tag:blogger.com,1999:blog-6729570572384691251.post6464239686364080410..comments2023-11-02T05:06:47.948-07:00Comments on Santa Barbara Criminal Court Corruption: SBCERS pension fund math fraud. Do the average rate of return on invetment from 1996- 2000 and see for yourselfMagichttp://www.blogger.com/profile/18380264001302738735noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6729570572384691251.post-61291636461843091202010-12-31T19:10:28.580-08:002010-12-31T19:10:28.580-08:00Thank You for your information and kind words.Thank You for your information and kind words.Magichttps://www.blogger.com/profile/18380264001302738735noreply@blogger.comtag:blogger.com,1999:blog-6729570572384691251.post-15450253208828597482010-12-30T00:04:29.063-08:002010-12-30T00:04:29.063-08:00Larry, here's a post someone wrote on: http://...Larry, here's a post someone wrote on: http://www.newsweek.com/2010/12/21/retiree-benefits-are-cheating-our-children.html <br /><br />The NJ retirees paid into their pensions and had a contract with the state, in which the state was supposed to match their contribution and manage the pool. Instead of doing that, governor Christine Todd Whitman securitized the pensions and sold them on the bond market, essentially betting with their money, in order to fund income tax cuts for her wealthy friends. The state continued to underfund the pension and became the first state ever to be sued by the SEC. The pension contributions were part of the workers' salaries. They had a contract, and this was part of the bargain in negotiating wages. Why blame the workers for demanding the benefit of their bargain, when that would be considered fair in any other contract situation? I'm not a public employee, so I don't have a dog in this fight. But still, I don't get the hostility.<br /><br />Keep fighting the good fight!Freed Im Fightinghttps://www.blogger.com/profile/11954780189932933615noreply@blogger.com