88 replies to this topic

[disgustedbyShitangelo]

billkn, on April 18 2010 - 10:02 PM, said:

Look, only the chosen few, and not by reason of their abilities, get picked for Joint Counsel boards and Pension Boards. There are true leaders who get no credit because they dont kiss the right ass, or because they stand up and do the right thing and the leadership is scared of them. That can be a big no no in the Teamsters Southern California.
Mack aint gonna do anything different except collect his big money and go along with the program. I will say he's probably smart enough to stay away from any influence colluding and other funny stuff that supposedly-probably took place. Just recently the SEC and the State of New York came down hard on the middlemen influence peddler commissions at other pensions, similar to what has been talked about at the Western Conference pension. California Attorney General Jerry Brown is in on this, and his office has been notified about the shit with our trustee board and the collusions. Could get very interesting.

WHEN ALL IS SAID AND DONE RANDY CAMMACK WILL BE SHOWN TO BE THE REAL DEAL, THE ONE GUY WHO US MEMBERS CAN COUNT ON TO MAKE GOOD DECISIONS. HE HAS ALREADY TURNED THINGS AROUND AT JC42. RANDY SHOULD ALSO BE TAKING OVER 848 AND MAKING THINGS RIGHT THERE LIKE HE'S DONE AT 63 AND ALL THE OTHER LOCALS WHICH MERGED IN. THE 848 MEMBERS WOULD NOT BELIEVE HOW GOOD IT CAN BE. 63 IS A HUGE LOCAL NOT SOME MIDGET BIGMOUTH LOCAL. RANDY WALKS THE TALK. WE DONT WANT TO LOSE RANDY HERE BUT HE WOULD HAVE BEEN THE BEST CHOICE FOR THE PENSION HEAD. HE KNOWS WHAT THE HELL IS GOING ON, MORE THAN MACK WOULD EVER KNOW, AND KNOWS HOW TO MAKE IT WORK. HE WOULD MAKE SURE NO FUNNY STUFF, ALL ABOVE BOARD, AND WE WOULD BE EARNING BIG RETURNS. I SAY THIS BASED ON RANDYS ACCOMPLISHMENTS HIS ACTUAL RESULTS IN ALL HE DOES. WE CAN THANK HIM FOR TOSSING THE 848 SCUM OUT ON HIS ASS AND GETTING THE JOB DONE AT JC42. THANK YOU MR. CAMMACK!

[steveyo]

This is the kind of shit that makes me crazy because it sounds so familiar with the recent allegations about the retired buddy system at the Western Teamsters Pension and the "colorful" characters we have as our trustees. Some of these trustees were involved in the Santangelo payoff and that's what makes me friggin' nuts about it. If we don't know whats going on we could really be in bad shape. Calpers is openwide and they still have shit going on. Ours is top secret and it scares me to death.

Fuck!

http://www.latimes.c...0,3339813.story

State authorities sued former top California pension fund officials Federico Buenrostro Jr. and Alfred R. Villalobos on Wednesday for their role in an alleged scheme to get business for investment firms by giving pension officials luxury trips and other gifts. The civil suit alleges that Buenrostro — chief executive of the powerful California Public Employees' Retirement System from 2002 to 2008 — took tens of thousands of dollars' worth of gifts from Villalobos, a former Los Angeles deputy mayor who now works as a go-between for investment firms.

Villalobos and his company, Arvco Capital Research, obtained more than $47 million in "undisclosed and unlawful commissions for selling approximately $4.8 billion worth of securities to CalPERS" from 2005 to 2009, according to the suit, filed by the state attorney general's office in Los Angeles County Superior Court.

The attorney general's office began investigating placement-agent activity last fall after CalPERS, the country's largest public pension fund, disclosed that some of its wealthiest investment partners had paid huge fees to Villalobos.

After leaving the top job at CalPERS, Buenrostro became a business associate of Villalobos', the suit alleged. It also alleges that Buenrostro discussed employment opportunities with Villalobos, a friend of more than 20 years, while still serving at CalPERS.Buenrostro started working with Arvco a day after he retired from CalPERS in mid-2008.

[steveyo]

http://www.latimes.c...0,3339813.story

[steveyo]

Better article by far:

http://www.sfgate.co.../f110131D28.DTL

California Attorney General Jerry Brown has sued two former officials of the nation's largest public pension fund for fraud, alleging they set up a system of kick-backs to guarantee outside firms won a lucrative piece of the fund's investment portfolio. The lawsuit against the former officials at CalPERS, announced Thursday, is the product of an investigation into the role of so-called placement agents, the middlemen hired by money-management firms to help them win business with investors.

The alleged kickback scheme raises questions about Whether CalPERS board members and investment officers had the best interests of the state's pensioners at heart when they made investment decisions for the fund.

"If you are engaged in selling investments, you owe a duty of full disclosure. That did not happen here," Brown said.

The lawsuit says former CalPERS Chief Executive Federico Buenrostro Jr. accepted tens of thousands of dollars in gifts, a Lake Tahoe condominium and promises of a future employment from Alfred Villalobos, a former CalPERS board member turned placement agent. "Villalobos cultivated, through gifts and gratuities and promises of future employment, close and long-term relationships with Buenrostro, former board member and current Valdes Shahinian Senior Investment Officer with intent to influence them to make investment decisions in favor of the private equity funds ARVCO represented, "the suit read.

Read more: http://www.sfgate.co...L#ixzz0nCMASG5g


No nothing like this could ever happen in the Teamsters could it!

[steveyo]

Does anybody know how we find out about where our money goes if ex boardmembers really sell investments to the Pension any types of conflicts of interest and influence peddling or are we just at the mercy of the crew of insiders.

[sadjjjjer]

steveyo, on May 06 2010 - 04:30 PM, said:

Does anybody know how we find out about where our money goes if ex boardmembers really sell investments to the Pension any types of conflicts of interest and influence peddling or are we just at the mercy of the crew of insiders.

With the caliber of people we have as trustees I would not be surprised to learn that bad shit took place. Just as with the Santangelo payout of a half-million attempted coverup at the Joint Council level, Chuck isn't going to do anything that could harm the people who hired him as the main Union trustee. Won't happen, and never will. These guys look after themselves; at least those from Joint Council 42 have proved that. The people involved in the CalPers scandal are well educated and sophisticated professionals, unlike our union trustees, none of whom I would bet even attended a junior college much less a 4 year degree. The attorney general would probably have a field day with this uneducated bunch. I'm like stevyo I shudder to think about the probabilities.

[sadjjjjer]

These are elected officials, not secretly appointed chiefs like our pension. We suffer from the Santangelo payoff crew and buddy buddy system. Everything, unlike Calpers, is done in secret. Sure am glad I'm on Prudentials books now.


http://www.latimes.c...0,6903132.story

The California Public Employees Retirement System, already under scrutiny for financial losses and allegations that its investment decisions were compromised by favoritism, may be getting another black eye — this one courtesy of board member Priya Mathur.

At its meeting Thursday, the state Fair Political Practices Commission will consider fining Mathur as much as $5,000 for failing to file her 2008 financial disclosure statement on time. Twice before in recent years she has been fined for not submitting the required statements. The dollar amounts involved in Mathur's disclosure may be small, but the violation raises troubling questions about the leadership of CalPERS, said Roman Porter, the FPPC's executive director.

"You have to question the culture of disclosure in any organization where there are high-level individuals who consistently fail to file the proper reports," he said. Her actions are adding to CalPERS' woes as it struggles with allegations that some of its former officials used gifts and personal influence to direct billions of dollars in pension investments to outside money managers.

"CalPERS is under an umbrella of suspicion. The best thing that CalPERS can do is to be the most open and transparent organization as possible, just open the doors and say come look," Levinson said.

[patrickroll]

That was very interesting thread you have started. It was full of questions and for those all I suggest you to go for accountingportal.com/ where your doubts gets clarified.
Good luck.

federal tax brackets

[Shaman]

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The Collapse of Secure Retirement @

http://prospect.org/...re-retirement-0