The board got good news for the pension system from Chief Investment Officer Melissa Moye. The recent run-up in the stock market has brought the Maryland pension fund back to its record 2007 high of $40.6 billion at the end of March. “It’s all good news,” said Moye. OH REALLY???? My comments to the article below.....in Maryland the General Assmembly is pretending that since the bull market of the past few years has brought the public pension funds up to 2008 level everything is great! If 1/2 of pension funds hadnt been lost in fraud in 2008 those funds would have doubled their wealth in this bull market. SHOW US THE MONEY THAT WAS STOLEN IN FRAUD IN 2008. Now, worse than this the bond market is ready to crash and again it is these same pensions that are in bad investments and will take the hit.....there goes the bull market gains. Meanwhile, the Maryland General Assembly says the answer is to have pensioners pay more into the fund to replace the money stolen in the fraud. WAKE UP FOLKS-----THESE ARE VISIGOTHS FEEDING AT THE PUBLIC COFFERS! The last comment ....the fund has made back all its losses from 2008-2009....government watchdogs have looked at these state and local public pensions funds and we know that in Maryland and in Baltimore these pensions were taken out of then safe bond market investments and placed into the stock market in 2007 just before the crash. This was deliberate as a way to boost the market for ever more gains before the crash. It was also malfeasance. Now, everyone knows that you buy low and sell high and the crash in 2008 would have been the low. Did you know that the Feds policy of 0% interest giving free money to banks happens just because of this fact. Loading banks and corporations with free money to invest in the stock market at its lowest has made billions of dollars in profits for corporations and banks. This has nothing to do with free markets, democracy, or Rule of Law....but they are doing it. Now, lets look at those pensions sitting there at 2008 with what was almost a 40% loss from what Im told. All that was done for them is allow this diminished amount to grow back with the booming rise back to normal these few years fueled by all that free Fed money. So, instead of being where they were before the crash.....40% richer and building on those investments almost doubling the pension fund money as is happening with the banks and corporations, pols are telling us the pensions have made back the losses and now its time to cut. DOES THAT TAKE NERVE OR WHAT? Loses by malfeasance, missed boom in gains given to banks and corporations but not people, and on top of that....we are taking more money from you because we have not yet recovered tens of trillions of dollars in corporate fraud over this past decade. WOW. Are we in Uzbekistan? If we had a working Justice System this is what would happen: First, our State Attorney General would be bringing billions of dollars in mortgage fraud penalties back to Maryland and actually distributing the settlement money to the victims of the fraud....in this case the pension holders. Second, our State Attorney General would be investigating, prosecuting, and penalizing the Comptrollers Office at State and local level for colluding with Wall Street in moving those pension funds from bonds to stocks when they all knew the crash was coming. The government officials are fined and fired.....Wall Street pays for all the losses in 2008-2009. Then the pensions actually see that double in gains as it should. IMAGINE THAT!! Lastly, from the billions in mortgage fraud yet to be recovered all of the decades of underfunding of public sector pensions is restored to the pension funds causing them to be healthy and not needing any of the cuts these pols are saying is coming. THESE ARE THE VERY POLS INVOLVED FROM THE START....THINK OMALLEY AND HIS HAND IN DEFUNDING! The American people are sick and tired of this attack on public assets and the failure to bring justice!!!
Posted on: Wed, 23 Oct 2013 14:23:13 +0000
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