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- Sep 21, 2012
Chill, Puff got yall.
And if not his friends got doe.
And if not, their friends got doe .
And if not his friends got doe.
And if not, their friends got doe .
New York City is edging toward financial disaster, experts warn
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- Aug 6, 2012
This reminds me, give California end up using all of its water last year?
Don't see how that would be funny but the state is drought free. It's been raining all year and nobody was ever concerned
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- Dec 27, 2014
- 10,459
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- Mar 4, 2011
California had record snow fall in Feb.
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- May 23, 2005
Our reservoirs are beyond fullThis reminds me, did California end up using all of its water last year?
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Someone was concerned enough to write an article. Someone was concerned enough to start a thread on here. But yeah, you right. Nobody was ever concerned
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- Aug 6, 2012
Someone was concerned enough to write an article. Someone was concerned enough to start a thread on here. But yeah, you right. Nobody was ever concerned
The writing of an article and a thread a NT means people care about something? . Shut up
. Life didn't change because of a drought. You don't live here so you wouldn't know what you talking about.
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That's ******* crazy. They say LA is expensive but we not touching 4k yet. Barely 3k
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- Feb 14, 2007
The writing of an article and a thread a NT means people care about something? . Shut up
Out of all the things I seen people get their jimmies rustled over, you here getting offended over a fake drought article. Have a cup of water and shut your mouth
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- Oct 10, 2013
Living space is different too. NYC got people living like rats. At least in Cali you’re 10mins out from the beach if you walked
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- Aug 6, 2012
Alright go somewhere now.Out of all the things I seen people get their jimmies rustled over, you here getting offended over a fake drought article. Have a cup of water and shut your mouth
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- Mar 4, 2011
Dallas Mayor Mike Rawlings sues pension system to stop DROP withdrawals
https://www.dallasnews.com/news/dal...ngs-sues-pension-system-stop-drop-withdrawals
Mayor Mike Rawlings is asking a judge to do what the Dallas Police and Fire Pension System won't: Stop the run on the bank.
Rawlings said in a written statement that he filed the lawsuit "not only to protect the retirement benefits of all our police and fire personnel, but also to protect the pocketbooks of all my fellow citizens and taxpayers." Pension officials are hoping for a $1.1 billion bailout from taxpayers. That number has swollen since the run on the bank started.
The mayor declined further comment on the lawsuit during a call Monday with The Dallas Morning News editorial board. But he repeated his desire to "stop the bleeding."
"This is kind of basic Boy Scout stuff," he said. "You have to put a tourniquet on it because the patient is bleeding out."
Timeline
January 2014 — City officials demand that the pension system turn over its books for an audit. The system fights them over the records.
June 2014 — Longtime pension fund system administrator Richard Tettamant is ousted by the board of trustees.
January 2015 — A Deloitte report confirms what The News reported in 2013: The system had overvalued its real estate assets.
March 2015 — The pension's board of trustees hires Kelly Gottschalk as new executive director.
April 2016 — The FBI raids the offices of real estate advisory firm CDK in the pension system's building. The system also sues CDK.
Aug. 11 — Pension board members unveil proposed fixes to the system. The changes would make DROP significantly less lucrative and more restricted, cut the annual cost-of-living increases and ask that members pay more of their salaries toward the fund.
Sept. 26 — The pension board reveals that roughly $220 million in DROP withdrawals have been made in the six weeks since the announcement of changes. The board declines to restrict DROP withdrawals after hours of legal advice and discussion.
Oct. 20 — The board calls for a vote on the proposed benefit changes. DROP withdrawals since Aug. 11 top $370 million.
Nov. 13 — The day before members begin to vote on benefit cuts, five police officers and firefighters sue the system and win a temporary restraining order on the vote.
Nov. 24 — DROP withdrawals since August reach nearly $500 million.
Nov. 29 — The mayor sends a letter demanding the pension fund cease DROP withdrawals.
Dec. 2 — A judge lifts the temporary restraining order and the vote restarts.
Dec. 3 — The mayor says part of the city's solution will include reducing future monthly benefits from those who got rich off DROP.
Dec. 5 — Rawlings sues the pension fund to stop DROP withdrawals.
So as it stands guys America and major cities and municipalities are broke. Just like the average American household, if America paid all its bills, the would be upside down on financing.
Hedge-Fund Mediocrity Is the Best Magic Trick
Never have so many investors paid so much for such uninspiring returns.
https://www.bloomberg.com/opinion/a...erform-yet-keep-attracting-pension-fund-money
Hedge funds have accumulated $3 trillion, with a substantial portion of it coming from public pensions. That these funds don’t deliver outperformance is almost beside the point. What they are selling is an inflated estimate of expected returns. This serves a crucial purpose for elected officials, letting them lower the annual contributions states and municipalities must make to the pension plans for government employees.
It is a dodge that everyone goes along with. When the bill comes due in a few decades, this will cost taxpayers a bundle.
It really is one of the more astounding market inefficiencies that so much money has been allocated to hedge funds. I have no issue with those funds that have consistently beaten a simple investment mix of 60 percent broad equity indexes and 40 percent in bond funds. It’s the rest of group that is so problematic. In much the same way that the world’s worst index fundmanages to stay in business, it is a challenge to explain why so much money has found its way to so much mediocre performance. Behavioral explanations can only go so far.
A recent Bloomberg Businessweek columnlooked at this issue. The conclusion: The investment managers often share their lofty fees (traditionally 2 percent of assets under management plus 20 percent of any gains) with placement agents who hawk the hedge funds, especially to pension funds. Some states have banned their pension plans from using the agents, but not enough of them have done so.
But this only explains why some people are motivated to go out and sell an underperforming investment product. It doesn't answer the core question of why so many investors buy them.
As the Businessweek article noted: “Hedge funds that invest in stocks returned 7.2 percent annually from 2009 to 2017, which was less than half the S&P 500’s return, according to data from Hedge Fund Research.” Even if you don’t like the Standard & Poor’s 500 Index as the benchmark, it’s worth noting that hedge funds have also underperformed pretty much every other benchmark out there.
If this were small change we were talking about, it wouldn’t be such a big deal and I’d have an easier time keeping my outrage in check. But the scale of the assets allocated to hedge funds is large, and getting larger. According to Fortune, “Since 2005, state and local pension plans have sharply increased their exposure to alternative investments, including private equity, real estate and hedge funds, from 9% of portfolios, on average, to 24%.” Other estimates put the figure even higher: According to Leland Faust, founder of CSI Capital Management, “More than half of the $3 trillion held in hedge funds nationwide is pension fund and retirement plan investments.”
Whether it’s trillions of dollars or merely hundreds of billions of dollars, it is still a lot of money not being put to the best use. This only exacerbates the underfunding crisis facing U.S. pension plans. The Economistmagazine noted that the average U.S. public-sector pension was only 68 percent funded, according data compiled by the Center for Retirement Research at Boston College.
The continuing puzzle is why hedge funds continue to be so successful in selling their underperforming products, especially to public-pension plans. We have looked at the issue before, and have considered the principal-agent problem -- in other words, those with no skin in the game make the investing decisions for those who do. Pondering that puzzle has led to a few surprising conclusions.
The best explanation I can find is this: Those who manage pension plans and pools of assets put money into hedge funds based on expected returns, not actual performance. The likely expected rates of return for hedge funds have proven to be works of fiction, fantasies made up out of whole cloth. There simply is no rational basis for making the claim that hedge funds will deliver an expected return higher than equities.
https://www.dallasnews.com/news/dal...ngs-sues-pension-system-stop-drop-withdrawals
Mayor Mike Rawlings is asking a judge to do what the Dallas Police and Fire Pension System won't: Stop the run on the bank.
Rawlings said in a written statement that he filed the lawsuit "not only to protect the retirement benefits of all our police and fire personnel, but also to protect the pocketbooks of all my fellow citizens and taxpayers." Pension officials are hoping for a $1.1 billion bailout from taxpayers. That number has swollen since the run on the bank started.
The mayor declined further comment on the lawsuit during a call Monday with The Dallas Morning News editorial board. But he repeated his desire to "stop the bleeding."
"This is kind of basic Boy Scout stuff," he said. "You have to put a tourniquet on it because the patient is bleeding out."
Timeline
January 2014 — City officials demand that the pension system turn over its books for an audit. The system fights them over the records.
June 2014 — Longtime pension fund system administrator Richard Tettamant is ousted by the board of trustees.
January 2015 — A Deloitte report confirms what The News reported in 2013: The system had overvalued its real estate assets.
March 2015 — The pension's board of trustees hires Kelly Gottschalk as new executive director.
April 2016 — The FBI raids the offices of real estate advisory firm CDK in the pension system's building. The system also sues CDK.
Aug. 11 — Pension board members unveil proposed fixes to the system. The changes would make DROP significantly less lucrative and more restricted, cut the annual cost-of-living increases and ask that members pay more of their salaries toward the fund.
Sept. 26 — The pension board reveals that roughly $220 million in DROP withdrawals have been made in the six weeks since the announcement of changes. The board declines to restrict DROP withdrawals after hours of legal advice and discussion.
Oct. 20 — The board calls for a vote on the proposed benefit changes. DROP withdrawals since Aug. 11 top $370 million.
Nov. 13 — The day before members begin to vote on benefit cuts, five police officers and firefighters sue the system and win a temporary restraining order on the vote.
Nov. 24 — DROP withdrawals since August reach nearly $500 million.
Nov. 29 — The mayor sends a letter demanding the pension fund cease DROP withdrawals.
Dec. 2 — A judge lifts the temporary restraining order and the vote restarts.
Dec. 3 — The mayor says part of the city's solution will include reducing future monthly benefits from those who got rich off DROP.
Dec. 5 — Rawlings sues the pension fund to stop DROP withdrawals.
So as it stands guys America and major cities and municipalities are broke. Just like the average American household, if America paid all its bills, the would be upside down on financing.
Hedge-Fund Mediocrity Is the Best Magic Trick
Never have so many investors paid so much for such uninspiring returns.
https://www.bloomberg.com/opinion/a...erform-yet-keep-attracting-pension-fund-money
Hedge funds have accumulated $3 trillion, with a substantial portion of it coming from public pensions. That these funds don’t deliver outperformance is almost beside the point. What they are selling is an inflated estimate of expected returns. This serves a crucial purpose for elected officials, letting them lower the annual contributions states and municipalities must make to the pension plans for government employees.
It is a dodge that everyone goes along with. When the bill comes due in a few decades, this will cost taxpayers a bundle.
It really is one of the more astounding market inefficiencies that so much money has been allocated to hedge funds. I have no issue with those funds that have consistently beaten a simple investment mix of 60 percent broad equity indexes and 40 percent in bond funds. It’s the rest of group that is so problematic. In much the same way that the world’s worst index fundmanages to stay in business, it is a challenge to explain why so much money has found its way to so much mediocre performance. Behavioral explanations can only go so far.
A recent Bloomberg Businessweek columnlooked at this issue. The conclusion: The investment managers often share their lofty fees (traditionally 2 percent of assets under management plus 20 percent of any gains) with placement agents who hawk the hedge funds, especially to pension funds. Some states have banned their pension plans from using the agents, but not enough of them have done so.
But this only explains why some people are motivated to go out and sell an underperforming investment product. It doesn't answer the core question of why so many investors buy them.
As the Businessweek article noted: “Hedge funds that invest in stocks returned 7.2 percent annually from 2009 to 2017, which was less than half the S&P 500’s return, according to data from Hedge Fund Research.” Even if you don’t like the Standard & Poor’s 500 Index as the benchmark, it’s worth noting that hedge funds have also underperformed pretty much every other benchmark out there.
If this were small change we were talking about, it wouldn’t be such a big deal and I’d have an easier time keeping my outrage in check. But the scale of the assets allocated to hedge funds is large, and getting larger. According to Fortune, “Since 2005, state and local pension plans have sharply increased their exposure to alternative investments, including private equity, real estate and hedge funds, from 9% of portfolios, on average, to 24%.” Other estimates put the figure even higher: According to Leland Faust, founder of CSI Capital Management, “More than half of the $3 trillion held in hedge funds nationwide is pension fund and retirement plan investments.”
Whether it’s trillions of dollars or merely hundreds of billions of dollars, it is still a lot of money not being put to the best use. This only exacerbates the underfunding crisis facing U.S. pension plans. The Economistmagazine noted that the average U.S. public-sector pension was only 68 percent funded, according data compiled by the Center for Retirement Research at Boston College.
The continuing puzzle is why hedge funds continue to be so successful in selling their underperforming products, especially to public-pension plans. We have looked at the issue before, and have considered the principal-agent problem -- in other words, those with no skin in the game make the investing decisions for those who do. Pondering that puzzle has led to a few surprising conclusions.
The best explanation I can find is this: Those who manage pension plans and pools of assets put money into hedge funds based on expected returns, not actual performance. The likely expected rates of return for hedge funds have proven to be works of fiction, fantasies made up out of whole cloth. There simply is no rational basis for making the claim that hedge funds will deliver an expected return higher than equities.
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- Joined
- Aug 6, 2012
Man. If it ever got to it, I may have to move. 4k for a 1 bedroom without an increase in wages to match the increase in standard of living is insane
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- Aug 6, 2012
- 35,382
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- Dec 27, 2014
Yeah I need to G T F O of Boston.
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- May 23, 2005
I was considering moving to la few years ago
With how cheap it is compared to the bay
Was gonna commute to work in the bay every day
Was gonna fly in from la
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- May 19, 2016
Vegas looking good
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- Oct 10, 2013
NYC has people living to work. Whatever you’re getting paid it’s going towards ridiculous bills just to rinse and repeat. On top of that you’re living in an 80 year old building, zero space and maybe a Chinese restaurant right under you lol. To me, that ain’t it
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- Aug 6, 2012
Commuting from LA to the Bay everyday would be insane. Heard it was like a 6 hour drive or something like that
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- Aug 6, 2012
Yeah I'm cool on that. If this becomes more of a pressing issue, I can foresee there being a migration down south and the midwest
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- May 23, 2005
I was gonna fly in and out Everyday not drive
And it can range from 4-6 depending on traffic
During the fires in SoCal took me like 8 hrs to get back
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- Apr 16, 2006
Interesting article on police and fire pension. Similar issue in NY some years back, before they retired they would accumulate as much overtime as possible and inflate their salaries since the pension payout is based on 3 year average salary before retirement. You have people who made an average salary of roughly 80-90K essentially double that to 150-160K before retirement and have their pension payout based on that.
They finally put a limit on the amount of overtime they can accrue yearly now.
The head of the Corrections union also was doing shady business and got indicted for shifting pension investments into a risky hedgefund from whom he received kickbacks. There needs to be an oversight committee on these pension programs, simple as that.
They finally put a limit on the amount of overtime they can accrue yearly now.
The head of the Corrections union also was doing shady business and got indicted for shifting pension investments into a risky hedgefund from whom he received kickbacks. There needs to be an oversight committee on these pension programs, simple as that.
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- May 23, 2005
Exact reasons why newer folks
Coming into the workplace
Have trash *** pensions
I feel sorry for them
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- Oct 10, 2013
Of course there’s give and take in every location but the give for nyc is everything and the take is the pride of telling people you can survive living in nyc
Nnnnnnoope to that
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- Dec 27, 2014
Fly every day to get to your job? Hope you have a private jet.
