nounionfool
TB Lurker
- Credits
- 0
Dissolve and disperse central states pension fund now !
- Thread starter I got nothing
- Start date
Great video!!! To bad some just don't get it. They would rather blame the ones who were going to lose 50 to 70% of their income. Shame on them. If they think a Retiree can live losing up to 70% of their income, I suggest they give up 70 % of their income now to see if they can live on that.
Banned for Life
Banned
- Credits
- 0
the Pete Santali show is complete gibberish. if your pension is based on a to high of a discount rate (8%) the fund managers have to take a high risk investment strategy. that is what you the retiree instructed the investment managers to do. by the way UPS FREIGHT's single employer pension fund is 97% funded at a 5.5% discount rate that's money cspf retirees will never get. are you listening ABF drivers
nounionfool
TB Lurker
- Credits
- 0
ow
You think that the Pete Santali show is complete gibberish, ok, now what do you have to say about everyone of those Teamsters fighting for everyone's pension who agree with all that gibberish Santali was saying? Are they full of gibberish too? If you do, would you be willing to go to one of their next meetings and talk about all this ignorance? I guarantee you would be the hit of the party.
Do you even know just who the fund managers of CSPF are? Do you even know who dictated just who the fund managers would be? Do you really believe that the plan participants instructs the investment managers what to do? And you want to talk about others talking gibberish.
If CSPF were to ever get their cuts, do you really believe that wall street wouldn't eventually get around to the looting of UPS Freight's pension too?
And yes, I'm sure you got a lot of ABF drivers as well as many other drivers sitting up and paying attention after having the nerve to post this gibberish. lol
You may think that the Pete Santali show is complete gibberish but I think that the Bubba Gump comedy hour is nothing but complete gibberish.
You think that the Pete Santali show is complete gibberish, ok, now what do you have to say about everyone of those Teamsters fighting for everyone's pension who agree with all that gibberish Santali was saying? Are they full of gibberish too? If you do, would you be willing to go to one of their next meetings and talk about all this ignorance? I guarantee you would be the hit of the party.
Do you even know just who the fund managers of CSPF are? Do you even know who dictated just who the fund managers would be? Do you really believe that the plan participants instructs the investment managers what to do? And you want to talk about others talking gibberish.
If CSPF were to ever get their cuts, do you really believe that wall street wouldn't eventually get around to the looting of UPS Freight's pension too?
And yes, I'm sure you got a lot of ABF drivers as well as many other drivers sitting up and paying attention after having the nerve to post this gibberish. lol
You may think that the Pete Santali show is complete gibberish but I think that the Bubba Gump comedy hour is nothing but complete gibberish.
Are you kidding me! Are you serious? Did you forget who the fiduciaries was for CSPF?
Goldman Sachs & Northern Trust Global Advisors (Fiduciaries) replaced Central States Pension Fund administrators. The Department of Labor regulators—stood watch while the financial markets accomplished what the mob had failed to: which was to smash the fund’s long-term solvency with massive money-losing investments.
That’s close to Central States’ astonishing 42% drop in assets—and a loss of about $11.1 billion in seed capital—in just 15 months during 2008 and early 2009. And while the investment losses are not the source of the retirement plan’s unsustainability today, they accelerated the pension’s problems, and almost certainly made the benefits cuts deeper. The professionals made more money disappear in a shorter period of time than the mobsters ever dreamed of.
The Central States Pension Fund (CSPF) became severely underfunded while, by consent decree, under the supervision of the DOL and U.S. District Court. These two government entities selected the Wall Street banks that lost an estimated $20 Billion of Fund retirement money over a 32 year period under the consent decree. $11 Billion was lost by the government selected Goldman Sachs and Northern Trust in a 15 month period in 2008-2009. The DOL had the power to enforce the provisions of ERISA that would have prevented these enormous investment losses and they had the power to force the banks they helped vet and select to restore those losses to the CSPF; but they neglected to do either. . CSPF participants want the DOL to hold the banks that they helped select to account and have them restore the investment losses, due to breach of fiduciary duty, to the CSPF; not a government bailout. Many, many times the DOL has filed suit to make retirement plan fiduciaries restore losses due to violations of ERISA. To date, even though the enormous investment losses occurred right under their nose, the DOL has not even hinted that they may consider filing suit against the government selected banks for restoration of the investment losses due to egregious ERISA violations. The government and the banks they selected to manage CSPF assets need to do the right thing and restore the losses.
Do you still think the Pete Santali show is complete gibberish. You really need to get informed!!!
http://www.marketwatch.com/story/ho...kly-under-wall-street-than-the-mob-2016-04-04
Banned for Life
Banned
- Credits
- 0
are there any Chicago/Illinois teamsters out there who would like to chime in. could you tell P.J. and no u how much you expect your taxes to go up because of public pensions using an 8% rate of return. pj no u try to educate yourself on these issues
Thanks Bubba I needed a good laugh. I am fighting this fight. ARE YOU? What Local are you in? Please post a link to your claim. I sure like to see where you are getting your information. You better read my post again to make sure you know what you are talking about because you sure did not make any sense.
Last edited:
Banned for Life
Banned
- Credits
- 0
P.J. there is nothing for you to fight for. It is done, the government is not giving you someone else's tax dollars. the investment firms aren't going to pay cspf restitution. If you Watched Ritas testimony at the Senate hearing the man at Ritas far left. When asked a question his pat response was always multi employer pension funds need to use a more realistic rate of return. P.J. you did watch the hearings didn't you?
This pension fund is going to go broke along with many more just a matter of time, country losing jobs, low paying jobs people not willing to fight for better wages or benefits, wake up.
Nice try!!! Have you been listening, we are not asking for a Bailout!!! We want Restitution. If you don’t know the difference try googling it. It is evident you do not belong to CSPF, and not affected with the cuts. Exactly what local and pension fund are you in? Your refusal to answer makes me wonder what you are trying to hide here. Eventually this will affect everyone, and closing your eyes, ignoring it will not stop it!!! By the way do you think 401K will go unscathed? Congress will be coming after not just 401K’s, but they wants to privatize Social Security, and Medicare. They also are trying to figure out how they can cut the Senior Citizens benefits now. I bet your parents are so proud that you are compliant, and will accept whatever they tell you, even if it means you, your parents, and grandparent’s lives would be destroyed, and you would not even try to help them!!!
It is evident you will just accept every cut our Government puts out there and just move on. What will it take to wake people up, to stand up for yourselves and fight for what is right… To protect not just you, but your families existence? I feel sorry for the next generation, people like you are compliant, and will accept whatever they are told!!!
If you can please tell us where did you come up with you ridicules so called facts that pertain to Central States Pension fund… or is this just something you heard up in Chicago?
Nothing you have said has anything to do with Central States Pension Fund, or why CSPF is in critical status. It sure is evident you did not watch the Senate Finance hearing it in its entirety if that is all you can say about it. By the way if you watched it who was the guy who walked out as soon as Rita was finished speaking?
This time try to stay focused on what we are talking about!!!
I will say this again. NO RETIREE IS GOING TO ACCEPT A CUT IN THEIR PENSION UNLESS THEY ARE FORCED TO. WE WILL FIGHT FOR OUR SURVIVAL!!!
Banned for Life
Banned
- Credits
- 0
P.J. just went to the grocery store for my sunday paper. Got my milk, eggs and some now non-union WONDER bread. Are you picking up my drift BRO. The same FEDERAL COURT SYSTEM you want to give you restitution is the same federal court system that aloud Wonder to liquidate the company. The REASON the bakers union would not take a pay cut, those cowardly teamsters caved and voted their pay cut though. P.J. please congratulate all the EX baker union wonder employees for standing up to the man. WONDER stiffed the cspf for 653 million dollars in withdraw liabilities. DO YOU THINK THE WONDER STOCK HOLDERS WHOS STOCK BECAME WORTHLESS IS GOING TO PAY RESTITUTION FOR THAT. P.J. you and NO U. are twenty years late for the fight. I invite you to join those of us who hope to make the world a better place for future generation.
LOL now you are funny!!! BY THE WAY I AM NOT YOUR BRO!!! Clueless, and ignorant posters are just to incapable of following a conversation. Now try to stay focus, and tell me what is your solution is, and how to fix this since you know it all. You can do better then your weak post you been posting.
Before you make more ignorant statements you need to walk a mile in a Retiree's shoes, so I suggest that you take a 50% pay cut and let me know how that works out for you
I am sorry I decline your invitation, I just can't accept to be so weak and blinded as apparently your group is. I can't imagine not fighting to protect my family... to protect them from others who want to do harm to them. But I guess that is what your parents installed in you to just be compliant!!!
nounionfool
TB Lurker
- Credits
- 0
Those are either the words of a defeated man because they feel there is nothing that they can do when the government's involved, a scared man trying to justify just laying down and just accept getting screwed or those of a man that is somehow remotely involved in the screwing process that's trying to manipulate and coerce others to just accept the fact of getting screwed. So, just which are you?
When you say someone else's dollars, who do you mean? Is it the illegal aliens who don't pay taxes, those people, terrorists or governments overseas who don't pay taxes or putting it in a reserve for the banks just incase they need it for a bailout again. Let's not make the government responsible for their own atrocities that were allowed to be committed against it's own citizens by making restitution because that money should be reserved for those that really need it like I mentioned above.
Now just how can anyone refute the words of a man that you, yourself can't even identify? Let's just rely on what a man said as an absolute fact that sat on Rita's left at the Senate hearing. Is there anyone out there that can identify that masked man? Why do the words of a man that you, yourself can't even identify take precedence over Rita' testimony? The ignorance of what some people just spew out amazes me. Here's Rita's testimony, can you refute anything she said as a absolute falsehood?
I would rather take a 50% cut now instead of a 100% cut in 10 years. Oh wait, you will probably dead and gone and wont care at that point. Just like the fund. And to hell with those paying into the CSPF pit today. Restitution? Thats the biggest ****ing laugh yet. I think I will go after the company that picks the powerball numbers for restitution for stealing my lotto money and not paying up. You people just dont get it. They money is GONE. Wiped out in the stock market crash. NO OUTSIDE MONEY IS COMING TO FIX THE FUND. IT IS GOING BELLY UP. But you dont care as long as you get yours until you drop dead.
nounionfool
TB Lurker
- Credits
- 0
I'm not the brightest bear in the woods but let me give it a try. You forgot to pick up the bacon, right?
nounionfool
TB Lurker
- Credits
- 0
If you could just get past that fear that is so well embedded, you would realize that's only an illusion planted by those that manipulating and coercing you.
Banned for Life
Banned
- Credits
- 0
WOW that was deep
It is you that is afraid. You cant accept reality. You are afraid of what is real. Why weren't you guys fighting for the pension 25 years ago when it started to become apparent that the fund was looking at problems. Oh yeah you were fighting the good fight at the time. 25 and out, boy that was a great idea. I dont want to hook my own truck, I'm not working a loading dock, Thats my freight not yours. All the fights at that time but it was what YOU wanted. You were selfish 25 years ago and you are crybaby selfish now. It is YOU who have nothing but fear.
nounionfool
TB Lurker
- Credits
- 0
After all my replies to you, that's all you got to say? And you want to talk about deep.
I would rather take a 50% cut now instead of a 100% cut in 10 years. Oh wait, you will probably dead and gone and wont care at that point. Just like the fund. And to hell with those paying into the CSPF pit today. Restitution? Thats the biggestlaugh yet. I think I will go after the company that picks the powerball numbers for restitution for stealing my lotto money and not paying up. You people just dont get it. They money is GONE. Wiped out in the stock market crash. NO OUTSIDE MONEY IS COMING TO FIX THE FUND. IT IS GOING BELLY UP. But you dont care as long as you get yours until you drop dead.
Read post #154 again! Your compliant, and believe those who are trying to steal from us They are just trying to protect themselves. They do not want to be held accountable. Sure looks to me that you will accept anything even it will do harm to your family. Difference is I won't!!!
MPRA was created by CSPF Executive Director Thomas Nyhan, and NCCMP Executive Director RandyG.DeFrehn. This bill was wrote for CSPF, designed to make the Retirees pay for CSPF incompetence, and Wall Street’s arrogant ways of stealing from Pension Funds. The Department of Labor and US District Courts Knew this was happening, but kept a blind eye to the theft. This bill was wrote so CSPF would not be held accountable. This bill in my mind is unconstitutional. Besides stealing Retirees pensions, they designed it so our vote means nothing. There is no provision if CSPF again becomes solvent. Retirees will not ever receive their full pension once CSPF Rescue Plan was implemented. There is too many things wrong with this bill and Congressman Kline knew that this bill would never be passed if it was to be voted on its own merits. Congress pushed this bill thru to protect PBGC from having to fulfill their promise of guaranteed pensions. CSPF has been paying PBGC to insure Retirees will be paid if their pension fund cannot. IMO this is fraud to take money with no intentions of every paying out.
No Retiree is going to accept a cut in their pension unless they are forced to. Retirees worked until they felt they were secure financially for their upcoming Retirement. They depend on their promised pension to make their home and auto payments. Their pension was negotiated and paid in on their behalf. Many times giving up wages, and benefits to guarantee we would have our pensions when it came time to retiree. If their pension are cut they will not be able to pay for their home, auto, health, and Life insurance payments… Not be able to take care of their monthly obligations, resulting in having to seek Government assistance. Health care keeps raising and takes a big portion of their income, leaving them very little at the end of the month. For those who think Retirees are greedy, and meester’s, you don’t know what they are talking about, and are ignorant. You say Retiree’s don’t care about the active people, your wrong again. They are trying to save it for everybody, not just for themselves. Have you read CSPF economic statement? I don’t think you have! If Retirees are forced to take cuts, this is going to affect more than just the Retiree, it is going to affect the local businesses, Schools, their committees, Counties, State, and the Federal Government thru loss of tax dollars, and Retirees buying power. I know you don’t care but it could be the start of the next economic disaster in the United States, and this will have effects on every man, woman and child. So if you don’t like it that Retirees fighting the cuts, just for their survival that is your problem... not mine. Retirees around the country are organizing and talking to congress to find a solution, one that will benefit everybody, but if the choice is getting our pension cut by 50 to 70% then we choose to draw our full pension till it runs dry. Many of us won’t be around in 10 years, so they have nothing to lose. If you don’t like it then GET OVER IT, because we will fight to keep what is ours.
You want us to take cuts just so you will get your full pension… NOT GOING TO HAPPEN. Retirees are having to fight for everything, just for survival. My Question to you is What are you going to do when our Government tries to destroy Social Security, It’s your money, and you paid in it, are you going to fight for it? Knowing you, I believe you will just accept it. Are you going to demand senior citizens take a cut or die to guarantee you get yours? Personally I believe you are brainwashed and you will just accept it.
IMO, you are so blinded and bitter you won’t even try to fight to save your own pension. If you won’t fight for what is yours they that is your problem. Retirees are trying to save it for everybody so all pensions are paid in full… NOT JUST FOR RETIREES. If you don’t like it get over it, because personally I don’t care.
I will not respond to ignorant posters, or ignorant post, unless I choose to. You know who you are, and I am not going to try to explain it to you, when you really don’t care. You don’t know the facts, and don’t give a dam about what is happening or how this will affect those involved. IMO you are only here to start a trouble. If you don’t like it… That is your problem, and I personally don’t care!!!
I like to know after we are gone who is going to fight for you… With your arrogance and ethics, I know you won’t stand up for yourself. You have already proved it here with your actions. You better hope there will be someone is still around that has not been brainwashed like you have, and willing to speak out and fight for what is right.