True News Breaking New Ground in the New York Pension Funds Investigation Again
True News: The Tail That Wags the Dog Again
Last Weeks True News reported on how the pension investigation in LA and New Mexico were revealing massive losses, many caused the the same politically connected money managers who also do business with the New York pension funds. Today's NYP reports that New York's State pension fund's total real-estate investments plunged 32.6 percent in value during its last fiscal year and the City's government's pension-fund real-estate holdings lost 24.7 percent in value in the fiscal year that ended June 30, declining from $1.2 billion to $885 million, reports by City Comptroller Bill Thompson show. The NYP report what True News already published that LA's money losing pension fund has 500 million in invested in Stuyvesant Town which is expected to default next month causing more loses which the California tax payer must make up. Tishman Speyer who is in danger of losing a big chunk of the $5.4 billion they invested in Stuy Town in 2006 apparently uses the New York pension funds as there own piggy bank NYP reports another NYC pension investment Met-Life office building on Park Ave lost money. The city's share of the project dropped 33 percent in value last fiscal year, from $147 million to $100 million.
By NY law, taxpayers must plug the gap if pension funds earn less than 8 percent a year. That means lower real-estate values must be made up out of taxpayers' pockets. The pension funds don't lose, but the city and state winds up losing. The city comptroller's reports don't specify the properties in which city pension funds are invested and Thompson who is running for mayor refused to answer any of the NYP questions. The NYP story Pension bigs' bad Vegas bet reports how Albany pension bosses gambled big on a Las Vegas resort project and lost their $36 million shirt -- one of many nose-diving investments by state and city retirement systems that will sock taxpayers. The NYP does not say who made the Vegas investment. Was it one of the pay to play politically connected money managers that have been fired by the LA pension fund? The ongoing investigation by AG Cuomo, SEC, the FBI, the Pension funds in LA and New Mexico will no doubt tell us a lot more about tell us a lot more in the coming weeks. Meanwhile the who will fight the lack of transparency of New York pension funds, that allow the insiders to use New Yorkers retirement funds as they own piggy banks? More bad news for the NY's Pension Funds We known for a time the the commercial real estate market was in a melt down now with the court ruling Building chaos Stuy-town ruling hits rents citywide , Capmark Financial May File for Bankruptcy
Pension Scandal Saturday Update Calpers ( LA's pension fund) problems with its housing and land investments have likely moved to its large commercial real-estate portfolio, including its $500 million investment in the New York City apartment complex Stuyvesant Town-Peter Cooper Village, which is close to defaulting ***New York Delays $959 Million Payment to Pension Fund *** President of LA's largest retirement fund resigns He is the sixth pension appointee of Mayor Antonio Villaraigosa to quit in six months. Cited a law signed by the governor last week placing stronger limits on private financial work done by pension board members. The law requires board members from selling investment products to other public retirement systems and forces them to disclose work done by middlemen who pitch investments for fees. Says says the restrictions would impair his ability to work in his private equity and real estate professions *** CalPERS reviewing tie with Apollo Management after steep losses *** Editorial: CalPERS agents deserve scrutiny *** New Mexico's Investment Chief Resigns Amid ProbeTrue News Pension Investigation What Will the Pensions Scandal Cost $$$ New York *** Sunday Californians lose to Harrah's Private investors were not willing to invest while CalPERS plunged $4 billion to keep Apollo above water like a floating craps game
To Catch a Thief (Pol)
Seminerio: Think of what I'm saying to you. What the fuck does it mean that we're elected officials? It doesn't mean shit.
To catch modern political corruption tradition methods of campaign records are meaningless. Seminerio and McLaclaughlin both found ways to steal million that had nothing to campaign records. Liberal Party leader Ray Harding got pay off in pension funds for delivering his ballot line to Hevesi. Only sting operations with catch what they are really up by the FBI or a new independent corruption investigation of political corruption which will never happen because the pol have to set it up - We don't even have an investigation how Seminerio and McLaughlin looted the tax payers mone,y as part of their official roles as Assemblyman *** Tony Seminerio: 'What the fuck does it mean that we're elected officials? It doesn't mean shit.' Brian McLaughlin: It's true Ex-Assemblyman McLaughlin Gets 10 Years for Racketeering - NYTimes.com
From the FBI Tapes: Seminerio told McLaughlin about how he had secretly become his own lobbyist, getting thousands of dollars in fees from hospitals to push Albany bureaucrats for favors. Fortunately for history, McLaughlin was recording the discussions in an effort to gain leniency for his own crimes (he got ten years anyway). "We don't have no contracts we have handshakes," Seminerio says as they sip coffee on September 28 at the Atlantic Diner in Richmond Hill. McLaughlin salutes his companion's initiative: "Take your wallets there," he says. "Take your wallets there!" responds Seminerio. Seminerio: Think of what I'm saying to you. What the fuck does it mean that we're elected officials? It doesn't mean shit. McLaughlin: It's true. AS: Who was that guy you replaced? BM: That's true. You almost forget after awhile. AS: Who was the guy that you replaced? BM: I guess Doug Prescott was in there in the beginning. AS: But who the fuck even remembers? BM: Yeah. AS: Who remembers anyone? Tell me one good thing he did for anybody. And he must have did a lot of good things (Robbins Village Voice)
*** One of the ways the owners of Stuy Town was trying to get old time tenants out Call all it pig-Stuy town! Older tenants say complex turning into 'Animal House' Fox Wins War UPDATE: Fox News Exec On Attempted Feinberg Interview Snub: We Requested Feinberg Interview, Gibbs Acknowledged Mistake (Huff Post) *** Someone in the fire department got hold of the secret plan to close the city's $5 billion dollar budget group which is not supposed to get out before the mayor's reelection.Sharpening the fire ax 25 FDNY companies eyed for closureThe fire dept union is supporting Thompson which must of help the info to be leaked out. A good guess there are plans for all of the agencies and that the mayor will once it is made clear that bad investments and weak economy has cause huge pension funds loses the mayor will make a speech that this new information not known during the election will make cuts necessary.
Bloomberg has short memory about his own tax hike *** Thompson aims slingshot to unseat incumbent Bloomberg *** Asleep at the Wheel: NYC Mayoral Candidate Bill Thompson Sleepwalks Through Campaign (Huff Post) *** Bloomberg hits trifecta of edit boards -- UPDATED with Crain's ***He's Quick, That Mike Bloomberg Commercial of all three newspaper endorsment alrady *** Churches Fill With Candidates' Sunday Stumping *** A British journalist thinks the Times has a Daddy Warbucks complex *** Another Look at the Dinkins Administration, and Not by Giuliani
New York Troubled Economy City Officials Deny Plans To Close Firehouses *** New York City Construction Spending Heading Down 20 Percent in 2009; Led by Sharp Decline in Private Sector Building, Accoding to New York Building Congress Construction Outlook
Law and Order How Hiram will try to keep his seat *** Send in the troopers: Paterson doesn't need the cavalry to stop Indian buttlegging *** Shoot! Cop guns don't work *** Sunday Crime spike's no walk in the park Crime is up in 20 of the city's biggest parks *** Cops' super-sirens get ready to rumble you soon feel the siren *** $500M mob betting ring busted *** Crime is down around city, but Brooklyn hit by several shootings, say NYPD stats ***Updated list ~ Monserrate must Go List
More City News New York City Hints at Anti-Drilling Stance *** 13 Bravest hurt as rigs collide in B'klyn *** Foreclosure 101L.I. investor scores with house money *** Fleeing a troubled economy in Ireland, young pros find tough going *** Another $20 Million Towards WTC Sinkhole
MTA Spinning Everything Implementing the MTA's Capital Plan A report by the Citizen Budget Commission finds that the Metropolitan Transportation Authority does not provide the public or itself with enough information about whether the projects it is undertaking in its five-year plan are progressing as scheduled *** Some MTA booth clerks may need charm school
Gov of La Mancha Gov claims 'blatant hostility' stems from his disability *** Democrats, Anticipating Governor’s Race, Wait for Paterson’s Other Shoe to Drop
White House Obama Plans Speech to Jewish Group *** Obama Presses Case for Renewable Energy *** Drowning in debt: Obama's spending and borrowing leaves U.S. gasping for air *** White House Rebuke Irks Deeds - Rosalind Helderman, Washington Post *** Obama a Tough Guy, at Least with Fox News - Mark Steyn, OC Register *** Obama Seeks Help For Small Business*** Obama: It's Time For Big Banks To Step Up And Fulfill Their Responsibilities *** McChrystal's Plan Prevailing*** Obama to Skip Climate-Change Summit *** W.H. attacks worry moderate Dems (Politico) *** In his own image: Obama's DNC*** Obama Declares Swine Flu A National Emergency *** Sunday O's Wall Street wiggle *** Is It a Man’s World at the White House? (NYT) *** Eyes on the Prize Let’s figure out Afghanistan. But Iraq must remain a priority. Transform Iraq and it will impact the whole Arab-Muslim world (Friedman NYT) *** Better Scrutiny Is Urged for Exchange Program*** Bank robbery in broad daylight: CEO pay is a distraction - focus on the bailout billions *** White House caves, gives Fox News access after other networks balk *** Obama Needs to Start Governing - Toby Harnden, Sunday Telegraph *** Rahm Emanuel Bruised Karzai's Ego *** Reversing Bush's Treaty Policy *** Who lost France? *** Anderson Cooper Compares Obama to Nixon, Spotlights Declining Approval Ratings ***Assessing Obama’s first year Newsweek: Forget Jan. 20. Barack Obama's tenure really started in November, a full year ago, when he became the de facto co-president of the United States *** Obama Needs a Chicago Way Czar - John Kass, Chicago Tribune *** The WH War on FOX: Maybe It Will Work - Linda Feldmann, ABC News
*** Harry Reid's Train Wreck - Jack Kelly, Pittsburgh Post-Gazette *** Dems Face 'Obama Hangover' in Upcoming Elections - Peter Nicholas, LAT *** Michele Bachmann: The GOP's New Lightning Rod - George Will, Sac Bee *** Pelosi Intensifies Pressure for Public Plan - Pear & Herszenhorn, NY Times *** Insurers Gouging Small Businesses *** Nuclear Energy Becomes Pivotal in Climate Debate
Break News: Billionaire Madoff Investor Found Dead
Wall Street and the Economy Goldman claim a shame Wall Street questions firm's Lehman exposure *** 106th US bank fails *** Bernanke Urges Overhaul of Bank Regulatory System *** 65 and Up and Looking for Work *** CIT Warns of Big Losses if Investors Reject Plan *** Time to Bust Up Wall Street's Giants - Diane Francis, National Post *** Business Fights Back - Kimberley Strassel, Wall Street Journal *** Morgan Stanley buys into its former guru Barton Biggs *** Learning to Love Insider Trading *** Wall Street 40% bonus rise fuels buying of $43 steaks *** Magic Tricks on Corporate Books - BusinessWeek *** Bernanke's trillion-dollar decision (Politico) *** CIT CEO's Wife Very Angry About Pay Cuts (NY Magazine) *** Sunday Banks profit on handouts *** Lender down
Pay to Play Wall Street Probe Widening in Galleon Case Prosecutors Subpoena Hedge-Fund Manager Grodin; Ties to a Witness *** Pay Czar: AIG Staff Kept Bonuses They Promised to Return - Bloomberg *** Bailed-out Citigroup: Most lobbyists on fin. reform *** How Corporations Game The System To Please Wall Street
International Army captures hometown of Taliban chief, Pakistan says *** NATO Supports U.S. Troop Hike in Afghanistan - Julian Barnes, LA Times *** High Cost, Low Odds in Afghanistan - Stephen Walt, The Nation *** Options in Afghanistan Bad vs. Worse for U.S. - Chicago Sun-Times *** China's Climate-Change Push *** Will Fraud Haunt Afghanistan Runoff? *** China Vs. India: Will Rivalry Lead to War? *** Al-Qaida and the Taliban: Knowing your enemy *** Drug raids targeting Mexican cartel nab 300-plus *** Sunday Taliban threatens violence for voters in runoff election *** Karzai rules out power-sharing *** Iran Misses Another Deadline - The Economist *** America Must Keep Our Pledge to Poland - Houston Chronicle *** Lashing for Saudi Female Journalist
National Flu Vaccine Output Is Falling Short *** Saudi journalist sentenced to 60 lashes
*** U.S. Deploys Drones Against Somali Pirates *** How Hawaii's Budget Crunch Led to Furloughed Kids (Time) ***Sunday The Nuns’ Story Forty years after feminism utterly changed America, nuns are still considered second-class citizens by the Roman Catholic Church (Dowd NYT) *** In Defense of the ‘Balloon Boy’ Dad To see what “balloon boy” says about 2009, you have to look past the sentimental moral absolutes (Rich NYT) *** State of Distres After raising taxes, cutting services and alienating the often-alienated voters of New Jersey, how can Jon Corzine possibly be re-elected? (NYT) *** Va.'s GOP makes timely changes *** Where are the Swine Flu Vaccines?
Media and New Tech Carter's chutzpah Vanity Fair boss gets sun as staff gets burned *** The Loin in Winter: Hefner Reflects, and Grins *** CNN Special on Latinos Stokes Debate Over Dobbs*** Fortune Magazine Cuts Number of Issues *** FOX News: Hateful, Seditious Thugs - Joe Klein, Time *** Fox Digital Studios puts focus on brands *** Film and TV costume company folds *** Networks Stand Up In Defense Of Fox News Following Attempted White House Snub
*** CNN.com Redesigns: Adds More Social, Video, Entertainment, Opinion, And Oprah *** Graydon Carter in Bermuda as Staff Cut *** 7 Strangest Things About Windows 7 ***Sunday Finding Some Facts for the ‘Mad Men’ Fiction *** How High Will Real-Time Search Fly?
*** Swimming, or Just Wading, in Technology *** New-model journalism needs community support
Weekend Blog Report Consolidating the City’s Data Centers(GovTech) *** Assemblymember Hakim Jefferies Waffling on Atlantic Yards?(Atlantic Yards Report) *** The Kingsbridge Armory Generates Unusual Dissent (Clawback) *** Regulations Crushing City’s Small Businesses (City Journal) *** Diversity in the City’s Foundations and Non-Profits (Idealist in NYC) *** Utilizing Neighborhood Internet Domain Names (Campaign for .nyc) ***This Is Rich! Looks Like Bloomberg is Making History (Noticing New York *** Where The e-Reader Revolution Will Take Us*** *** *** New York Times Hires Gang Who Killed Chicago Tribune to Kill Tribune *** Hulu to charge subscription fee
