Thursday, September 2, 2010

The Pension Fund Cover-Up: Billions in Government Funds Will Be Need to Keep the Funds Afloat

The Pension Fund Cover-Up
Billions in Government Funds Will Be Need to Keep the Funds Afloat

While the press ignores reports that the pension funds are underfunded and the politically the connected like Hank Morris and Steve Rattner used their illegal connection to Comptroller Hevesi and other pension fund keepers in several other states to dump junk investments full of subprime worthless mortgages into pension funds of New York and other states. Wall Street did not need the Rattner's to invest in AT&T and Apple, they used them to get the pension funds to buy the derivatives cocktails.

Now all involved except the challenger to the appointed state comptroller are trying to cover up the real weakness of the pension funds. The state pension fund is routinely papering over a shortfall that is worth tens of billions of dollars, GOP/Conservative state comptroller candidate Harry Wilson charges.

Election 2010 AG hopeful smacked in absentia (NYP) * State Pension Fund Faces Shortfall, Candidate Says * Rangel Joins Muslims in Rally for Downtown Mosque (NYT) * Strip club owner's campaign cash for Adam Clayton Powell 4th * Nicole Paultre Bell eyes run for Queens City Council (DN) * AG hopeful smacked in absentia (NYP) * Rick Lazio’s Conservative primary challenger is representing a strip club owner trying to get his liquor license back after the FBI charged his exotic dancers were prostitutes. * The five Democratic AG contenders are struggling to differentiate themselves from one another. *Newsday reports: "State Senate candidate David Mejias faces charges of second-degree menacing, second-degree reckless endangerment and third-degree stalking in connection with a domestic incident, Nassau County police said Thursday morning. The former Nassau County lawmaker was held overnight at the Second Precinct in Woodbury following his arrest Wednesday evening, police said. Specifics of the case were not immediately available." * The website of the National Latino Officers Association -- a non-profit co-founded by Anthony Miranda and ex-Sen. Hiram Monserrate -- was used to promote Miranda's Assembly run against incumbent Jeff Aubry. * State Sen. Bill Perkins and Democratic primary challenger Basil Smikle got into it over charter schools during a televised debate. * Democratic AG Contest Still Wide Open *Paterson Defends Cuomo (YNN) * Cuomo To Not Investigate Funds For Islamic Cultural Center

Indians on warpath at cig tax Where there's smokes, there's ire AP (NYP) * Court Blocks New York Tax on Tribal Cigarette Sales (NYT)

Mayor Mike's laugh riot Mayor Bloomberg advises The New York Times: "The government should not be in the business of telling people what to do." Previous mayoral pronouncements on the proper role of government in peoples' lives have been, of course, somewhat less libertarian in tone. * "Drop the donut, Fatso!" * "Unhand the saltshaker, Knave!" * "No sugar for your sodapop, Buster!"

Chris Quinn's cliques A bunch of City Council lefties recently had a brainstorm: Let's form a club, they decided -- and stick the taxpayers with the bill. (NYP ED)

Sketchy tax break for GZ imam 'prayer pad' (NYP) * Archbishop Seeks Muslim Dialogue (WSJ) * Dueling demonstrations over the Park51 project are planned for 9/11 and could overshadow the annual commemoration events. * New Yorkers Want Islamic Center Moved, Poll Finds *
Former Rep. Vito Fossella is organizing against the proposed Park51 mosque and cultural center.

Restaurateurs Under Siege Some of the city's hottest chefs and restaurateurs are increasingly being targeted by lawsuits filed by a handful of attorneys on behalf of small numbers of employees. (WSJ)

Lawyers Drop Fees Dispute 911 * Law firm agrees to trim fees for Ground Zero heroes (DN)

NYC Banks Enter Talks on Foreclosure Reforms Five of the city's largest banks, responding to widespread customer complaints, entered negotiations with Comptroller John Liu's office to develop reforms aimed at preventing foreclosures. (WSJ)

Law and Order
Shots hit 'TV' boy (NYP) * Man Accused of Stealing a Bus Is Arraigned (NYT) * In Community Service, No Free Ride for Celebrities Like Naomi Campbell and Boy George, Caroline Giuliani will not receive special treatment and will work alongside other citizens who were given community service for minor infractions. * NYPD is no show at funeral of girl who died from asthma attack * Brooklyn boy hit by stray bullets as he watches TV (DN) * Angry cop uses job to punish me: tow truck operator (DN) * Police: Stray Gunfire Wounds 10-Year-Old Brooklyn Boy (NY1)

Media and New Tech Apple Tries Again at TV

The Cook Political Report now lists 68 Democratic House seats as being at “substantial risk,” up from 62 in July and 58 in June, and the group plans to raise the figure to more than 70 this week.

Sen. Chuck Schumer is helping his California colleague, Sen. Barbara Boxer, build a “money bomb.”