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The Next Duke Cunningham? Hank Paulson, Treasury Secretary
Pretty bad. Taxpayers get screwed-what else is new.— October 29, 2008 6:04 p.m.
Grape Street Diablos stab Escondido laborer
Lucy should be tried for perjury and sent to state prison if convicted. She is a scum bag. The question then becomes if Lucy was the bait-why didn't the DA charge her with the exact same crimes as Bravo, since she would have been clearly involved in the exact same crimes.— October 29, 2008 3:55 p.m.
John Kaheny defends rising pensions in San Diego
Jack McGrory said that if the pension dropped below the 82% threshhold the City would simply make a "ballon payment" of $25 million to move it above the threshhold. No problem he said. That whopper belongs right up there with the "Iraq war will pay for itself" with the oil reserves line. That "ballon payment" turned out to be $500 million, or a factor of 20 above Jack's BS line. Jack McGrory is lucky he is not in prison, in fact if he did in the private sector what he did in San Diego government he would be in prison. Ed Ryan is about 2 steps behind Jack in culpability for the financial mess. As for Carl DeMaio's comment that the retirement system may face bankruptcy-it is a foregone conclusion IMO. Even if Mike Aguirre prevails on the 1090 pension lawsuit I think we will only have a 50/50 chance at avoiding BK. We are just TOO FAR behind the 8 ball now. KFC Sanders did NOTHING about the 90% pensions at age 50, and those are simply NOT sustainable- with or without Mike winning the 1090 lawsuit. BK is coming, I guarantee that. Sanders won't file on his watch, he will just pass the buck while San Diego's deficits grow bigger and bigger. Bottom line, BK is coming, the only hope to ecape BK is Mike winning the 1090 lawsuit and even then it will still be a 50/50 shot at BK and going broke.— October 29, 2008 3:42 p.m.
San Diego Lags State, Los Angeles Area in New Car Sales Year to Date
Ford stopped their matching 401K funding for non union employees, that should tell you the car buiness in America is in serious decline. When Ford cannot even match a 401K I think it is time to look at other industries for making a buck.— October 29, 2008 3:06 p.m.
San Diego tourism weakens
Why isnt there more news about the losses in government pensions during this stock market crisis? When these reports come out, the underfunded amounts will be even worse than before. They rely on actuaries, but I'm guessing those soothsayers didnt see this one coming. ======================================= Here you go! http://www.pensiontsunami.com/public.php— October 29, 2008 11:38 a.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Maybe the big difference is that I still have a decent pension, while you've been screwed out of yours. The problem is that you've been screwed so long you don't know the difference anymore. My view not that *I* should have a decent DB plan -- it's that almost everyone should. =================================== No, the problem is you, like all governemnt employee living off the backs of honest taxpayer, are living in Fantasyland with 3%@50.— October 28, 2008 4:16 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
It turns out I am counting on my money. Aren't you counting on your money? ================================== But JF, we have regular pensions, not the gold plated Cadillac variety, and we paid for ours. Big difference.— October 28, 2008 12:52 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Here's a quote from the settlement portion of the Corbett Judgement. "Your retirement calculation factor will be raised from 2.5% at age 50 to 3.0% at age 55." or "Your retirement benefit will be calculated on the basis of Retirement Calculation Factors in effect on June 30, 2000, and your retirement benefit so computed will be increased by 10%" See... 3% at 50 is not in a contract... Corbett gives it to employees. We have an option of 3% at 50 or using the old factor and adding 10%. =========================== Tha is on page 12, but that is NOT due to the lawsuit. The lawsuit was over UNDER funding of the pension-not the % paid out- I didn't have time to read the whole 25 pages. I will look it over later when I have more time to figure it out.— October 28, 2008 12:50 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
3% at 50 was not established by MP1 or MP2, it was established by Corbett. ============================= 3%@50 was NOT etablished by Corbett-it was proposed and voted into policy by the City Council.— October 28, 2008 11:51 a.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
It looks like JF is counting on his money no matter what happens. ============================ That could prove to be a major mistake.— October 28, 2008 8:11 a.m.