Monday, May 10, 2010
NY's Tax Payers Already Paying for Money Manager Pension Scandal
Today's NYP is the only papers that writes about the $600 million the city is stashing away to pay for rising pension fund costs. Yet the Post did not mention the ongoing money manager pension fund scandal, which most likely is responsible for the rising pension fund cost to the city. In California it has become clear that the political connected money managers has cost the tax payers of that state billions. California public pension funds may face $500 billion shortfall.
We also know that Goldman and other banks put together bad mortgages, bet against them and sold them to pension funds. There is clearly a cover-up of the real reasons the city is not forced to kick in billions at a time teachers and fire houses are being cut. The cover-up even extends to this years state comptroller race. The media is not asking the state controller candidates about the causes of the rising pension costs to the tax payers.
City stashes $600M as pension boom looms Bloomberg has already allocated $7.4 billion to fund the city's five pension systems next year, up a worrisome 13 percent from the $6.6 billion being spent this year. When Bloomberg took office in 2002, taxpayers contributed just $1.3 billion toward the pensions of city workers. Although city taxpayers have to pick up the bill, it's the state Legislature that dictates the level of pension benefits.
This is what True News has published about the money manager pension fund scandal so far: Breaking News New York's Pay to Play Pension Scandal
Freddie Mac (FRE) Requests $10.6B in Additional Bailout Funds * NY Adds $500M To Fannie Mae Mortgages Emii.com
This is what True News has published about the Fannie Mae scandal at Stuy Town
Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town