How the Teamsters pension disappeared more quickly under Wall Street than the mob

[ABFwife]

Bingo!!!!

Real estate investments in Las Vegas casinos and hotels once threatened the integrity of a Teamsters pension fund that the federal government wrested away from corrupt trustees and organized crime after five years of legal battles.

A quarter-century later, the professionals who replaced them—Central States Pension Fund administrators; the Goldman Sachs & Co. and Northern Trust Global Advisors fiduciaries; and Department of Labor regulators—stood watch while the financial markets accomplished what the mob had failed to: which was to smash the fund’s long-term solvency with massive money-losing investments.

How the Teamsters pension disappeared more quickly under Wall Street than the mob - MarketWatch

[222lifer]

They can say what they want. When Hoffa Sr. made decisions, we made money. Let the wall street crooks have at it and it goes belly up. But they got theirs.

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[bean]

So CSPF made some aggressive stock market bets and lost a couple billion dollars. High risk high reward that went south. Goldman Sachs committed no crime. Goldman Sachs was selling hundreds of millions of dollars worth of credit-default swaps on YRC debt that would pay off if YRC went down in bankruptcy, giving YRC bondholders an incentive to see the company go Chapter 11. But YRC bondholders wound up swapping debt for stock thanks to Hoffa who saved YRC. Good work, Jim

[fxstc07]

So CSPF made some aggressive stock market bets and lost a couple billion dollars. High risk high reward that went south. Goldman Sachs committed no crime. Goldman Sachs was selling hundreds of millions of dollars worth of credit-default swaps on YRC debt that would pay off if YRC went down in bankruptcy, giving YRC bondholders an incentive to see the company go Chapter 11. But YRC bondholders wound up swapping debt for stock thanks to Hoffa who saved YRC. Good work, Jim

You misspoke. CSPF did not place those bets. It was the thieves placed in charge by the government. Goldman Sachs and Northern Trust fiduciaries that crippled the fund into the condition it is in now.
Sure, market conditions played a helping hand. However, some funds are still in good condition, and none of those had the right hand of the government anointed Wall Street thieves in their pocket.

[222lifer]

So CSPF made some aggressive stock market bets and lost a couple billion dollars. High risk high reward that went south. Goldman Sachs committed no crime. Goldman Sachs was selling hundreds of millions of dollars worth of credit-default swaps on YRC debt that would pay off if YRC went down in bankruptcy, giving YRC bondholders an incentive to see the company go Chapter 11. But YRC bondholders wound up swapping debt for stock thanks to Hoffa who saved YRC. Good work, Jim

Many were left holding the bag and lost their asses thanks to Hoffa's calling it for what it is and what they are. Now you pound your chicken chest over this and the "legal" aspects of it and condemn a man that owned a casino for using his legal avenue to protect his interests? Priceless.

[bean]

You misspoke. CSPF did not place those bets. It was the thieves placed in charge by the government. Goldman Sachs and Northern Trust fiduciaries that crippled the fund into the condition it is in now.
Sure, market conditions played a helping hand. However, some funds are still in good condition, and none of those had the right hand of the government anointed Wall Street thieves in their pocket.

Goldman Sachs is one of the largest investment banks for a reason. They make money for their clients but some years were bad for stocks and bets went down

[222lifer]

Goldman Sachs is one of the largest investment banks for a reason. They make money for their clients but some years were bad for stocks and bets went down

Another connect the dots moment..........? Put a fox in the henhouse and you will have chicken for dinner every time.

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[x475]

Goldman Sachs is one of the largest investment banks for a reason. They make money for their clients but some years were bad for stocks and bets went down

Wasn't CSPF a client? This is spin, bs , and you know it. The government handed Goldman Sachs this cash cow and they
butchered it.

[bean]

Wasn't CSPF a client? This is spin, bs , and you know it. The government handed Goldman Sachs this cash cow and they
butchered it.

Losses under Goldman, Northern Trust accelerated Teamsters cuts - MarketWatch

But even during the best of times, the Central States Pension Fund needed to draw down at least $1.2 billion a year in capital to pay for overhead and Teamsters union drivers’ benefits.

And when the global financial markets crash struck in 2008, an astonishing $11.8 billion—or 40% of the plan’s total investments—disappeared that year alone. What remained and was recovered afterward couldn’t cover the fund’s long-term obligations.

Today, the Treasury Department is weighing Central States’ application to cut the retirement benefits of two-thirds of the plan’s more than 400,000 American workers, retirees, dependents and survivors who’ve have waited a lifetime for them.

The pain unfolding at the Central States fund is a cautionary tale for all Americans because it underscores the reality that no social safety net is secure.

[222lifer]

Losses under Goldman, Northern Trust accelerated Teamsters cuts - MarketWatch

Still having trouble connecting the dots bean? Would illustrations help?

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