Monday, May 10, 2010

NY's Tax Payers Already Paying for Money Manager Pension Scandal

PM Edition Brown to Step Aside in Bid to Keep Labour in Power * NYC voters may have chance to change city charter *Divide in the Charter Commission? (Gotham Gazette) * Amending Extenders, Is It Legal? * Bloomberg's The Undisclosed Location Remains…Undisclosed * Where Was the Mayor? On the Phone (NYT) * State Budget 40 Days Late And $9B Short (Henry Stern, NY Civic) * City Selects 50 Senior Centers to Close (NYT)
* Senate Passes Furlough Extender, 32-29 * NY Legislature votes to furlough state workers (NYP)

NY's Tax Payers Already Paying for Money Manager Pension Scandal

Today's NYP is the only papers that writes about the $600 million the city is stashing away to pay for rising pension fund costs. Yet the Post did not mention the ongoing money manager pension fund scandal, which most likely is responsible for the rising pension fund cost to the city. In California it has become clear that the political connected money managers has cost the tax payers of that state billions. California public pension funds may face $500 billion shortfall‎.

We also know that Goldman and other banks put together bad mortgages, bet against them and sold them to pension funds. There is clearly a cover-up of the real reasons the city is not forced to kick in billions at a time teachers and fire houses are being cut. The cover-up even extends to this years state comptroller race. The media is not asking the state controller candidates about the causes of the rising pension costs to the tax payers.

City stashes $600M as pension boom looms Bloomberg has already allocated $7.4 billion to fund the city's five pension systems next year, up a worrisome 13 percent from the $6.6 billion being spent this year. When Bloomberg took office in 2002, taxpayers contributed just $1.3 billion toward the pensions of city workers. Although city taxpayers have to pick up the bill, it's the state Legislature that dictates the level of pension benefits.

This is what True News has published about the money manager pension fund scandal so far: Breaking News New York's Pay to Play Pension Scandal

Related Scandal
Freddie Mac (FRE) Requests $10.6B in Additional Bailout Funds * NY Adds $500M To Fannie Mae Mortgages

This is what True News has published about the Fannie Mae scandal at Stuy Town
Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town

Supreme Court Judge Elena Kagan
Elena Kagan would be youngest judge on current Supreme Court. First female Soliciter General and the second New York woman tapped by President Obama for the US Supreme Court, but she has never been a judge. 112 Justice

New York's Got SC Covered

Elena Kagan Manhattan
Ruth Bader Ginsburg Brooklyn
Sonia Sotomayor Bronx
Antonin Scalia
Queens (Raised in, Born in NJ)

Mets V. Yankees on Supreme Court
Uh-oh! Kagan is a Mets fan! Sotomayor is a Yankees fan!

Obama to nominate Elena Kagan as next Supreme Court justice(NYP) * Obama Is Said to Select Kagan as Justice (NYT) * Solicitor General’s Lack of Time as Judge Could Be Issue (NYT) * A Climb Marked by Confidence and Canniness (NYT) * Notable Statements and Writing (NYT) * Obama to nominate New Yorker Elena Kagan for Supreme Court (DN) * Court may have even bigger NY Supreme flavor (DN) * Ray Kelly talks terrorism on 60 Minutes Video * West Side prodigy, Elena Kagan, getting nod for Supreme Court (DN) * No bench experience (Wash Post)

Facebook George Stephanopoulos Greg Craig says on GMA that WH will turn over any Kagan docs Senate needs. No privilege fight. WH scrub must have come up very clean * CBSNews Schieffer Sees Bitter Vicious Fight Over Kagan, Says Election Year Makes a GOP Vote Against Kagan "Tea Party Insurance"

The Battle Over the WFP
The WFP is asking its candidates to support the UFT no new charter school policy. The NYP asks Cuomo not to accept their endorsement, which would put in jeopardy it ability to keep it statewide ballot line. Buzz is Cuomo is expected to accept WFP endorsement. Cuomo the WFP-killer? (NYP Ed) * Charter Schools’ New Cheerleaders: Financiers (NYT) * Randy Mastro wants to take the WFP back to court * AFL-CIO goes after charter school supporters

Facebook DianeRav Unbelievable NY Times story. Billionaire boys' club in NY, buying the Legislature to get more charters: * Is this the end of democracy in education, that slender hope that the public might own the schools? * How many schools will the hedge fund managers buy? How carefully will they separate the wheat from the chaff?

Schumer Leads Pack With Interest Alone The senator has made almost $2.2 million in interest on political donations that he collected years ago.

Election 2010
GOP gov hopefuls set to hit ad airwaves * Some deja vu in GOP battle As gubernatorial hopefuls jockey for position, things do, don't resemble 2006 *Some deja vu in GOP battle * If Staten Island DA Dan Donovan becomes AG, the new governor will pick Donovan's replacement.

Factbook Joseph Mercurio Best way to kill a bad product is to advertize it heavily. Paladino ramps up campaign with launch of media blitz : City of Buffalo : The Buffalo News

Pols Dream: No Fault Budget Cutbacks
Gov to Mike: Want a street fight? So be it * The TU slams Democratic leaders for hedging on redistricting reform * Read full Bruno sentencing transcript * Paterson To Unions: Buckle Down, Will Ya? * Duck Soup Gov. David Paterson this morning insisted this morning that his “lame duck” status has actually “freed” him to make the hard choices necessary to restore New York to fiscal solvency and leave the state on more stable footing for whoever succeeds him in the office.* Times Union says "Democrats are acting just like the Republicans did" and stymieing reform * Paterson: Lame-duck status helps me * Paterson: Lame-duck status helps me (NYP) * State Workers Rally Against Furloughs (NYT)

Facebook Joseph Mercurio In a new Marist poll 33% of voters said Pataki is the best governor for New York in recent decades, compared to 31% for Mario Cuomo, 9% for Eliot Spitzer, 3% for David Paterson, and only 4% for Hugh Carey. Pity how little history New Yorkers know about their own state.
State and City Cutbacks
Forced to furlough: Lawmakers, unions make gov cut worker hours *New York Legislature to Vote on Furloughs for Workers (NY1) *Legislature To Vote On Furloughs For NY Workers (WNBC) * Governor Christie Set to Unveil Reform Measures * Temporary workers will not be furloughed, which just makes the public employees unions madder * The DN praises Gov. David Paterson for the furloughs, saying he’s striking a “blow for fiscal sanity.”

New York City Economic Melt Down
Wave Goodbye to W and V in Subway Signs; Make Room for More M * MTA to Cut 250 Agents (WSJ) *MTA boss bashes union rules as 'shame of the system' * Proposed Budget Could Shutter Many City Senior Centers (WSJ) * New York Legislature to Vote on Furloughs for Workers (WINS) * A broke state = no fireworks at Jones Beach this July 4.

Ferry Investigation
Hunting for Clues in Staten Island Ferry Crash(NYP) * No Warning Before Ferry Crash * Experts seek clues for Staten Island ferry crash (DN) * Feds To Interview SI Ferry Captain (WCBSTV) * NTSB: No engine alarms before ferry dock crash (WABCTV) * Michael Bloomberg aides tried to discourage David Paterson from visiting the scene of the S.I. ferry crash, says Fred Dicker * Ferry's engine failed before (NYP)

Picnicking boyfriend sparks museum bomb scare (NYP) *Test Car Sparks Bomb Scare (WSJ)*BMW Prototype Causes Scare On UWS (WCBSTV)* U.S. Blames Pakistani Taliban for Times Square car bomb * Bloomberg Looks to London on Security * Faisal Shahzad's Taliban link gives President Obama an excuse to unleash fury on Pakistan evildoers * Crouch: The Times Square bomb exploded our assumptions (DN)* 'Little Pakistan' worried about backlash of Times Square bomb suspect's ties to Pakistani Taliban * Times Sq. 'tali-bombed' (NYP) * AG Holder: Pakistani Taliban Likely Behind Times Square Plot (NY1) * SNL does a car bomb press conference * Bomb Squad Smashes Windows Of Suspicious BMW Parked In Front Of Museum * Councilman Dines With Vendors, "Unlike Mayor Bloomberg"

Law and Order Two teens killed at Bronx birthday party on Mother’s Day (NYP) * Two Teenagers Killed by Party Intruders (NYT) * Pols say fewer pervs in city's public housing apartments * Times Square terror scare: Change to Miranda interrogation laws may be coming, White House says * NYPD Right To Arrest Man Who Had Seizure (Fox 5) * Brooklyn gun buyback nets 287 guns (WABCTV) * Rep. Pete King , Dick Morris, Geraldo Rivera and others held a send off for ex-NYPD Commissioner Bernie Kerik, who goes to jail May 17 * Assemblyman Hakeem Jeffries: "The police conducted themselves as if they were raiding a crack house" African-American pols and clergy are angry that cops stormed a Crown Heights church service in search of a suspect * Furor as joy-ride teen is arrested in church (NYP) UPDATE 2 nabbed after shootings at baby's birthday party

President launches war on high tech (NYP)

Computer Trades Are Focus in Wall Street Plunge(NYT) *Trading Debate Pits Man vs. Machine (WSJ) *SEC urged to employ plan to avoid Wall Street repeat (DN) * Banks Lobbying Against Derivatives Trading Ban

Markets Surge on EU Bailout Plan (WSJ) * World Races to Avert Crisis in Europe (WSJ)

Watch the late, great Lena Horne speak to Ed Bradley on "60 Minutes" Lena Horne - Stormy Weather (1943) (Youtube)

Change: Race In America 2010

White Flight: Suburbs Home to More Minorities Census Data Analysis Shows Young, Educated Whites Flocking into Cities for Jobs, Shorter Commutes (CBS)

Media and New Tech Broadway’s Kristin Chenoweth Slams “Bigoted” Newsweek * CNN Ratings Rebound? Network Saw Big Dayside, Primetime Success Last Week * Betty White Boosts 'SNL' Ratings * WaPo, ABC join forces on "Topline" * Michael Wolff Thinks Rupert Murdoch is Out to Get Him

Canary in Coal Mine - Throw the Bums Out
UT Senator Bob Bennett ousted from GOP primary due to TARP support ...

Specter's Lead Dwindles in Pennsylvania SenateRace, Poll

ShowsWATCH: McCain's Cheesy New Ad 'Complete The Danged Fence'

BP Next Plan to Stop the Leak
Tires and Golf Balls?

Plan B to plug Gulf oil leak: the junk shot

Sandbags to try to block oil blobs in Louisiana * BP Estimates Oil Spill Cost

Greece Also is Too Big to Fail

Markets Join Rush in Response to European Plan