The news today out of Tallahasse is a little like the Captain of that old boat, The Titanic when he starts to feel his little tootsie toes a bit chilly from the icy cold waters.
Remember how I’ve been screaming for years about the connection between foreclosures and the state’s retirement fund? (here) and (here) just to tick of a few?
The bottom line is this….every single month for decades employees of the State of Florida have been dumping portions of their paychecks into the state’s retirement fund. The same judges and their staff that are hearing foreclosure cases just to name one group that get to see just how chaotic, fradulent, criminal, reckless and out of control the banks are.
The same banks that cannot get simple paperwork straight, the same banks that believe they are above the law, the same banks that believe they can kick down the doors of any Amerikan’s home and go rushing in are the very same banks that are holding onto the retirement savings of our state’s judges, teachers, sheriffs, firefighters….
Your Honor, Just have a little looksie of where the State of Florida has your retirement dollars stashed away:
p. 28 Bank of America -316,327,012.67
p. 28 Bank of New York Mellon -2,434,291.60
p. 29 Barclays -19,997,665.40
p. 30 BB&T -6,569,393.34
p. 35 BNP Paribas -9,066,142.18
p. 54 Citigroup -279,818,109.26
p. 57 Comerica -2,278,503.78
p. 57 Commerzbank AG -6,822,118.11
p. 62 Credit Suisse -18,329,819.84
p. 68 Deutsche Bank -9,714,840.03
p. 85 Fifth Third -10,408,342.63
p. 86 First Horizon -5,467,194.12
p. 97 Goldman Sachs +26,938,736.08 (crime pays)
p. 111 HSBC -17,738,931.24
p. 127 JPMorgan Chase +81,243,480.18 (counterfeit notes anyone?)
Those are the same names of Plaintiff’s that clog the foreclosure docket. Those are the names of Plaintiffs that cannot get things straight. Those are the names of banks that are continuing to report that mortgage backed securities and mortgage loan trusts are grounded on the principal amount of loans…the $500,000 loan amount on a property now worth $100,000 and a debtor that has filed bankruptcy.
But I digress. Let’s look at today’s paper…..Tricky Rick and the Fascist Circus are gonna have some ‘splainin to do…..
The Legislature may need to pay more into the state’s massive retirement system to meet the $127 billion Florida Retirement System’s future commitments, State Board of Administration Chief Ash Williams said.
Williams told SBA Trustees Gov. Rick Scott, Attorney General Pam Bondi and Chief Financial Officer Jeff Atwater Tuesday morning the amount needed would increase if the assumed rate of return on the massive fund is reduced. Scott has said the current assumption that the investments will earn 7.75 percent each year is too optimistic.
More than 319,000 retirees from public jobs as teachers, state workers, county employees and law enforcement officers now get benefits from the FRS. A complex actuarial formula determines the fund’s health, a figure that now judges the FRS to be only 87 percent funded. (really 87% Funded…ha!)