Saturday, March 5, 2016

Sound Familiar?; Who do you think Greensboro's News and Record is going to endorse?

"Over the past 15 years, the North Carolina state pension’s funding ratio has deteriorated – falling from 112.8% to 94.8%.  The major reasons for the decline—excessive undisclosed fees and wildly speculative hedge and private equity investing..."

Greensboro's News and Record is directly responsible 
for North Carolina and the City of Greensboro's employees 
paying more for pension and retirement investments than necessary,
as they have known for years and did nothing

Thankfully, for whatever reasons, current North Carolina Treasurer Janet Cowell—having exponentially increased the fees paid to her pals on Wall Street—has decided not to seek reelection.

Can’t imagine where she’ll surface next.

...Mr. Elmer, a CPA, has committed not only to publishing financial statements for the North Carolina state pension fund for the first time in 15 years, but also an independent audit of the pension for the first time – ever.

Jeff Gauger has direct personal knowledge
of Elmer's strategy, as I told him on multiples of occasions
and he didn't let Warren Buffett's newspaper report the story

Elmer has pledged not to take campaign contributions from Wall Street but his goals are bigger than winning the Treasurer’s race without Wall Street’s money.  He plans to end pay-to-play permanently in the Treasurer’s office by firing as many of the external managers as possible, bringing North Carolina’s money home, and managing assets in-house using an indexing strategy.  Finally, Elmer plans to replace the widely-criticized “sole-trustee” power of the State Treasurer with a Board of Trustee structure filled with relevant stakeholders – not Wall Streeters.

Joe Killian and Susan Ladd know exactly what could have been reported
and wasn't,
and then Joe's wife became a financial industry lobbyist

Thus, the next Treasurer won’t be able to dole out million dollar investment contracts to campaign contributors without the full consent of the Board of Trustees who would have to vote to move investments from in-house management back to the outhouse.

Jon Hardister barely lifted a finger,
and then failed to act in the best interests of North Carolina employees
by not following through

Elmer has managed state pension investments for Georgia and California, but more importantly, Elmer has previously managed a $2 billion stock index fund for the North Carolina pension fund.  He has quite literally “done this before” and just wants to “do it across town in the Treasurer’s office and save North Carolina hundreds of millions of dollars annually.”
From; NC District 59 Representative Jon Hardister To; NC Treasurer's Office "pertaining to 401(k) and 457 plans"

Tony Wilkins, Nancy Vaughan, Nancy Hoffmann, Sharon Hightower, 
Yvonne Johnson, Mike Barber, MariKay Abuzuaiter and Jamal Fox
with Jim Westmoreland, Donnie Turlington and Mary Vigue's help 
betrayed those they are supposed to represent

On North Carolina State's 401(k) and 457 "GoalMaker" Target Date Funds

North Carolina State 401(k) replaced index funds with higher cost actively managed accounts in 2013

A Few Observations on Share Classes and Wells Fargo Stable Return Fund

A Few Observations on Share Classes and Wells Fargo Stable Return Fund

"Secrecy in Pensions Triggers Legislative Brawl in North Carolina"

NC State Treasurer Janet Cowell's answer to the following question in 2012

"North Carolina Treasurer [Richard Moore] calls Wells’ Wachovia deal ‘highway robbery’

NC Treasurer Janet Cowell Contributions; "Law Firms Seek Cut of State Pension Litigation" and Pay to Play

Crow Holdings Capital Partners LLC and Pay to Play with NC Treasurer Janet Cowell

"NC Pension Accused of Pay-to-Play Violations"

And so it goes with the Federal Reserve and Roy Cooper and Janet Cowell again

The Goodmons, WRAL, Janet Cowell and Roy Cooper, overcharging North Carolina State employees in retirement plans and the Wachovia, Wells Fargo merger

Galliard, owned by Wells Fargo, North Carolina Stable Value Fund Transition Update; May 16, 2013

Why North Carolina Treasurer Janet Cowell isn't running for reelection, and how the City of Greensboro's retirement plan committee betrayed their co-workers

Public Information Request for the State of North Carolina's Treasurer