CalPERS Pension Fund Just Did Something Interesting With Retirement Accounts
Share This Story, Choose Your Platform!
About the Author: NC Scout
NC Scout is the nom de guerre of a former Infantry Scout and Sergeant in one of the Army’s best Reconnaissance Units. He has combat tours in both Iraq and Afghanistan. He teaches a series of courses focusing on small unit skills rarely if ever taught anywhere else in the prepping and survival field, including his RTO Course which focuses on small unit communications. In his free time he is an avid hunter, bushcrafter, writer, long range shooter, prepper, amateur radio operator and Libertarian activist. He can be contacted at [email protected] or via his blog at brushbeater.wordpress.com .
2 Comments
Comments are closed.
Related Posts
GUNS N GEAR
Ladies and Gents,
You do not know it (just yet) but there is a very small Team that wears black robes and sits on a bench in judgment on trillions of dollars of assets and liabilities; they are called “Bankruptcy Judges.” They are part and parcel of a small group of “creditor rights” lawyers who got promoted to Bankruptcy Courts all across FUSA.
They play ball with all of their colleagues, who are practicing bankruptcy lawyers. It is all a big club, and you ain’t in it. These are the folks who will “handle” the upcoming economic crises in pension funds. These pension fund lawyers will peck out “Petitions for Relief” on their laptops and file them online (usually on a Sunday) via an Electronic Filing System using the PACER computer system. All in the dark to you and yours. Stealth law.
Once a petition for bankruptcy is filed, all actions: lawsuits, withdrawals, deposits, and financial activity HALTS, since the Bankruptcy Court automatically issues a court order “freezing” everything involved. Your pension check stops. Then, it’s up to the Bankruptcy Judge and the feasting lawyers to “carve up” the financial carcass at their leisure. (Usually takes years.)
“Your” pension money and funds then “belong” to the bankruptcy court and their actions and foibles. Let that sink in. Work your arse off for 30 years–expect a pension check each month–and some smarmy BK lawyer convinces a guy in a black robe on a bench that your pension money should first go to pay the utilities or landscaping expenses at your pension fund’s corporate office. Kid you not. Stroke of a judge’s pen. All done “on line.” Wham-Bam. And this is just for openers. Pot ‘o gold sitting there folks being eyed! Your gold.
No funds, pension checks or ANY asset or income will move unless and until these ghouls sign off on it.
As a pensioner, your “due process rights” are to follow your funds going down the drain via PACER online and/or hire your own BK litigation lawyer at $800/hr plus expenses to fight all this in a far-flung BK court. (You had better hire one of the “good ‘ole boys” in the BK game in THAT town, or else–you know: “who gets the lay of the land thing,” and who is cozy with who on or off the bench.)
Good luck when your pension fund goes bankrupt.
Ask all those retired cafeteria workers, teachers, and teacher’s aides whose PENSION FUND or individuals had invested millions in “iron clad, never get compromised secured corporate bonds” of General Motors when GM filed for bankruptcy. GM common stock can get “blown out” in a BK. Bondholders are an entirely different critter; they have “secured rights,” meaning they can re-take or foreclose on GM hard assets, which GM had available.
NOPE! Guy in a black robe calmly sitting on a bench signed a piece of paper saying: “secured bondholders of $27B are NOT secured–you will get 10% of your money as shares in a “new” GM after the BK.
10%
You have been warned….(most of this GM bondholder shenanigans have already been scrubbed; here’s one:)
https://www.wickedfire.com/shooting-the-shit/60832-bondholder-furious-over-gm-bankruptcy.html
Nothing new here. The same for everyone with a bank. You make a deposit to the bank. The second it’s in their hands, you are relegated to the level of a creditor. Nothing more. In the event of failure, the assets like the above will be administrated (read robbed). And the best part is you are on the low end of the people who will be paid any monies, many many entities have first legal rights to the monies, and as George Carlin said so eloquently, its a big club and you ain’t in it. Instead of bailouts ie from the government, it will be bail-ins, where depositors pay restitution instead. Look at what happened in Greece ~2010. coming to a theater near you.