VN Boards Archive

[VN Boards Archive]

Welcome to the Vault Network forum archive.

This is not a complete archive, time didn't allot us the opportunity to properly backup the majority of the boards deemed "expendable". Most boards on this list have at least 20-40 pages archived (non-logged in pages, 15 topics per page).

Popular boards may have as many as 250 pages archived at 50 topics per page, while others deemed of historical signifigance may be archived in their entirety.

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Author

Topic: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.

Brother_Tempus Title: Patriot Posts: 48,624 Registered: Jan 9, '01 Extended Info (if available) Real Post Cnt: 48,310 User ID: 61,868	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	Will any of these city administrators go to jail like Bernie Madoff??? Of course not, becuase it's not a crime when government does it. The upside is that it will only ruin the lives of a group of government moochers http://www.nytimes.c...first.html?_r=1 When New York State officials agreed to allow local governments to use an unusual borrowing plan to put off a portion of their pension obligations, fiscal watchdogs scoffed at the arrangement, calling it irresponsible and unwise. And now, their fears are being realized: cities throughout the state, wealthy towns such as Southampton and East Hampton, counties like Nassau and Suffolk, and other public employers like the Westchester Medical Center and the New York Public Library are all managing their rising pension bills by borrowing from the very same $140 billion pension fund to which they owe money. Across New York, state and local governments are borrowing $750 million this year to finance their contributions to the state pension system, and are likely to borrow at least $1 billion more over the next year. The number of municipalities and public institutions using this new borrowing mechanism to pay off their annual pension bills has tripled in a year. Public pension funds around the country assume a certain rate of return every year and, despite the market gains over the last few years, are still straining to make up for steep investment losses incurred in the 2008 financial crisis, requiring governments to contribute more to keep pension systems afloat. Nationwide, the cost of public retiree benefits has soared in recent years, and states including California, Connecticut and Illinois have been borrowing to pay, or even deferring, their pension bills. Many states are worse off than New York. New Jersey is still paying off bonds issued in 1997 to close a hole in its pension system. But New York appears to be unusual in allowing public employers to borrow from the stateâ€™s pension system to finance their annual contributions to that system. In Poughkeepsie, which is contributing $3.6 million into the state pension system this year and borrowing nearly $800,000, Mayor John C. Tkazyik, a Republican, said rising pension costs and new federal accounting requirements for retiree health coverage could have dire consequences. â€œIt could bankrupt the city,â€ Mr. Tkazyik said, adding that the city had cut its work force, to 367 from 418 employees, in four years as it struggled to compensate. -----signature----- You win ACF, dude - Osmenthe BT is usually right - Onslaught i think we need more BT on page 1 - FighterUSAF Yep, BT is right - Aerlinthian Got guns & ammo? Food? Precious metals?
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the_great_ontex Title: This is what cool looks like Posts: 31,805 Registered: Feb 13, '12 Extended Info (if available) Real Post Cnt: 806 User ID: 1,438,403	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	An unsustainable system -----signature----- (none)
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Tych2 Title: Obama Appointed Outpost Czar Posts: 40,411 Registered: Mar 1, '05 Extended Info (if available) Real Post Cnt: 33,378 User ID: 1,032,223	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	Brother_Tempus posted: Will any of these city administrators go to jail like Bernie Madoff??? Looking for a date? -----signature----- We have enough youth. What we need is a fountain of smart. Drill Anwar! Kapie Drevid in Tanks
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Phlegm573 Posts: 14,133 Registered: Jun 12, '02 Extended Info (if available) Real Post Cnt: 12,216 User ID: 687,948	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	-----signature----- "I try to make men-only kinship?" - bstulic "It takes balls to execute an innocent man." - actual Republican voter http://tinyurl.com/6p8a7rp - summary of Israel vs. Palestine
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Sin_of_Onin Posts: 35,113 Registered: Jun 29, '05 Extended Info (if available) Real Post Cnt: 23,763 User ID: 1,062,657	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	Borrowing from a pension is better than underfunding it. They are both the same thing but underfunding it hides that act of borrowing and the lost income from investing the money is never accounted for. States and towns should borrow so they can get future liabilities to fully funded status. -----signature----- "Okay... I'm with you fellas" --Delmar F is for Fake-believe "We apologise for the inconvenience" --God "What Jesus fails to appreciate is that it's the meek who are the problem"--Reg Run, Forrest! Run!
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Brother_Tempus Title: Patriot Posts: 48,624 Registered: Jan 9, '01 Extended Info (if available) Real Post Cnt: 48,310 User ID: 61,868	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	Sin_of_Onin posted: Borrowing from a pension is better than underfunding it. Borrowing results in underfunding -----signature----- You win ACF, dude - Osmenthe BT is usually right - Onslaught i think we need more BT on page 1 - FighterUSAF Yep, BT is right - Aerlinthian Got guns & ammo? Food? Precious metals?
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Kordirn Title: Pirate Prince Posts: 23,453 Registered: Apr 19, '04 Extended Info (if available) Real Post Cnt: 23,192 User ID: 915,876	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	-----signature----- ooOooo oOoOO OOo
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Sin_of_Onin Posts: 35,113 Registered: Jun 29, '05 Extended Info (if available) Real Post Cnt: 23,763 User ID: 1,062,657	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	Brother_Tempus posted: Sin_of_Onin posted: Borrowing from a pension is better than underfunding it. Borrowing results in underfunding No it doesn't. There wouldn't be any money to borrow if it wasn't funded. States and towns borrow money fairly regularly and are known for paying it back. The biggest problem with this situation is if the state or town really isn't a good investment in the first place. if that is the case then it is still better than underfunding. If we are talking New York state then it is a safe investment with a bad rate of return. Considering how much money many pension funds lost with the crash it may be a smart choice. -----signature----- "Okay... I'm with you fellas" --Delmar F is for Fake-believe "We apologise for the inconvenience" --God "What Jesus fails to appreciate is that it's the meek who are the problem"--Reg Run, Forrest! Run!
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Phlegm573 Posts: 14,133 Registered: Jun 12, '02 Extended Info (if available) Real Post Cnt: 12,216 User ID: 687,948	Subject: Public Pension Ponzi Scheme : To Pay New York Pension Fund, Cities Borrow From It First.
	Kordirn posted: -----signature----- "I try to make men-only kinship?" - bstulic "It takes balls to execute an innocent man." - actual Republican voter http://tinyurl.com/6p8a7rp - summary of Israel vs. Palestine
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