicted by r/K Selection patterns and highly correlated with r/K physiological markers such as onset of puberty and gestation time.

Needless to say, r/K Selection theory is widely accepted across the field of population biology; meaning all species. You're saying it doesn't apply to humans. Why not?

So: for all other animals on planet Earth, r/K could be valid, but homo Sapiens are these adorable little blank slates to be socially engineered by enlightened progressive totalitarians with good intentions, or they turn into bankers, politicians & lawyers. Right?

Wrong. Do the homework advised above, and save the PC crap for the free shit army.

Or, you could produce your "facts".

Sat, 05/25/2013 - 15:26 | 3598642 prains
prains's picture

Wonk Wall Street Econ 101Spend money you do not have. Blame others for your financial illiteracy.

 

you make NO point, rather your point is to divide, NOT conquer, people like you make change impossible as your stupidity is too easy

Sat, 05/25/2013 - 15:31 | 3598648 tmosley
tmosley's picture

Nig?  How pointlessly divisive.  This is how ALL western governments work.  Most governments in general, actually.

Sat, 05/25/2013 - 17:07 | 3598760 Mark Urbo
Mark Urbo's picture

Cut the PC stuff - this admin is divisive every day...

 

The fact is that blacks in Detroit and the unions along with corrupt politicians that cater to them are 93% at fault. If your saying its divisive to state that, then we've passed the common sense trip wire.

Sun, 05/26/2013 - 09:38 | 3599546 Two Feet Studs Up
Two Feet Studs Up's picture

True. You know I went into a local 7-11 and tried to buy a coffee with only a $50 bill and the cashier did not accept because the bill was too high. Yet at the other cashier accepted a EBT card from a brotha buying a large coffee. The funny part was when my cashier asked the other folk in the store if they had change for a 50- and the brotha and another person gave a good laugh. Needless to say, I left the joint with no coffee and a 50. This was in one of the nicest suburbs of Baltimore. The stupidity of this country continues...

Sat, 05/25/2013 - 13:20 | 3598474 Bastiat
Bastiat's picture

I sat on a retirement board for a few years.  None of us ever went to a conference-it's just bullshit junketing.

Sat, 05/25/2013 - 13:34 | 3598492 yabyum
yabyum's picture

You could go to a conference and get stuff done, just make it Gary Indiana.

Sat, 05/25/2013 - 14:56 | 3598609 Anusocracy
Anusocracy's picture

Somewhere in the Middle East with a well-developed car bomb industry.

Sun, 05/26/2013 - 09:41 | 3599549 espirit
espirit's picture

Could just as well been in DC, but who would want to conference there - and why?

Sat, 05/25/2013 - 13:35 | 3598493 SilverIsKing
SilverIsKing's picture

Even if it was a legit conference, they didn't need to go. Someone approved it. That person should be fired.

Sat, 05/25/2013 - 13:21 | 3598475 world_debt_slave
world_debt_slave's picture

From the fraud in DC all the way down to local dog catcher, public employees milk the taxpayer teet dry.

Sat, 05/25/2013 - 15:28 | 3598644 prains
prains's picture

WALL STREET make these guys look like amateurs they're up on them by at least 22 TRILLION so you might want to get informed and direct your anger towards the REAL CRIMINALS

 

WAKE UP!,  It's the new Drink

Sat, 05/25/2013 - 17:48 | 3598818 NoTTD
NoTTD's picture

Yeah, but these criminals placed themselves front and center.

Sun, 05/26/2013 - 09:48 | 3599554 espirit
espirit's picture

Never gonna happen until somebody puts the redpill in the water supply.

Did I just say that outloud?  Oh well, I know where my 6 sqft. is at Fema Camp 13, row 9, building 4, floor 10, hall 3, room 136, quadrangle 2.

Sun, 05/26/2013 - 03:24 | 3599335 MeelionDollerBogus
MeelionDollerBogus's picture

And that better not be RAW teet milk or there's some more regulations & fines for you.

Sat, 05/25/2013 - 13:23 | 3598480 besnook
besnook's picture

as long as they come back with the advice that city employees, police, firefighter salaries and pensions need to be cut further then it is money well spent.

Sat, 05/25/2013 - 13:48 | 3598518 toady
toady's picture

Is that you MDB?

Sat, 05/25/2013 - 14:04 | 3598543 besnook
besnook's picture

no. i am just a guy who has put every penny on the line every day to employ a few people and add to the productive side of gdp with a retirement nest egg that will throw off a significantly less return than a flunky .gov employee, including fat cops and firemen, living off the largesse of the taxes i have paid in a virtually risk free environment. don't give me the public good crap and the dangerous job crap. one, that is what they signed up for. two, niehter job is in the top 20 most dangerous jobs. i worked as the director of an ngo for two years after the first time i went broke. i had to quit because of disgust for .gov waste that can't be fixed because of politics. i turned my position into a part time job that could not be accomplished as a full time job by my successor.

if .gov were run as a business every budget could be cut by 25% or more and the job done more efficiently without pain except to those that would need to be fired.

Sat, 05/25/2013 - 14:31 | 3598574 dark pools of soros
dark pools of soros's picture

I don't totally disagree but you do end up with fucked up public to private entities like for profit jails and slumlord utility companies..

corruption is corruption whether public or private

You mineaswell be debating dems vs repubs... No difference on agenda

Sat, 05/25/2013 - 14:41 | 3598593 besnook
besnook's picture

i am not an advocate for privatizing .gov. i am an advocate of making .gov run efficiently. there are ways to do it but are politically impossible to accomplish. i was able to run my program the way i wanted because it was a new program and the irony that local politicians could not be seen either advocating the program or criticizing it so i was pretty much left alone. coming from a tiny business background, i ran it like a business. years later i found out the local political structure could not believe what i did and how i did it and for so little money.

Sat, 05/25/2013 - 15:17 | 3598629 Anusocracy
Anusocracy's picture

Years ago I did an estimate of the value of government 'services' that I use compared to what I pay the government for them. I pay about eight times the cost through government.

That alone is enough of a reason to end government - it is a massive waste of resources.

Sun, 05/26/2013 - 09:53 | 3599558 yellowsub
yellowsub's picture

and  how do you plan on stopping this "machine"?

Sun, 05/26/2013 - 20:56 | 3600382 Anusocracy
Anusocracy's picture

Just like how you deal with a cheating spouse: dump them.

You don't need the government any more than it needs you, in fact, probably less.

Sat, 05/25/2013 - 16:14 | 3598695 de3de8
de3de8's picture

Nook,
The reason it will never happen is that a boatload of non- productive loads would have to go. Never-unless or until the second revolution.

Sat, 05/25/2013 - 13:29 | 3598483 Atomizer
Atomizer's picture

Sounds like a pre|reorganized Reggie Love/Obama/Trustee [Menage a trois] fuck fest event to me.

;P

 

Sat, 05/25/2013 - 13:33 | 3598490 robnume
robnume's picture

To Detroit public pension trustees: JUMP, FUCKERS, JUMP!!! If they won't willingly jump, would some brave citizen please PUSH them off of the planet!

Sat, 05/25/2013 - 13:34 | 3598491 pashley1411
pashley1411's picture

<<<It's one of these things we trustees must do to stay on top of the field," Riehl said. "It's important that we participate in these conferences. The stakes are too high.">>>

Like looking for their next gig on the public's dime.   

Sat, 05/25/2013 - 15:20 | 3598635 Nick Jihad
Nick Jihad's picture

One could sympathize - they'll be needing a new gig, very soon.

Sat, 05/25/2013 - 13:44 | 3598509 Rustysilver
Rustysilver's picture

News travels slowly. Detroit is broke. Are trustees preparing to stay there for next 10 years.  When you show up for a job you shouldn't need any training.

Sat, 05/25/2013 - 13:48 | 3598517 Chief_Illiniwek
Chief_Illiniwek's picture

Is anyone surprised by this story?

Economy-of-scale-thinking suggests keeping this "copy" and performing a global find/change on the word Detroit as needed.

Sat, 05/25/2013 - 13:49 | 3598520 CustomersMan
CustomersMan's picture

Just a Side Note:

Detroit should introduce the "SEAT: TOLEDO" car in the U.S. as it is being sold in Mexico. It costs about $16,000, gets 74 MPG , and is all around quite a good car.

 

No reason it can't be sold here in the U.S.  Oh, wait, there is a good reason, the Koch Brothers, manipulation of the Oil and Gas markets and the continued screwing of American citizens. shit I forgot that.

Sat, 05/25/2013 - 16:16 | 3598699 de3de8
de3de8's picture

Yeah, I am for putting losers in tomato cans.

Sat, 05/25/2013 - 16:57 | 3598751 Mark Urbo
Mark Urbo's picture

Yeah, right !

 

How about we combine your "SEAT" car with Obama's Chevy "Volt" and call it the Electric Chair Car.

Sat, 05/25/2013 - 13:51 | 3598526 Catullus
Catullus's picture

Another session "Actuarial Accounting: More than Just Pulling Cells Across in Excel"

Sat, 05/25/2013 - 13:54 | 3598530 Atomizer
Atomizer's picture

Breaking Wind: All Detroit Trustee members have been required to apply for EBT assistance.

It's Free Swipe Yo EBT

 

/LoL

Sat, 05/25/2013 - 13:56 | 3598531 williambanzai7
williambanzai7's picture

This is all a misunderstanding.

The definition of fiduciary responsibilities has been adequately modernized to permit these kinds of junkets and similar side benefits for trustees and directors who are charged with doing absolutely nothing for their beneficiaries and shareholders.

Sat, 05/25/2013 - 14:07 | 3598546 Atomizer
Atomizer's picture

You must stop talking common sense.

 

Nice job on your recent visual aids. Never forget, a picture is worth a thousand words..

Sat, 05/25/2013 - 13:58 | 3598534 CustomersMan
CustomersMan's picture

 

They money changers/pharasee's/vultures from around the world are all looking to grab what's left on any given corpse. In Greece they are seeking to buy up the most beautiful Greek Islands for a few pennies on the dollar.

I doubt the Greeks will let them enjoy the sun, sand and sea, unless of course they are staked to the ground at the beach, with wet leather ropes that shrink/tighten in the intense sun. Only right.

Sat, 05/25/2013 - 15:59 | 3598681 W74
W74's picture

I wish we could do that to the kikes over here who caused all of this.

Sat, 05/25/2013 - 13:58 | 3598535 Whatta
Whatta's picture

It "wasn't a vacation"...LOL.

Kinda like going to the titty bar just for the music?

Sat, 05/25/2013 - 14:10 | 3598549 Atomizer
Atomizer's picture

Or reading Playboy for the articles.

Sun, 05/26/2013 - 03:21 | 3599334 MeelionDollerBogus
MeelionDollerBogus's picture

Actually if you compare the articles in playboy to the crap printed in the NY Times, you'll sadly conclude you WOULD be better off reading Playboy for the articles.

As for the titty bar clearly it's the atmospheric lighting that draws in the crowd.

Sat, 05/25/2013 - 14:03 | 3598540 djsmps
djsmps's picture

A little off-topic, but a tornado struck a shut-down Russian nuclear reactor yesterday. And it's captured on video.

http://www.youtube.com/watch?feature=player_embedded&v=qCjIAF8EKyc

Sat, 05/25/2013 - 14:11 | 3598552 Joebloinvestor
Joebloinvestor's picture

Taking their lead from the great example shown by the EU fucks.

Stay and dine in 5 star hotels while discussing austerity for everyone else.

Sat, 05/25/2013 - 14:24 | 3598569 bugs_
bugs_'s picture

Apparently there is still money to be stolen from the little guy - EVEN IN DETROIT.

Sat, 05/25/2013 - 16:52 | 3598745 Mark Urbo
Mark Urbo's picture

I'm not sure about that, didn't they already steal all the copper out of the abandoned buildings ?

Sat, 05/25/2013 - 17:51 | 3598824 NoTTD
NoTTD's picture

That's how they paid for the junket.

Sat, 05/25/2013 - 14:26 | 3598571 CashCowEquity
CashCowEquity's picture


Detroit= A City for idiots, run by idiots, inhabited by idiots.

Do NOT follow this link or you will be banned from the site!