“From Ponzi to Madoff to Hevesi to DiNapoli; New York Learns Anew About Bond Losses And A Phony Safe 7.5% Pension Return” Iviewit World Renowned Inventor Eliot Bernstein Supports T. Finnan of CuomoTarp’s claims of New York’s Phony Pension Plan Rate of Return and Suggestion to Buy EU Backed Greek Bonds and Dump New York Bonds Before they Turn to Sand
November 15, 2010 Reprint Courtesy of T. Finnan @ www.CuomoTARP.blogspot.com
TARP stands for TOXIC ATTORNEYS and REPROBATES PROTECTOR
Exposing corruption in the NY Courts and Government covered up by Attorney General, Andrew Cuomo, who defends the corrupt in Court, when he should protect the People. Lifting the Cuomo TARP cover (cover-up).
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Madoff had promised safe returns of 10% before the economic recession began.
The SEC warns in its Ponzi Schemes – Frequently Asked Questions that Ponzi schemes share common characteristics:
High investment returns with little or no risk
Overly consistent returns.
NY Comptroller, DiNapoli now promises safe returns of 7.5%, when the NY pension plan for the prior ten years, when higher safe returns were possible, never earned over 4%. DiNapoli had claimed the NY Pension Funds were getting 8% expected returns for his first three and one half years in office.
Now look at Greece, where, “Greek bond yields, a measure of investor confidence in the country’s finances, rose on Monday, with the rate on 10-year paper up to 11.280 percent from 11.184 percent on Friday.”
and “The Greek economy shrank 4.5 percent in the last 12 months, official data showed on Friday. Gross domestic product contracted by 1.1 percent in the third quarter.”
Now back to NY, where “The Federal Reserve Bank of New York reported its manufacturing activity index dropped to minus -11.1 points in November, from a positive +15.7 points in the previous month. The Empire State Manufacturing Survey index is considered a bellwether of the manufacturing sector which has been a key strength in the economic recovery. It was the first time the index fell below zero since July 2009, the month after the worst recession in decades was officially declared over. The sharp 27-point decline surprised analysts, who had forecast on average a slip to a positive 11.7-point reading. The new orders index plummeted to minus 24.4 points, from positive 12.9 points in October.“
Now, tax receipts are down (24.4 points) from manufacturing (a bellweather) of non-government sources; there’s a 420% increase in the taxpayer share of pension costs; NY’s borrowing costs for next year which earlier were predicted at $5.6 Billion with the TIC (True Interest Cost) of recent offering: 3.357%will quickly move up to paying the Greek rate of 11.28%. Thus NY’s borrowing costs will move up from $5.6 Billion to $18.8 Billion. ($5.6 Billion times 11.28% divided by 3.357% = $18.8 Billion)
Did you think public corruption would be rooted out? Not yet as, “Cuomo Hedges On Signing Over New Investigatory Powers To Schneiderman For Public Corruption Cases.”
But alas, as Ponzi and Madoff learned, economic reality (interest rates, revenues and spending) is a harsh task master, irregardless of your protectors.
Follow the money, Comptroller DiNapoli! Oops, the money’s disappeared!
Hoping for the Tooth Fairy, an understanding Congress, iou’s for bond holders or State workers?
Quick sell your NY Bonds. Greek bonds pay 11.28% guaranteed by the EU. Who’s guaranteeing NY Bonds?
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