Ohio pensions took $480 million hit after Lehman collapse

Donna Atlanta GA wrote:

<quoted text>
If Americans had any brains they'd be swarming Wall Street like an angry mob. It is the Wall Street swindlers who have put us where we are now. But Americans would rather sit back and boo-hoo about Obama or hang on Sarah Palin's coattails than take on the one percenters who have wrecked this nation.

its folks who hate on folks who are successful and those who set up the successful as prey are the problem.
Our PResident received a million or so in campaign contro. from Lehman, then BO bashed them to turn them into enemies for socialist reform, then sat down,gave them billions in bailout as a thankyou for being elected, bashed them to turn public against them, THEN sat and had a 15K per plate fundraiser with them,a nd NOT that they made 3B in profit,BO will demonise them and try to take over the banking industry! and with folks like you who are jealous of any successful person,company or organization or folks like you who blame all your problems on someone else BO will wreck his socialist havoc straight through to control and destroy this once great country.Want proof,look at other countries reporting this and how they are taxed, unemployed ect and we are heading int he same direction.

Donna Atlanta GA wrote:

<quoted text>
The entire Wall Street debacle was a manipulation started by Goldman Sachs (the largest recipient of bailout money) and now that they have people's homes, retirements AND our tax dollars (all of which is offshored in tax free accounts) rest assured these pigs couldn't care less about you, me or the rest of the country.
What I find amusing is the idiots who defend them. Here they sit either unemployed or underemployed, watching the fat cats drain away their job opportunities, not to mention their chances for retirement, but apparently for some folks it's sacraligious to berate the rich. It's as if these working class fools think the rich are going to do something for THEM. It's as if they think THEY are part of that elite group of the super-wealthy and must defend them at all costs.
I can assure you, the one percenters couldn't care less about you, me or anyone else except themselves.

Isnt it amazing,BO campaigned for John Corzine in the gov. run in NJ,Corzine made BILLIONS working for Lehman,but rep. are only for business, BO bailed WallStreet out with Hundreds of Billions and got their votes and had fundraisers with them for the democrat party, but its those evil republican fatcats with millions who dont care about you!!!!! To bad they are responsible for almost all the jobs ( the rich,not just republicans) Health Insurance,retirements ect,but,let bash business,the successful ect.

"At the end of the day, the people on Main Street should have known this was going on. They rely on this (investment activity) for their pensions and for a lot of their financial security."

I'm sorry, but you are asking tax payers to bail out the pension fund, but what help is there for the thousands of other Ohio citizens who lost their retirement investments who happen to not be government employees? You don't give a shit about them. You only care about your union friends and your government pals.

You got swindled in the public sector and we got swindled in the private sector. No one should be bailed out. It's a shit sandwich and we should all have to take a bite instead of the public sector passing the plate on to the taxpayers.

I pray to God everyday that the government will stop making me pay into the scam known as social security! I'd be much brighter and more set for retirement if you let me keep the $250 a paycheck and let me put it in my own IRA. At least I can manage my own retirement. I won't even have social security when I retire because the funds are being pissed away.

OK, this is one of the worst articles I have seen written in a while, and coming out of the Plain Dealer it doesn't surprise me. The question is this: Did the Lehman collapse cause a $480 million loss to the pension funds? If you read carefully, it never says so. Just that the loss to the pension funds happened at the same time. One did not cause the other. Here are the questions that should be asked:

Did the Repo 105's cause the pension funds to lose any money?

How did Lehman managed funds compare to other managed funds within the pensions?

Who was responsible for selecting Lehman in the first place to manage the funds?

Who signed off on Lehman's investment risk profile? Lehman doesn't just make investments on behalf of the pension funds without pension fund managers knowing what they invested in.

Of course none of these questions will be asked or answered becuase it might question the accountablity of Ohio's pension fund managers.

What congress really needs to investigate is Bush's treasury secretary and former Goldman Sachs CEO Hank Paulson and why he saved Goldman but let his old competitors Bear Sterns and Lehman collape

Lance Winslow wrote:

<quoted text>The Lehman collapse was a Bush oopsie, Bubba. At about the same time, Bush was telling us there was fundamentally nothing wrong with the economy.

Not sure what it's going to take to get you to stop using my name here, but as long as we are talking about it. I'd like to point to the fact that Lehman was doing some tricky off-balance sheet games like Enron did, so in hindsight it was a wise choise on Bush Administration's part. Further, the US government need not be the lender of last resort for Wall Street, leaving us citizens on the hook for it all. Next, he is ABSOLUTELY correct, fundamentally there was nothing wrong with the economy. The problem was London's AIG office, rating agencies, incestuous nature with regards to Freddie and Fannie, and the whole CDO musical chairs shell game, played around the world. I do however blame Obama for talking down the economy and stock market 3.2 Trillion after elected in order to pass his nonsensical Stimulus to pay off political supporters and gift tax payer's monies to groups like ACORN amongst so many others. Think before you speak young man, and for heaven's sake STOP Using My Name.

All state and municipal employees that have lost a huge amount of the pension investment, check this out as most laa states use the same tactic of having proxy voters do the investment for the state executive branch,
Here is waht I discovered in Minnesota when the "proxy" voters voted to divest in tobacco stocks because the government thought they had bankrupted the industry,
The Governor is allowed two proxy voters The Secretary of State has two and the Attorneys General has one.. Here is the catch (1) who appoints the proxy voters? Who are they? remains a secret to most citizens, who does the proxy voters report to and where is the public records of their activity?
The state proxy voters diversted in tobacco stocks and instantly lost millions of employee retirement dollars. I couldn't believe what I found through the Data practices act on these invisible proxy voters that have the capability of breaking the fund.
The voters run in lock step with Americas left when making decisions. I found one old Hayburner out in Boston and questioned her. she shook in fear of how I was able to get her phone number. swhe said Tobacco stocks are dead because the lefts policymakers told her so.
The state was shocked enough to re invest in tobacco and regained the losses. The huge loss for Ohio workers is criminal and as a citizen I would hope that enough citizens search out the proxy voters, their appointers,and the records of their re imbursement then I t may become clear to The Ohio workers exactly where the fortunes in employees retirement funds went, and who benefitted. Look at it, there is nothing to loose by asking and demanding public information.

Donna Atlanta GA wrote:

<quoted text>
If Americans had any brains they'd be swarming Wall Street like an angry mob. It is the Wall Street swindlers who have put us where we are now. But Americans would rather sit back and boo-hoo about Obama or hang on Sarah Palin's coattails than take on the one percenters who have wrecked this nation.

Yep

I don't trust Wall Street

Donna Atlanta GA wrote:

<quoted text>
The entire Wall Street debacle was a manipulation started by Goldman Sachs (the largest recipient of bailout money) and now that they have people's homes, retirements AND our tax dollars (all of which is offshored in tax free accounts) rest assured these pigs couldn't care less about you, me or the rest of the country.
What I find amusing is the idiots who defend them. Here they sit either unemployed or underemployed, watching the fat cats drain away their job opportunities, not to mention their chances for retirement, but apparently for some folks it's sacraligious to berate the rich. It's as if these working class fools think the rich are going to do something for THEM. It's as if they think THEY are part of that elite group of the super-wealthy and must defend them at all costs.
I can assure you, the one percenters couldn't care less about you, me or anyone else except themselves.

I know! The only explanation is that they fancy themselves becoming that rich someday. Yeah right.

PERS in close to Bankruptcy folks it happened in NJ.

Lance Winslow wrote:

<quoted text>Maybe a little bit of reform and oversight of financial concerns, like Obama's trying to push through against GOP resistance, would help.

Look at who has sppearheading this drive, Barney Frank and Chris Dodd. All of the people took big bucks from these people on Wall Street. The people like the SEC who were suposed to be policing a lot of this were negighent in their duties. A lot of them are in the administration now. There should be a whole bunch going to jail but that wont happen. Obama took 994K in campaign funds from Goldman-Sachs. Have they gotten religion and going to give the money back or donate it to the people who were ripped off?

November wrote:

You vote in a democrat you vote in rubberstamping of Obama.

You vote in a republican you vote in rubberstamping of Monkey Lips Bush /Cheney.

LOL Chimpanzee was deleted...LMAO

Wake up USA wrote:

<quoted text>Look at who has sppearheading this drive, Barney Frank and Chris Dodd. All of the people took big bucks from these people on Wall Street. The people like the SEC who were suposed to be policing a lot of this were negighent in their duties. A lot of them are in the administration now. There should be a whole bunch going to jail but that wont happen. Obama took 994K in campaign funds from Goldman-Sachs. Have they gotten religion and going to give the money back or donate it to the people who were ripped off?

Do you have the source for that? Hank Paulson and Christopher Cox did a lot of it as well.

Archie wrote:

All state and municipal employees that have lost a huge amount of the pension investment, check this out as most laa states use the same tactic of having proxy voters do the investment for the state executive branch,
Here is waht I discovered in Minnesota when the "proxy" voters voted to divest in tobacco stocks because the government thought they had bankrupted the industry,
The Governor is allowed two proxy voters The Secretary of State has two and the Attorneys General has one.. Here is the catch (1) who appoints the proxy voters? Who are they? remains a secret to most citizens, who does the proxy voters report to and where is the public records of their activity?
The state proxy voters diversted in tobacco stocks and instantly lost millions of employee retirement dollars. I couldn't believe what I found through the Data practices act on these invisible proxy voters that have the capability of breaking the fund.
The voters run in lock step with Americas left when making decisions. I found one old Hayburner out in Boston and questioned her. she shook in fear of how I was able to get her phone number. swhe said Tobacco stocks are dead because the lefts policymakers told her so.
The state was shocked enough to re invest in tobacco and regained the losses. The huge loss for Ohio workers is criminal and as a citizen I would hope that enough citizens search out the proxy voters, their appointers,and the records of their re imbursement then I t may become clear to The Ohio workers exactly where the fortunes in employees retirement funds went, and who benefitted. Look at it, there is nothing to loose by asking and demanding public information.

PERS and STRS have monthly meetings that were errr...ummm... EXECUTIVE SESSION. Closed doors and they let Wall street "markermakers" pick the crap for them ...LOL

George wrote:

<quoted text>Do you have the source for that? Hank Paulson and Christopher Cox did a lot of it as well.

I never said nammes but a lot of people were there that did nothing. Read Michelle Malkin today and it will give you the inside on a lot of people. It just came out and it is great.

George;
I don't make no claims as an expert, just a pissed citizen that uses the foia to get information,

The Board of investments of most states are the most hidden and un accountable part of our state governments, The proxy voters were created to get rid of any improprities on investments of the Executive branch of Government, It appears that these silent and unknown proxy voters are given carte blanc aythority to invest, divest, or make financial decisions in the name of the "Political wind". Our whole financial system has a cancer and it is not in the best interest of John Q. public.