Discussion in 'Central States Pension Fund Discussion' started by UTR906, Mar 2, 2016.
TESTIMONY TO THE "GAO" TODAY.....THE TRUTH THAT COULD CHANGE MANY HEARTS & MINDS..
Very important History and Fact of what has transpired in CSPF by one who was there and witnessed it all. Mr. Bruce Trojak, former Trust Executive and now associated with our Best Committee Fighters...
If you want to know the real story of how WE got in this mess and the facts of Big Gov's involvement YOU MUST READ & COMMIT TO MEMORY THESE Important Topic Points.....
Bob Amsden continues...
"Today Mr. Bruce Trojak testified in front of the GAO at the Federal building in Chicago IL. This was accomplished with the help of Wisconsin Senator Tammy Baldwin and was also recommended to the GAO by Mike Walden when he testified in Washington DC. I felt that getting him in front of the GAO was extremely important for our case against the government in proving there control over CSPF even prior to the 1982 consent decree. As far back as 1976 the IRS was involved in the oversight of CSPF. He called me today after his meeting with the two GAO investigators in Chicago and also with three other investigators who were involved from Washington DC on a conference call. In his words he described this meeting with went extremely well and praised the investigators for there knowledge of our situation and that he left no stone unturned. I've personally known Bruce for over 30 + years as has Sherman Liimatainen. His integrity and superior knowledge of CSPF is second to none and I truly believe his testimony with the GAO is going to be the most powerful piece to help us get what we truly deserve. And that in my opinion is "Restitution " of our Hard Earned retirement savings."
"Thank you Bruce."
TESTIMONY TO THE "GAO" TODAY.....THE TRUTH THAT COULD CHANGE MANY HEARTS & MINDS..
Deadeye you've made a believer out of me, Donald Trumps signature will soon be on a check for 20 billion, payable to CSPF.
Deadeye, would you identify the "OUTSIDE UNION DISSIDENT GROUP" that forced the CSPF trustees to raise the pension from $1,000 to $2,000 then three years later to $3,000. Deadeye when the "OUTSIDE UNION DISSIDENT GROUP" circulated a petition to raise your pension, did you sign it? Be honest Deadeye. The consent decree was to make sure CSPF did not lend to the mob, the citizens of the United States of America are not responsible for your greed. When the pension fund goes belly up, PBGC will pay $1,072 about what the pension fund was paying before that dastardly "OUTSIDE UNION DISSIDENT GROUP" put a gun to CSPF trustees head and made them raise the pension! And by the way Deadeye, to put things into perspective. Current employer contribution would make a member a millionaire at 8% if the money was put into a 401k. As it now stands that member will get nothing, the company he works for is at a competitive disadvantage and will probably someday go under. Think about that every time you still get that full uncut retirement check.
Deadeye do you think members of congress will think Mr. Trojak's letter cute. His characterization of the mob was quite childish. As I have suggested in the past you should have the Pension Rights Center edit The Fighters post. Also selfies with Barney Frank, where was he and Dodd during the 2008 financial melt down, getting low interest mortgage loans!!!!!
Deadeye this critical testimony is a true eye opener. I'm assuming the dissident group is TDU, if that is not the case please correct me. Could you name the leaders of the dissident group deadeye. Also could you go into detail on how they put pressure on CSPF trustees to raise pensions from $1,000 to $3,000 in three years. Did they file law suits? Physical Threats? What could have made the Trustees act so irresponsible? Why didn't the "OLD SCHOOL" Teamsters protest these massive unpaid for pension increases? This testimony comes straight from someone who was there, WOW!!!! Dead EYE please elucidate on this startling new evidence, imagine dissidents causing massive unpaid pension increases, and "OLD SCHOOL TEAMSTERS" taking the money and run. DEAD from my point of view it is kind of cheesy trying to pin this soap opera on the FED. And asking the American tax payer to foot the bill.
From Teamsters Pension Crisis:
CONCLUSION AND AFTER THOUGHTS ON TROJAK “GAO” TESTIMONY AND TEAMSTER HISTORY SERIES..
First …..Thank You to Bob Amsden and those willing to trust me with information of such a series nature and so important to our hopefully, Happy Ending of a Restored Pension Benefit, and Return to enjoying the Fruits of our Labors as WE have all planned and lived for so many years …
I have been assured that Bruce has the upmost confidence in the people that he talked to and that there's absolutely no way in hell that they are taking this Investigation lightly, for those with doubts about the depth & scope of the “GAO” investigation.
The interview ran about two and a half hours. Following an agenda that Mr. Trojak had obtained prior to the interview. The analysts stuck to the script, let him talk freely and bring up matters he wanted to discuss. They were very personable, receptive, interactive and asked tons of questions. Bruce, I’m told, pulled no punches and made it clear that he was speaking from personal experience and professional exposure to the subjects they covered.
In short, and in conclusion to the interview, I was told that Mr. Trojak placed blame for the now certain collapse of Central States clearly on neglect by the federal government to enforce the Consent Decree responsibly. It was pointed out to them that the report the GAO issued in April of 1982, Post #1489-#1490, on the coordinated investigations of Central States by IRS, DOL and DOJ, stated that these bodies of the government failed to work together to produce any meaningful results. The analysts were aware of this report and the government's earlier shortcomings with regard to Central States. So, these people are serious.
One point that is worth mentioning again as he explained in his written testimony, is that the original #16 Central States trustees were all highly successful men. Those on the labor side were all executive board members of the IBT, a very powerful international union, if not the most powerful. Those on the management side were trucking company owners or heads of employer associations which acted as bargaining agents for multiple trucking companies. So, they were all certainly smart enough to know that they were going to have to come up with the money to pay the pensions their respective members and employees were earning under the Central States program. And, they also knew that their failure to do so would destroy the lives of those covered by Central States as well as their very own careers. Careers they worked their lifetimes to achieve. They were all, quite literally, at the top of their fields. So, why would they risk it "all" and put so many lives in jeopardy by intentionally making bad loans?
As stated, Mr. Trojak continues, accusations of corruption are easy to make in any business, especially when that business has investments in the gaming industry. Proving them is an entirely different matter. If the government felt so strongly that the original Central States board was financing mob interests and not trying to make money in the casino business, why did it not go to court, prove its case and thereby forever remove any lingering questions about Central States loan practices? Why did it settle for a Consent Decree that took investment decisions completely away from the Central States trustees? A Consent Decree that has cost Central States tens of millions of dollars in legal fees to administer. And, hundreds of millions in investment fees to manage its assets. A Consent Decree that has brought Central States to the tragic end it is now facing. Would Central States be any worse off than it is now if investments had remained in-house?
During his interview Bruce was asked whether the trustees had any control over investments. He answered by saying that, in his opinion, when push came to shove, they really had none. Attached is a reprint of an article published by Pensions and Investments, on February 3, 1997, Post #1492. This article concludes by stating the following with regard to asset management at Central States: "The U.S. Government controls the fund through the Department of Labor and the U.S District Court Judge James B. Moran in Chicago. The independent counsel, former Ohio Sen. William Saxbee, has oversight as well as reports quarterly to trustees on the fund's activities. (Mr. Saxbee was paid $276,000 in 1995 by Central States). Trustees apparently have little power in the process, although they do use Cambridge Associates, Boston, to assist with their evaluation of Morgan Stanley's decisions, according to Mr. Saxbee."
Central States is just another client to a Wall Street investment firm. Wall Street executives do not have to face Central States retirees and actives affected by their risky decision making. So, the Consent Decree exposed Central States leadership to blame for investment decisions they were really powerless to make. Investment decisions, which according to multiple sources, caused Central States to lose more than $11 billion (or 42%) of its assets by being overly exposed to the equity markets during the 2008 market collapse.
Also attached are two other articles that he referenced in his comments. The first is from CNN Money , Post #1494, which answers the question on how the investment practices of Central States and the Western Conference Fund compared during the Great Recession. The second is from Traffic World , Post #1493 and explains how the Central States trustees were being pushed to increase pensions in 2002 despite its desperate financial condition.
Article from CNN Money...Wall Street hurt us [CSPF]
Comparing investment style with Western Conference Fund.
Will History, both past & more recent help save us ?? Will facts of developments along the way and previous "GAO" investigations be meaningful to their coming decisions of "DOL" , "IRS", & "DOJ" all potentially "Dropping the Ball", while in charge of so much of the Funds everyday business.
Or will the total blame go to just Nyhan's bad management ??
The story is in these recent Posts dealing with both History & Testimony, but will Big Gov be Responsible for and make Restitution for those errors ...??
Article from Traffic World, when things started falling apart.
Interesting to see in past times the opinions and then observing the out comes, such is the study of history. Over these troubled years it's a wonder that the "Old Guard" was not over thrown. Even today it came close in the past "IBT" elections...
This history "series" is FYI....ONLY by being fully informed can we successfully plead our case. I hope that these help in bringing back to memory events of the past, and can in some way help us to better fight our cause...
////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////Dead EYE, why you be hustling the forum man,. You should be supporting MPRA II, everyday cuts aren't made they are just going to be deeper. Who are you and who is paying you to spread nonsense. I assure you history is not going to be kind to "THE FIGHTERS". Just a bunch of selfish old men, who spent the futures future, made them slaves to your gluttony. PIG
Gibberish, The politicians continue to give you cookies and warm milk so you will go to sleep for a couple of more years. To many orphans and overly optimistic actuarial assumptions killed the Ponzi scheme. Dead Eye is there video of Mr. Trojac's testimony I would find it a fascinating thing to watch.
Hoffa Meets With President Trump to Discuss Pension Security
THE SOLUTION WILL BE PENSION CUTS !!!!!!