Blackstone Group

The Blackstone Group is an investment group. You may recall reading about them and Elliot Broidy, the man who plead guilty to bribing members of the New York pension board who used to work for them. Well apparently the company is being hired byhttp://www.blogger.com/img/blank.gif Martha Stewart, hey didn't she go to jail for insider trading? Maybe I am remembering wrong.

Anyways, I was reading about it and decided to run Blackstone and Mr. Broidy, I found an interesting article. Apparently one of Blackstone's Vice Presidents, or so it is reported, said that government pension funds were overly generous. Isn't that fascinating. I guess they believe the world hasn't been generous enough with Martha Stewart even after she used insider trading, that is okay, not an honest days dollar for an honest days work.

Let me see if I understand this correctly. Blackstone gets government union's money to invest, bribes officials and then says that the government unions didn't need all that money in the first place because they are too generous. Now lets be clear, Blackstone invests money for CalPers (the California State Pension) and LACERS (the City of Los Angeles Pension) and many other government pension plans. They have also lost money for many of them and they believe that the plans were too generous in the first place.

If you look at what these scum bags make then I guess they are the one's that are compensated overly generously by the public pension plans. Now why would any public pension plan continue to utilize the services of these scum bags (notice I did not use profanity; but, if there was ever a case where I did want to it is right now). If you want to see the real arrogance and problem, it is not government pension plans, it is not the employees, it is those who siphon off from the plans who have never contributed to them, the politicians who take their contributions and the union leadership that allows this to go on in order to have influence over the politicians when the time for raises come.

NO PUBLIC PENSION FUND should ever give one penny to Blackstone again. I am happy to repeat that but you can read the sentence twice and save me the effort, wait, writing this was more effort than just writing it twice, heck, I could have just cut and pasted. Drat.

Now, I know a certain union steward who reads this blog and I do hope he will pass this on to the union workers and other stewards and then they can address the union on the issue of their pension working with this company.

Article 1

Article 2

Now if you read earlier articles you will see that I linked to articles regarding how incredibly well paid Blackstone and others were paid as "placement agents" while losing on their investments. Time for all things to be revealed and time for some to pay for their sins. Do you see it coming, it all around you, wealthy and powerful that think they deserve your money because they think they are better than you.

I do hope that readers understand this is an issue that I will continue to bring up as it develops. My overly generous pension will be 25% of what I am currently paid. Can you live on 25%, the other 25% goes to the ex as a reward for infidelity. Otherwise I still would only get 50%. No bonuses here, never had one, no merit pay, nobody wants to pay me what I saved my organization, that alone would cause it's bankruptcy. But, as little as I care about my situation, it is time to eliminate the use of insiders who only seek to line their own pockets.