Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

[link to www.godlikeproductions.com]

I posted that one a week or so ago. This one is new because they are halting the withdrawals from the retired Policemen and Firemen.

Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

Here right here is proof of how Britain was able to disarm it's retarded citizens

Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...

Wow, 2 retards. The cops aren't millionaires you fucking idiots. There are thousands of cops trying to withdrawal their $200,000 lump sum retirement that is supposed to last them 10 years

They say "they" have 2.1 BILLION but they wont give the pensioners their 154 Million....

They would still have almost 2 BILLION left in the bank.

They are LIARS and should give the police and firemen THEIR money or be hanged for theft.

The truth would of been a much better economic plan

Damn, 3 retards in a row! How is it the Cop's fault that the city didn't a,locate that money correctly? The city made a deal and agreed to pay a set amount to each Cop based on their rank and years of service and then broke that contract by allocating that money to other programs like feeding illegals! Those cops put their lives on the line for decades only to be lied to by liberal democrat communists! You motherfuckers are spineless cowards! You would be rioting right now if your company made a promise and 20 years later broke that promise! Lets throw elderly cops out on the street and starve them! WTF is wrong with you mentally ill imbeciles!?!?!?!

Protect our protectors!!!

Zero hedge ran several stories about this the past month or two. Last one said the mayor was demanding they stop allowing lump sum withdrawals.

It's like a bank run.

No, they needed to give themselves raises and new city council vehicles every 2 years and lavish banquets and fancy offices and $1000 cell phones with unlimited data and minutes and fuel cards and tax exemptions and the best healthcare you can imagine but they couldn't match the dollar for dollar pension contracts they promised!?!?

I see a Federal Bailout in exchange for Federalizing the State Law Enforcement Association down to the local municipalities

A better plan is to let each person save for their own retirement. I'd love to have all my social security that I am supposed to get today, I'd do much better with it for my retirement.

But most of these pension plans are all undercapitalized for the amount of payouts they've promised. They all assume 8% yoy return for the funds, but 10 year treasury bonds have earned less than 2% for years (going up a bit now).

So, they go heavy in stocks to try and make up the difference. What happens if stock markets crash? All the pension funds are insolvent.

Then watch people lose it.

That's what government workers get for trusting their retirement to criminals they refused to indict for fraud for almost 30 years now.

A run on their own money that the mayor just shut down. These officers were promised a dollar for dollar match on their retirement and even 2 dollar match in some cases so technically it is their money that the mayor just confiscated. The city stopped matching their retirement payments and decided to invest a percentage of it thinking that 25% would payout to 100% over 10 years so they could allocate the remaining percentage to pay raises. The 2008 financial crisis wiped out virtually all those returns and left BILLIONS IN UNFUNDED LIABILITIES. THE $2.4 BILLION IS WHAT HAS ACCUMULATED SINCE 2008 THAT WAS NEVER INVESTED!

That was in just the last decade or so. The mortgage backed securities was the first investment that tanked

The shell game is almost done.

The shell game is going to end when these officers and fireman realize the retirement pensions for the politicians is fully funded. Perhaps this is what will finally create the conditions for good men to take back our country from the criminals. Federal pensions are just as bad yet our senators and congressmen and Presidents are living nice and cushy. The day of reckoning is almost upon us

In other words, they spent it all, and only left enough to ride for a little bit...
Those jackwagons running it. Such fuckheads.

I warned some of my family 3 months ago...

some listened some didn't..

Here it comes! Time to bail out the ponzi schemers yet again.

Of course nobody will go to jail again.

That 8% is long gone.Bummer.In the private sector its SUCK IT UP MR 401K.

financial Ponzi scheme

works well until everyone decides to cash in at once

Teachers, Firefighters, Policemen, Correction Guards, City, County, State, ect...

ALL of these pension funds over promise returns

UNsustainable

Dallas is the pension fund canary in the mine

if you don't have physical possession of your cash

you don't have diddly

Bank accounts and Money Market Funds once deposited are not your funds anymore

you are just a patsy stockholder in the Banker's vault

negative interest rate coming soon

Cypress was a trial balloon by the IMF/ World Bank/ BIS

pension fund fiasco chickens coming home to roost...

Look, I know everybody on here lives on feel good sound bytes and cops are the most important thing in the world and that sort of thing but let me clue you in on reality. I've worked with these guys before.

Check on your local city budget. I guarantee you that if you do you will see that the local PD consumes 50-60% of every dollar that your city pays into taxes. There are 10 other vital departments in your city that literally scrap over the remaining 40-50%. I'll name some:

The court
The clerk's office
The land use planning / building department
the parks department
The engineering department / civil works / road maintenance.
several others...

They literally are scrapping over nickels out of that dollar while the cops WANT FOR ABSOLUTELY NOTHING. New cars, new toys, new everything, separate PRIMO health insurance plan. The Chief of police in most medium to large cities makes more than the president of the united states of america. And if they don't get what they want they send the chief into the city manager's office and intimidate him until they get it.

Meanwhile you bitch that your streets are crumbling and your bridges are falling down and the city's parks aren't up to par.

That is reality in every city in every county in every state in this country. Until you have worked on the inside YOU DON'T HAVE A CLUE how these fuckers rake the taxpayers over the coals.

If the pigs become broke, how are they going to pay for all of their donuts?

Because they show up, and VOTE in the local elections, while in Democrat cities they turn a blind eye to the voter fraud as long as the union gets them MORE MONEY.

Yeah,its out of control here for sure,Calif.Cops,firefighters and teachers,great salaries,insane retirements.