Alternative Investments Information courtesy of the cbox scumbag

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Alternative Investments Information courtesy of the cbox scumbag

RichardDorrough
This post was updated on .
I am posting the following information here thanks to the scum bag spinless beetch who flushes the cbox. This information is to provide more details on the Doug McCarron and NCCMP scum bags attack on American Pensioners.. The Iron Workers have been notified that they are next in line to be robbed using the multi employer reform act written,lobbied for and passed by Union International leaders allowing them to steal form retirees pension checks to make up for fund money they lost due to mismanagement and just plain  robbing the funds to line their pockets
 They have been holding hearings with the Feds Workforce committee and subcommittees on Labor and Pensions once chaired by corrupt Rep Robert Andrews friend of Frank Spencer and now a lobbyist for the NCCMP who are conspiring to steal American Retirees pensions.

 
This is from a Workforce Committee hearing in 2011
 
Ways to Strengthen the Multi Employer Plans Plans

I agree with the NCCMP that the next wave of PPA reform must
(1)find new revenue sources of Capital(Steal form Retirees checks.
(2)reduce liabilities (cutting retiree benefits)
and change plan design.

What is on the table now is reducing  liabilities in the form of cutting retiree benefits.
The  NCCMP and GAO  acknowledges the  necessity to do everything in terms of plan design, revenue enhancement, and benefit reductions for non retirees before considering  reductions for current retirees.

This is exactly what the Union leadership has done. The NCCMP is comprised of Union International Leaders and business leaders and this plan from 2011 is exactly what they have done with Doug McCarron leading the charge with his letter to congress

   On July 1,2016 450,000 Teamster Retirees will have their checks cut by 50-60% putting them in poverty. Now they are after the Iron Workers. Which Carpenters Fund will be first. You are financing the NCCMP with dues payments to them. Order your Union to stop funding them.

Many of our Multi Employer funds have lost billions to scam high risk alternative investments such as the relationship of Union funds with Maquarie Capital whom is being claimed by the Obama administration on a list of private investors at his September 2014 https://www.whitehouse.gov/the-press-office/2014/09/09/fact-sheet-build-america-infrastructure-investment-summit.. He lists them as promising billions to supplement the billions he is targeting pension funds for. The problem is Macquirie is NOT a private investor but being funded from many Union pension fund as are many of the others on the private list.. Remember this is the same Macquarie that was fined by the SEC for $15 million and sanctioned for 5 years and lost millions more in a fake Chinese coal mine scam which they must pay back to the investors that lost.. Many of these high risk alternative investments are run using ULLICO a UNION Life insurance company that is so corrupt it has been investigated for stock fraud insider trading. They have hemorrhaged millions each years and in 2013 had its entire ULLICO Casualty Division shut down by the state of Delaware . Yet in direct violation of their fiduciary duty Union International leaders have forced fund trustees and administrators to give millions to ULLICO. The case is the SEC's first against an underwriter in its long-running crackdown on alleged accounting fraud by Chinese companies, many of whom entered the US capital markets through backdoor mergers such as the 2012 ULLICO Infrastructure fund.

      In the case of the Untied Brotherhood of Carpenters ULLICO boss Terrance O Sullivan contacted Douglas McCarron and gave him a list of UBC funds trying to pullout of ULLICO and asked McCarron to directly interfere or to give ULLICO inside information so they could try to stop the exodus from their end. McCarron complied.
The question is was anybody watching or concerned about these alternative investments and the EBSA oversight of them. The answer is Yes.. In 2010 the IRS contacted the EBSA and Phylis Borzi, who has been in bed with those forcing these alternative investments but targeting and destroying any fund trustees or administrator who says no, I quote: In 2010, the Internal Revenue Service (IRS) Emerging Issues Task Force reported to EBSA that significant assets invested by plans in alternative investments may be a serious problem. As of 2010, employee benefit plans had amassed almost $3 trillion in alternative investments, of which EBSA estimated between $800 billion and $1.1 trillion were hard-to-value. Borzi refused to bother investigating her strange bedfellows.
In 2013 a report was sent to EBSA Phyliss Borzi by the DOL Office of the Inspector General that said “EBSA NEEDS TO PROVIDE ADDITIONAL GUIDANCE AND OVERSIGHT TO ERISA PLANS HOLDING HARD-TO-VALUE ALTERNATIVE INVESTMENTS” Date Issued: September 30, 2013 Report Number: 09-13-001-12-121 available online here READ THE FULL REPORT
To view the report, including the scope, methodology, and full agency response, go to:
http://www.oig.dol.gov/public/reports/oa/2013/09-13-001-12-121.pdf
or from me on request at richarddorrough@yahoo.com
 courtesy of the hard work of Deb Morgan.

The Office of the Inspector General declared”
WHAT OIG FOUND
EBSA has made efforts to improve its oversight of plans that hold hard-to-value alternative investments. Despite these efforts, however, EBSA must take further action to increase protections for participants and beneficiaries of plans investing in these types of investments. We found EBSA had not formalized into regulatory guidance a requirement that plan administrators identify and adequately support the fair value of hard-to-value investments nor implemented the 2006, 2008, and 2011 ERISA council recommendations on the same. As a result, plans are using poor practices in valuing these investments. Almost no plan administrator in our samples obtained an independent valuation or demonstrated an analytical process to determine the fair value of all their hard-to-value assets.
Plans can and have invested in unaudited alternative investments that self-report their asset values. This provides no independent opinion of asset values, and effectively no assurance that the assets in question even exist. Additionally, even audited fund values reported by alternative investment entities may not always translate into fair value for the plans invested because of complex factors such as illiquidity of ownership interests and other considerations. Compounding this problem is the fact that plan administrators have increasingly used limited scope audits, in which plan auditors do not test for existence or valuation of plan assets in certain cases. In 2010, approximately $3 trillion in assets received only a limited scope audit.
Borzi told the IG Office to piss off to which they answered despite her response they do not change their position and findings. The EBSA routinely refuses to investigate multi employer funds despite repeated request. Those who will not go away are stonewalled lied to and in the end get a letter saying they are closing the investigation finding nothing wrong.
One such case out of the Boston office went on for almost two years. Involving investigator Richard Nunes and Amy Fried. After one year Nunes informed the parties he was splitting the investigation keeping the pension fund and giving investigator Amy Fried the Welfare fund part. Investigator Fried after getting the Welfare fund within days went on maternity leave. When she returned the parties received a letter saying they found no wrong doing and were closing the case.

   During the time they were conducting the investigation the funds lost $165 million to Madoff. All Trustees on the funds were fired and sued in federal district court for breach and corruption for $340 million and let off with a deal the funds still refuse to disclose. Case 2:12-cv-02332 Trustees sued Eastern District NY
The Parent Union the Untied Brotherhood of Carpenters Executive Board McCarron,Silins,Spencer and Glen after seating themselves as Trustees where they remain to this day tried to replace the seated attorneys Slivin and Hart on the fund with their own firm Decarlo and Shanley, whom a Federal Judge in California has just recently kicked them off a case to “restore the Integrity of the court” .The fund employer trustees had to sue the UBC in Federal District Court Case to stop this and won and had to and let off on a deal. Case 2:10-cv-04340 Eastern District NY.
The Chairman of the Funds was Joesph Oliveri, a well known connected person with the mob ,who ended up in Prison for perjury and accused of funneling millions to the mob because he was also a trustee on a NYC Fund. Despite being asked to investigate UBC Executive Frank Spencer, who was connected to crooked NJ Politician Robert Andrews and accused handing out jobs to pals like Thomas Canto Jr. was the son of union leader Thomas Canto, Spencer’s colleague at the New Jersey Regional Council of Carpenters.” ONE DAY TOM WAS WORKING AT THE YMCA AND NEXT HE WAS SECURITY COORDINATOR FOR THE ATLANTIC CITY INTERNATIONAL AIR PORT, refused saying if you want to get any information go ask the thieves. He claimed the UBC who was holding the funds and council hostage in Trusteeship and Spencer was the fund chairman did not get involved.
These are just a few of the many events that happened while Mr. Nunes and Ms Fried were investigating and finding NOTHING WRONG. After the closing of the case the lawyer for the Union Gary Thayer of Myer. Souzi, English and Kline the firm with along long history of representing corrupt unions under mob control and the home of Harold Ickes former Clinton deputy chief of staff and long-time alleged union/mob lawyer went to work for ERISA. Perhaps a close look at what happened to the Empire Council and its welfare fund money STILL, after 4 years, under the control and the UBC International and now stealing other Pension funds like the Albany Adirondack and New Jersey Welfare fund is in order . But who is there to do the Feds job . Certainly not the EBSA and Phylis Borzi.
So we have the EBSA and Borzi in bed and traveling the world with these Union and fund leaders conspiring to pass the multi employer reform act written and passed not by Miller and Kline but the NCCMP. Lobbied for by disgraced Robert Andrews of NJ which after he quit rather than face an ethics violation the Unions made the NCCMP lobbyist. We have the latest scam the Infrastructure developed by the NCCMP. AEIP and MEBBCO and the AEIP summit in Barcelona in 2005. So is this the real reason Borzi told the IRS and DOL Inspector Generals Office to piss off. You decide because it is you who they intend to rob . This no game. This is a direct organized attack on ERISA law as the NCCMP claims “When ERISA was adopted, they obviously had no clue how these things worked”


Have a look at the AEIP/NCCMP

Common Ground: Responding to Global Challenges Facing Labor – Management Funds
The First Annual Global Conference of Labor – Management Benefit Plan Advocates June 4-5, 2009
The Washington Court Hotel on Capitol Hill
525 New Jersey Avenue, NW
Washington, DC 20001-1527

Introductions and Welcome:
Mark H. Ayers, Chairman, NCCMP Now Shawn McGReedy


NCCMP - Randy DeFrehn


June 5
8:00 a.m. Opening Remarks – Randy G. DeFrehn
Featured Speaker
The Honorable Earl Pomeroy
U.S. House of Representative


J. Mark Iwry
Deputy Assistant Secretary of Tax Policy for Retirement and Health
U.S. Department of Treasury


Thomas D. Levy, FCIA
Senior Vice President and Chief Actuary
The Segal Company

Toronto, Canada (The Segal Company has been the technical advisor to the NCCMP since its inception)

Damon Silvers
Associate General Counsel
AFL-CIO


Proposals for Funding Relief in the US
Randy G. DeFrehn
Executive Director
National Coordinating Committee for Multiemployer Plans

Damon Silvers
Associate General Counsel
AFL-CIO


Featured Speaker
Richard L. Trumka

Secretary-Treasurer
AFL-CIO
Washington, DC

And what were they doing. Conspiring to put 407,000 hard working Americans in poverty come July 1 2016. And that is only the start of the rape of the American Retirees. And those in the EBSA the Office to protect us is as dirty as the day is long.

NYC
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Re: Alternative Investments Information courtesy of the cbox scumbag

NYC
STFU SCABBY PUNK !!!
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Re: Alternative Investments Information courtesy of the cbox scumbag

Ethics
In reply to this post by RichardDorrough
Stay vigilant, Richard!

  You are becoming by far the most hated of any ex carpenters union member for exposing the ugly truth!


   The false claims act has been given new teeth, in order to bring to justice the politicians, corporate ceo's, and corrupt union leaders who are destroying the very fabric of this great country.

A similar article I found, but it's not my work: It's still a good read though.

                              http://peoplesworld.org/retirement-heist-shows-how-they-stole-the-pensions/


 Three decades ago, prior to Reagan's "Republican Revolution," 40 percent of America's retirees were receiving real, defined benefit pensions that paid a regular negotiated amount each month.  This past year, the results of the attacks on workerss pension rights showed that less than 20 percent of today's retirees are  still were getting real pensions.

Ellen Schultz shows in Retirement Heist that this catastrophe was anything but a natural result of market forces. It was, in fact, outright theft of legally negotiated pensions that workers had worked their entire lives to earn. These thieves overwhelmingly moved billions of dollars of workers' pension funds into  obscene compensation packages for executives. Schultz points to new accounting rules implemented by the Financial Accounting Standards Board (FASB) and ERISA (Employee Retirement Income Security Act) Advisory Council in the 1980s and early '90s as being central to the plans of the corporate gangsters.

Most folks reading this are probably thinking that they've never even heard of these bodies.  It is Schultz's greatest accomplishment that she provides regular working people a peek behind the corporate curtain, finally a chance for us to begin to decipher how this disaster overtook us.  While very well written and in easily understood language, it was a tough read for me because I could only read a few pages before becoming too angry to continue.

Readers will find the arguments used by the wealthy corporate spokesmen of the '80s and '90s very familiar, almost prophetic, as they speak of pensions being "over-funded" at that time and how they "could use the pension funds much more efficiently, productively, and would be able to create jobs and make pension plans more secure" if only they could be able to take money from workers' pension funds for their own uses. We've all now seen what the corporations "created" after the ERISA Board allowed them to use workers' pension money. It wasn't jobs and it sure as hell didn't "make pension plans more secure."  It created poverty, literally wiping out industrial communities. The corporations brought misery and insecurity to the doorstep of millions and helped produce the greatest redistribution of wealth, from working folk to the super rich, in human history. By impoverishing millions, they laid the basis for the massive economic crisis our nation is now in.

Schultz does more than cite dry statistics and government rulings. Peppered throughout the book are stories of real people, like Mark Zellers, Delphi retiree from Columbus, Ohio, who's now trying to live on $9 a month, and retired pilot Denis Waldron, from Georgia, who saw his pension go from $2,000 to only $95 a month, both after corporate pension thefts.

Wealthy corporate hirelings continue to demand cuts to programs designed to help retirees and others, including Social Security and Medicare.  The corporate media parrots the corporate call to end pensions and "entitlements," as the way back to prosperity.  But new, frustrated and angry voices are now making themselves heard. The Occupy movement is calling for an end to the new Gilded Age of extreme wealth for a few and increasing poverty for most. Organized labor has built huge coalitions that are successfully fighting off attacks by corporate politicians in Ohio, Wisconsin and elsewhere.  The Alliance for Retired Americans is setting up coalitions to fight for retiree security.

While Schultz does not have a "to do" list for activists fighting to reverse course, she has eloquently shown us all how the thieves did it. After her book, no longer is the massive corporate theft of pensions a mystery - it gives us a place to start the fightback! Retirement Heist is definitely a must-read for anyone concerned with how our nation got into this crisis, anyone trying to find the way out.

If no one else will, I offer my thanks for your efforts .
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Re: Alternative Investments Information courtesy of the cbox scumbag

Ethics
Hahahahahahahahaha.
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Re: Alternative Investments Information courtesy of the cbox scumbag

member
talk about not having a life, Richard you were thrown out ! go away
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Re: Alternative Investments Information courtesy of the cbox scumbag

RichardDorrough
Anytime you or any of your UBC spinless bitches want to go before a Judge to determine If i am thrown out of anything or not step up or STFU. You think because some fat tub of shit Tweedle Dee Draper says something it is so. You think a thieving prick, who flys to Hawaii with his wife at $10,000 first class airfare or calls EST meetings at the Sheraton in Hawaii every year while cutting benefits and pension checks, says something and it means something. You think two local scum, Chris Dugan and Mike "Drug test me" Shanahan, hand picked before the mergers because of their reputation for doing as they are told,signing over local bank accounts and sucking UBC dick,say something and it means shit. WRONG on all counts .Now step up and lets go sit in front of a Judge or STFU. Ill go away when you grow the balls to come make me go away.
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Re: Alternative Investments Information courtesy of the cbox scumbag

STFU
PUNK !!!