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http://money.aol.com/article/todays-...newsaol_inpage



NEW YORK, NY -- (Marketwire) -- 10/15/09 -- The massive public pension system scandal -- reflected in today's news that Calpers, California's powerful public employee pension fund, was victimized by its own board member in a clever pay-to-play scheme -- is a story national in scope and years in the making.



apparently they did some sort of 50 billion dollar madoff scheme, which of course the taxpayers are required to pay for http://online.wsj.com/article/SB1255...s_Most_Popular



california is like starting with 1 foot in the grave and the other on a bananna peel

Maxt

I think its due time to address the growing divergence between public pay packages and private sector packages.

everyone takes a hit, except for them. Then when one of their own mismanages, they comes back to the trough for more. I am not say Joe garbageman doesn't deserve to have a pension, but alot of the pay packages for the civil service in both Canada and the US is totally out of hand..

We have had mid level bureaucrats here getting the gold handshake with 1 million dollar severance packages for sometimes less than a couple of years service. The guy that runs our "puny" health board compared to an american jurisdiction, walked away with 2.1 million after 4 years of service in which he failed to produce any positive results.

Michael moore like to make movies about how capitalism and private sector baddies are robbing us blind, but we are be robbed as equally bad or more by the public sectors as well, the difference is there is no way to recoup from the public sector theives as its written into law and contract.