Re: The one piece on what's happening in WI you must read

On Mar 9, 2011, at 11:26 PM, nicholas a. evans wrote:

> > desperately trying to hang on to the gains of their glory years -  
> from unsustainable federal entitlements for the elderly enacted when  
> life expectancy was 62 to the massive promissory notes issued to  
> government unions when state coffers were full and no one was looking
>
> No one was looking?  This is dishonest.  They are legally required  
> to keep 'looking' and regularly report exactly how full the pension  
> fund is.  The life expectancy didn't jump up overnight.
>
> What the politicians and bureaucrats don't want to admit is that  
> they mismanaged the fund during the boom years, effectively stealing  
> from the employees.  Now that the bubble's popped they can't hide  
> behind unreasonably optimistic projections anymore.  They underpayed  
> the fund when times were good and now that times are bad they are  
> diverting attention from their earlier incompetence.
>
> Insurance and annuities and pensions are some of the most wonderful  
> and useful financial tools.  But I'd never trust them to be managed  
> by politicians.
>
What I don't understand is why the gov'ts aren't suing the hell out of  
the investment bankers who sold them all of that toxic waste,  
especially when those same banksters were on the other side of the  
trade betting against the investments they just sold.

There's also something called fiduciary duty that should supersede any  
personal interest these investment advisers have.  That has clearly  
been breeched over and over again.  The concept of fiduciary duty is  
fundamental common law but these days all law has been tossed out for  
wall street with the full backing of the state!

regards,
-Lance

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