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| http://www.zerohedge.com/news/2016-11-06/dallas-pension-fund-panic-mayor-warns-130-property-tax-hike-avoid-collapse |
"...the fast imploding Dallas Police & Fire Pension (DPFP), which covers nearly 10,000 police and firefighters, is on the verge of collapse as its board and the City of Dallas struggle to pitch benefit cuts to save the plan from complete failure.
The pension board wants the city to contribute $1.1. billion in 2018,
but to do that, they would have to increase the property tax rate by 130%.
Most of what local government, school and state employees
have been told by the News and Record about the state's pension plan
has been a lie, and they won't say they are sorry, because their excuse is they didn't know
as they are mostly financially illiterate and stenographers for socialist/fascist fallacies
regurgitated by 'friendly' political allies who profit from the contributions of 'supporters'
who profit from overcharging North Carolina's pension system
just like the 'folks' who run Warren Buffett's financial businesses do.
...Dallas police officers are retiring at a record rate and opting for full cash withdrawals of their pension benefits as opposed to equal monthly distributions for life (apparently they don't think the fund will be around long enough to pay them for very long).
Coming to a Greensboro near you.
According the the National Real Estate Investor, DPFP was once applauded for it's "diverse investment portfolio" but turns out it may have all been a fraud as the pension's former real estate investment manager, CDK Realy Advisors, was raided by the FBI in April 2016 and the fund was subsequently forced to mark down their entire real estate book by 32%, thereby exposing just how great the risk truly is when pension funds swing for the fence... and miss.
North Carolina's Public employee Pension fund
is chock full of Real Estate deals, some of which
are invested with Treasury Secretary Janet Cowell's cronies
and campaign contributor connections
...Dallas mayor Mike Rawlings told the state's Pension Review Board that recklessness led to the financial crisis of the Dallas Police and Fire Pension Fund.
"This is much like a Bernie Madoff scheme, if you ask me," he said.
Which is why the State of North Carolina
dumped Police related pension assets onto the City of Greensboro,
led by corrupt politicians and crooked finance personell
...the mayor said past pension fund members guaranteed themselves 8-to-10% returns in their retirement fund, called Drop. Some left with millions in their accounts. On top of that, "there were bad investments"
It left behind a huge mess that threatens to bankrupt the fund and cost Dallas tax payers billions.
Which is exactly what Greensboro Mayor Nancy Vaughan and friends
is going to leave a whole bunch of City employees and taxpayers with,
because the only thing they really care about is getting reelected until the music stops
"The City of Dallas tax payer is the punching bag in this issue," Rawlings said.
...the pension board wants the city to contribute $1.1. billion in 2018, but to do that, they would have to increase the property tax rate by 130%.
Most would think our press would ask,
but they don't, and most likely won't until it's too late
and the top execs working for Warren Buffett wax poetic
as his banks make money from overcharged North Carolina employees
via the Stable Value Fund in Janet Cowell's pension fund
and ripping off customers at Wells Fargo
...by the time the blame game arrives, it is far too late, as not only does it resolve nothing, but leads to even more dirty laundry finally emerging, and assures far more pain for all those involved... as local police and firefighters, who are about to see a major cut to their assured pension benefits, will soon find out.
“We seem to be at a stalemate and at a place where more of the discussions is about blame than around taking responsibility and moving forward,"
...the Fed, and the world's central banks actions are the primary reason for why millions of state and federal workers around the US (and the globe) are about to lose some or all of their "guaranteed" entitlements."
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When presented with the opportunity to do right by City of Greensboro's employees, Tony Wilkins, Marikay Abuzuaiter, Nancy Vaughan, Mike Barber, Yvonne Johnson, Jamal Fox and Sharon Hightower supported cronies connected to the financial industry, Jim Westmoreland, Mary Vigue, Rick Lusk and Connie Hammond rather than more than 2,800 employees who are still getting skimmed off of by ICMA-RC, the administrator for the City's 457 retirement plan.
Same thing only different.
When presented with the opportunity to report to the public how the financial industry rips off local investors and retirement plan participants, the News and Record's Joe Killian, Susan Ladd, Stephen Doyle, Jeff Gauger, Margaret Moffet among others including the Rhino Times John Hammer and the Triad Business Journal's Mark Sutter didn't lift a finger for their readers against the parasitic interests who prey upon their readers.
These folks let the banking and investment system steal from you.
And they know it.
And they didn't bother to tell you, as it would upset their benefactors.
Now Mary Vigue is in charge of a legal Ponzi scheme called Say Yes to Education and Say Yes Guilford whose business model skims profits for administrators and vendors meant for college scholarships for Guilford County students with monies donated by local foundations, managed for a profit by the Community Foundation of High Point, and the Community Foundation of Greensboro, who's Walker Sanders lied to get additional taxpayer funding for Greensboro's STPAC with the help of Matt Brown, City Council and City staff, including Rick Lusk.
Rick knew better and went along to keep his job as far as I can tell.
He must throw up a little every time he has to go along with the facade.
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Same "Pay to Play" Campaign Contributions to NC Treasurer Janet Cowell as Chicago's Rahm Emanuel
http://greensboroperformingarts.blogspot.com/2014/11/same-pay-to-play-campaign-contributions.html
The News and Record didn't report any of this and will most likely not do so,
as either they don't understand the issue enough,
or they just plain old sold out to being no more than a propaganda outlet
not unlike Triad Business Journal
"$30 Billion Unaccounted for in North Carolina State Pension Plan"
http://greensboroperformingarts.blogspot.com/2014/10/30-billion-unaccounted-for-in-north.html
Crow Holdings Capital Partners LLC and Pay to Play with NC Treasurer Janet Cowell
http://greensboroperformingarts.blogspot.com/2014/10/crow-holdings-capital-partners-llc-and.html
NC Treasurer Janet Cowell "Investors as contributors"
http://greensboroperformingarts.blogspot.com/2014/10/nc-treasurer-janet-cowell-investors-as.html
Fraudulent book cooking approved by the Federal Reserve
in violation of securities reporting laws
again, just like Wells Fargo and Wachovia did under former Goldmanite Robert Steel
and Wells Fargo's John Stumpf, which Roy Cooper and Janet Cowell knew about
and declined to act in the best interests of hundreds of thousands of North Carolina employees
invested in the state's retirement plans
The Goodmons, WRAL, Janet Cowell and Roy Cooper, overcharging North Carolina State employees in retirement plans and the Wachovia, Wells Fargo merger
http://greensboroperformingarts.blogspot.com/2016/01/the-goodmons-wral-janet-cowell-and-roy.html
