As my readers know, I have started a new blood pressure medicine and am still adjusting to it. I didn't want to drive my car to work because I just don't feel ready. When I was younger I used to like to drive very fast and was fortunate enough to have some nice cars. My first car was a Gran Torino, my next was a Mustang Mach 1, later I owned a BMW 325 and a Mercedes 230 slk. I love cars, real cars, the one's that are built from love. Oh, I even own a Nash Metropolitan convertible.
Well, a couple of days ago I saw an article about an extremely rate Ferrari. The article talked about how a man named Eddie Smith, Sr. had bought a Ferrari 275 GTB/4 NART Spyder in 1967, one of only ten made. The article went on to talk about how he had passed away and his family was going to auction the car off for charity. My first thought was some rich guy bought a nice car, passed away and the family was auctioning it off. As the odds of me buying it are 0, I just saw it as an interesting story; but, I continued reading and found a much more important story and I would like to pass it on to my dear readers.
Mr. Smith grew up in an orphanage. He went on to create a very respectable company and was committed to helping others and running a business with integrity. I will talk more about that later. Unfortunately, Mr. Smith suffered a stroke and later passed away. His family decided to honor his legacy by auctioning the car to charity. I followed up by reading tracking down his companies website and was truly impressed. I want to provide you a link to their website.
National - Celebrating 61 Years of Service, Service, & More Service!
My readers know that I allow NO advertisements on my site, never have and never will. I don't care what others do; but, I use this site to speak my mind and if one allows advertisements or seeks to profit from their posts then they fall under different rules. This site is not a business, I have a job. This site is about questioning the things that we are told in the media and looking at where we are headed. Sometimes I talk about where we could be headed.
A while back I wrote about Ms. Lynn Tilton of Patriarch Partners. She is a very brash Billionaire that invests in America and Americans. She takes companies that are in distress and makes them work again and puts Americans to work. It should also not be a surprise that I have an admiration for both Mr. Bill Gates and Mr. Warren Buffet, people who still believe we as a nation can do better and that our corporate structure has been corrupted because management has stopped focusing on their products and have only become concerned about stock prices. Good products and good customer service has value and people will pay extra for that because that is what true value is. I also believe that being a manager means working with and caring about the people around you. When I read the history of Mr. Smith's company, I saw that in his family.
After reading the history of the company and a couple articles about Mr. Smith, I was so impressed that I decided to contact his company and did. His daughter actually sent me back an e-mail and was very gracious and kind. Ms. Lynda Smith Swann, the president and CEO of the company responded to me. I was pretty surprised by that. I did have a couple of friends who owned businesses, one was worth a Billion; but, unfortunately, he passed away. These people were business associates and we frequently contacted each other directly. I didn't contact their secretaries, I contacted them and am just an analyst. When you deal directly with company owners, it is usually because you have a relationship. I have no such relationship with Ms. Smith, her family or her company. I don't buy their products and would probably look very silly in them as they sell women's apparel.
I want to post a link to a video about the car, Mr. Smith's son gives some wonderful stories about his dad. I will not post the e-mail I received nor the one I sent, those are private communications between their family (including their employees) and me. Funny how the world works and funny how this stupid blog and the internet have allowed me to spread information to others. Much of what i discuss is not pleasant; but, I really love it when I can let my readers know that there is still hope and goodness and love and concern in the world. Please watch the video.
Jalopnik - This Ferrari 275 GTB/4 NART Spyder Is A Gorgeous Family Treasure.
My readers know that I intentionally do not give away personal information on anyone. This blog is anonymous, there are those who read it and know who I am; but, the vast majority do not know me. I don't know 2,000 people which is my average monthly readership. This may not be my best post, I am still adjusting to my medication and am slower than usual, this shall go away. To the family, employees and customers of National that may read this, I send my best wishes. To my readers that may be women, I would hope that you check their company out, I think they have the right idea.
Thursday, July 25, 2013
Pension Fund Theft
I knew that we had not seen the end game in the theft of public pensions by private interests. They have created the illusion of a problem. The public and pensioners have reacted in fear and now we are presented with the solution. Classic.
Lets start with the supposed problem. We are constantly being told that public pensions are in trouble. A decade ago they were all overfunded across the United States. You heard me right, overfunded. In California it was so bad that the law prohibited the pensions to be more than 120% funded for more than something like three years. As a consequence it didn't matter if they lost money on bad investments. A trade off was made and the politicians convinced pension boards to invest in the community and they also approved paying out more than they had in the past to pensioners. Everybody won.
I expect my readers to fact check me regardless of their position. It is true, the pension funds had more money than they were allowed to. Across the nation a number of municipalities simply increased the amount that people got when they retired. When the stock market crashed, it didn't destroy the pension funds, they were already maxed out. That is why the Government Fiance Officers Association (GFOA) has published documents proving there is no public pension crisis.
I will make it easy. Look at any public pension plan and ask what the total amount is that is expended each year. Then look at the total assets held by the public pension fund is. How come I cannot find any articles which put it that simply? They do not talk expenditures to assets, instead they talk about how much the municipalities have to contribute when in fact, they have skipped payments across the nation and do not have to contribute today the amounts they claim. You do not have to have assets of $300,000 in the bank to afford a annual mortgage payment of $24,000.
The mainstream media makes it sound as if there is not a single competent local government in the United States, not one is said to be solvent. Of course we are being lied to; but, the question for me has been why.
Bloomberg - Life Insurers May Manage Public Pensions Under Hatch Bill.
Currently, CalPers has about $250 billion in investments, assets. It is an astonishing amount of money. This money already exists, it requires no contributions to be at this amount. If CalPers statements are accurate, it puts out about $20 billion a year in payments. Does that sound insolvent to you? And don't forget, each year CalPers is receiving new money from current employees.
Now another simple question. If these funds are in such bad shape, why would any insurance company want to buy them? This is the largest theft in the history of the world. I read that the public pensions have somewhere around $3 Trillion in assets. That is a lot of money. The way you find thieves is by going where the money is because that is where they are going. The bill says that public pensions will be sold by bid. Imagine having your retirement go to the lowest bidder.
Lets start with the supposed problem. We are constantly being told that public pensions are in trouble. A decade ago they were all overfunded across the United States. You heard me right, overfunded. In California it was so bad that the law prohibited the pensions to be more than 120% funded for more than something like three years. As a consequence it didn't matter if they lost money on bad investments. A trade off was made and the politicians convinced pension boards to invest in the community and they also approved paying out more than they had in the past to pensioners. Everybody won.
I expect my readers to fact check me regardless of their position. It is true, the pension funds had more money than they were allowed to. Across the nation a number of municipalities simply increased the amount that people got when they retired. When the stock market crashed, it didn't destroy the pension funds, they were already maxed out. That is why the Government Fiance Officers Association (GFOA) has published documents proving there is no public pension crisis.
I will make it easy. Look at any public pension plan and ask what the total amount is that is expended each year. Then look at the total assets held by the public pension fund is. How come I cannot find any articles which put it that simply? They do not talk expenditures to assets, instead they talk about how much the municipalities have to contribute when in fact, they have skipped payments across the nation and do not have to contribute today the amounts they claim. You do not have to have assets of $300,000 in the bank to afford a annual mortgage payment of $24,000.
The mainstream media makes it sound as if there is not a single competent local government in the United States, not one is said to be solvent. Of course we are being lied to; but, the question for me has been why.
Bloomberg - Life Insurers May Manage Public Pensions Under Hatch Bill.
Currently, CalPers has about $250 billion in investments, assets. It is an astonishing amount of money. This money already exists, it requires no contributions to be at this amount. If CalPers statements are accurate, it puts out about $20 billion a year in payments. Does that sound insolvent to you? And don't forget, each year CalPers is receiving new money from current employees.
Now another simple question. If these funds are in such bad shape, why would any insurance company want to buy them? This is the largest theft in the history of the world. I read that the public pensions have somewhere around $3 Trillion in assets. That is a lot of money. The way you find thieves is by going where the money is because that is where they are going. The bill says that public pensions will be sold by bid. Imagine having your retirement go to the lowest bidder.
Subscribe to:
Posts (Atom)