"""Democrats & Taxes"""

[martybegan]

The pension funds were stupid enough to believe Wall Street's lies. They were told their ROI's were going to be well above the average ROI of 8 percent, and they lost their asses due to Wall Street's malfeasance. Because Wall Street lied, a lot of states increased the benefits for public employees.

It's the same deal with college endowment funds. They invested in Wall Street's lies, and were robbed. Larry Summers, one of the architects of the bubble, drank his own Kool-Aid. After leaving the Clinton Administration he went on to manage Harvard's endowment, and lost them $2 billion. So there is a God.

It's the same deal with insurance companies. They make most of their money from investments. They take the profits from their premiums and invest them on Wall Street, and they were robbed, too.

I know you have an axe to grind with Wall Street, but here the lies entirely serve the need of the local politicians at the time of the required investments. They guess a ROI that allows them to contribute less, and then if the ROI's don't pan out, they can blame "greedy wall street" and people like you will fall for it.

The investment banks make their money on things like pensions on asset value, not on ROI, and although ROI's that are higher produce more value, lower ROI's than those projected allowed the governments to put LESS into the funds, thus reducing the fees the funds can charge.

That's exactly what I said, dipshit. The pensions either increased benefits, or reduced contributions, or both. And those changes were based on lies told to them by Wall Street.

As shown by the links I just provided, Wall Street committed MASSIVE fraud against investors, including pension funds, insurance companies, municipalities, and college endowments.

We disagree on Wall Street telling lies to the people running the pensions. To me, the people running them took the information they wanted, i.e. high ROI's and used them to reduce required annual contributions, which have to come from the general government fund.

How do the investment banks benefit from proposing higher ROI's that are actually possible?

 

[1stRambo]

Illinois is not the only state that is fucked. New York, New Jersey, Connecticut, West Virginia, Louisiana, and Hawaii are also fucked.

Yo, need to get those "Socialist Democrat Puppet Mayors" out of office! The reason the Unions support Democrats for Mayor, is because they can milk them for anything, and the Taxpayers need to Wake Up!!!

"GTP"