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(Boston Globe)   California can no longer afford to build massive housing development in Boston, Massachusetts   (boston.com) divider line 23
    More: Obvious, south end, Back Bay, community meetings, California State, pension funds, affordable housing, housing units, Massachusetts Turnpike  
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2063 clicks; posted to Business » on 11 Mar 2010 at 1:01 PM (4 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2010-03-11 10:53:15 AM
California can no longer afford to build massive housing development in Boston, Massachusetts waste money that they don't have on things that they don't need
 
wee [TotalFark]
2010-03-11 10:59:11 AM
Calpers can eat my ass, those thieving bastards...
 
2010-03-11 11:29:10 AM
HAHAHAH! Suckers! All US American taxpayers are going to be on the hook for Calpers when it implodes in a couple of years!
 
2010-03-11 11:32:37 AM
The project's main backer, the California State Pension Fund

This will not end well.
 
wee [TotalFark]
2010-03-11 11:50:03 AM
dj_bigbird: HAHAHAH! Suckers! All US American taxpayers are going to be on the hook for Calpers when it implodes in a couple of years!

Yeah, it's a wonderful thing, isn't it? A for-profit (really, that's what it is, no sense hiding it) that is legally allowed to say "Oh those mandatory employee contributions and those mandatory 12% employer (meaning a gov't employer of some kind) contributions aren't quite enough to cover our bullshiat money-grabs. The 'employers' will have to cough up more to cover the deficits."

If they come up short "employers" have to make up the difference. Where do those employers get their money? The state budget. So Calpes can basically do whatever it wants -- like invest in Boston real estate and WorldCom and Enron -- and it's the taxpayer who has to bail them out when schools and governments offices need to find extra money to pay the extortion demanded of them.

Anytime I hear about "slashing funding" for schools in CA, I think about them being saddled with the Calpers boat anchor, and how much it must suck to have to move money from the part of the school budget that actually educates to the part that has to pay off the Calpers goons.

And it'd be nice to have a little oversight. The thing loses $12.5 billion in 2007-08 and where are the farking pitchforks and torches? They can do whatever the hell they want, they know it, and they know the taxpayers will make up for whatever amount they're short.

It's got to be a cushy job for an investment baker type to work at a place that has $179.2 billion in assets and absolutely zero possibility for getting called on your dodgy investments. Sure, go ahead and invest in credit default swaps and shady land companies. We'll make up for it...
 
2010-03-11 12:28:35 PM
wee: If they come up short "employers" have to make up the difference. Where do those employers get their money? The state budget.

You're missing one of the biggest components of the problem: The federal Pension Benefit Guaranty Corp. THEY are the ones that will cover the collapsing pension plans (California and NJ are the worst 2 states). The liabilities here are going to be well into the 10s of billions, if not hundres of billions. All of the money from this will come from taxpayers across the country. I bet my mom in Michigan didn't know she was on the hook for a prison guard's pension in CA.
 
2010-03-11 01:13:11 PM
Boston will always have a place in my heart for chowda. No, actually it's this:

consumerist.com
 
wee [TotalFark]
2010-03-11 01:13:39 PM
dj_bigbird: I bet my mom in Michigan didn't know she was on the hook for a prison guard's pension in CA.

I did miss that. However, I didn't think that by leaving both California and state employment that I'd escape having to continue pay for that mess. I had been hoping, though. Foolishly.

When you look at the two largest periods of losses by Calpers, it's the dotcom bubble and the real estate bubble. (Enron, WorldCom, bad land deals, etc. are all dismissed as "minor" losses since they compare them to overall assets, so what's a couple hundred million here and there?) Again: why wouldn't they invest in whatever they want to, no matter how risky or politically motivated? We'll cover their asses regardless of what they lose...
 
2010-03-11 01:15:46 PM
dj_bigbird: The liabilities here are going to be well into the 10s of billions, if not hundres of billions.

So you're saying meeting the obligations of hundreds of thousands of retirees who worked a full career might get to be as bad as having to bail out AIG? Please order us a case of violins.
 
2010-03-11 01:33:23 PM
Bacontastesgood: dj_bigbird: The liabilities here are going to be well into the 10s of billions, if not hundres of billions.

So you're saying meeting the obligations of hundreds of thousands of retirees who worked a full career might get to be as bad as having to bail out AIG? Please order us a case of violins.


The retirees should be just as angry at Calpers as the taxpayers that will have to bail them out.
 
2010-03-11 01:33:53 PM
I really think Lex Luthor's plan in the first Superman movie is desirable at this point. Just eliminate the entire state. It's nothing more than a massive tumor that threatens to kill its host if not removed. Tap dancing christ, they were going bankrupt back when the national economy was booming.
 
2010-03-11 01:37:03 PM
wee: an investment baker

Technically, all baked goods are an investment in a fatter future.
 
2010-03-11 01:53:15 PM
YixilTesiphon: The retirees should be just as angry at Calpers as the taxpayers that will have to bail them out.

The retirees (and future retirees) don't give a shiat, they're going to get theirs.
 
2010-03-11 01:54:09 PM
dj_bigbird: YixilTesiphon: The retirees should be just as angry at Calpers as the taxpayers that will have to bail them out.

The retirees (and future retirees) don't give a shiat, they're going to get theirs.


Thank you, Boomers, for saddling the rest of us with mountains of debt just because getting yours is all that has ever mattered to you.
 
2010-03-11 02:00:19 PM
Donald_McRonald: wee: an investment baker

Technically, all baked goods are an investment in a fatter future.


I invested in a pastry-heavy portfolio.
 
2010-03-11 02:23:34 PM
jehovahs witness protection: California can no longer afford to waste money that they don't have on things that they don't need

California is single party rule, and that party is the Democrats. So if you think we can no longer afford to waste money on things we don't need, then man, you just don't know what (California) Democrats are all about.
 
2010-03-11 02:55:17 PM
Boston could have had this:

img406.imageshack.us

but instead we are stuck with this:

cache.boston.com

Thanks Ned Flaherty! Dick.
 
2010-03-11 03:13:54 PM
PowerSlacker: dj_bigbird: YixilTesiphon: The retirees should be just as angry at Calpers as the taxpayers that will have to bail them out.

The retirees (and future retirees) don't give a shiat, they're going to get theirs.

Thank you, Boomers unionized government employees, for saddling the rest of us with mountains of debt just because getting yours is all that has ever mattered to you.


FTFY
 
SMX
2010-03-11 03:39:22 PM
RalphW: Boston could have had this:



but instead we are stuck with this:



Thanks Ned Flaherty! Dick.


That larger SkyScraper is being built isn't it? The Claredon?
 
2010-03-11 03:53:04 PM

To be fair nothing gets built in Boston without so much red tape. I understand that you just don't want developers to throw up any kind of development but these communities and agencies seem to throw up all these unnecessary roadblocks to progress. And I think it's only to get some money flowing their way.


I think anything is nicer than seeing the Mass Turnpike cutting right through the heart of Boston. But of course all these people that hold up these projects and developments would rather get into a pissing match than produce some much needed tax revenue for the city and state.

 
wee [TotalFark]
2010-03-11 03:53:19 PM
Arkanaut: I invested in a pastry-heavy portfolio.

I just recently diversified into snack cakes and petite fours.
 
ZAZ [TotalFark]
2010-03-11 04:46:43 PM
Arkanaut: I invested in a pastry-heavy portfolio.

I invested in Krispy Kreme about ten years ago. Fortunately, I didn't invest much.
 
2010-03-11 06:41:08 PM
the Republican Actor/bodybuilder Arnie will save ya'!!!
 
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