This is Good-Bye - For Now
1 month ago
Thursday, October 14, 2010
State Official Reveals One Aspect Of The Horror
James B. Allen, secretary of the Pennsylvania Municipal Retirement System, inadvertently revealed today why some InsolvenCity officials have been hysterical in warning against the consequences of state oversight of pension funds. A Post-Gazette report indicates that while discussing with council members the contours of prospective state oversight, Mr. Allen actually mentioned "nonpartisan bidding requirements for bond work."
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He also mentioned that he considers some of the City's existent investments to be "illiquid" and "not acceptable to our investment philosophy.". If PMRS does take control, he'd have to "figure out" what to do about them.
Sell, sell, sell!!!
The illiquid assets will be sold at a firesale!
There will be an accounting of the funds should be they transfered to PMRS. That possibility is making some people knash their teeth tonight. "Lucy! You have some splanin to do."
There ought to be an accounting otherwise I suppose.
"Firesale?" If it turns out to be somebody's boat [proceeds of which from Bassmaster's tourney pledged to the fund], maybe yes. If it turns out to be pensions bonds, that might get a bit more complex.....
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