Perry Glasser

Posts Tagged ‘Pensions’


In Business, Economics, Economy, EDUCATION, Finance, Politics, Wall Street on August 15, 2011 at 8:33 am


Over in Rhode Island, a bankrupt municipality is trying to cut benefits to cops and firemen, but will pay bondholders in full. If a municipality goes broke, Weasels have ruled that Wizards get paid first!

The place is called Central Falls.  You might want to write the city council a letter. Try not to throw-up when you note the town’s motto: “Never Doubt that a small group of thoughtful citizens can change the World.”  They are quoting Margaret Meade, the famed anthropologist. They are screwing cops and firemen.

Dollar$ tries, but could not make this stuff up.

Weasels write the rules; Wizards create the vehicles; Buccaneers reap profits; Citizens get screwed.

No one blushes.

This national scandal will spread across the US as borrowing rates climb.  In Alabama, after 14 months without pensions, pensioners with 20 – 30 years on the job had their benefits cut from $1,000 per month to $350. The town is being sued, of course. Their legal strategy seems to be to delay and hope for petitioners to die.

Perfectly legal. Pensioners are by federal bankruptcy law defined as unsecured creditors, whereas banks and others are secured.

Your best strategy?

  • Never get sick.
  • Never grow old.
  • Never stop working.