Responding to the ridicule of teachers and the teaching profession by politicians and self proclaimed "experts"!
"Where is Albert Shanker now that we need him?" - Walt Sautter
Showing posts with label NJ pensions theft. Show all posts
Showing posts with label NJ pensions theft. Show all posts
Sunday, 24 September 2017
Maybe NJEA Should Rethink Their Lesson Plan?
Aron: Grenier is said to be an arch-conservative, pro-Trump, pro-Christie and doesn’t believe in climate change, that’s who the NJEA is with?
NJEA is pissed off at Sweeney for aligning with Christie so now they support a guy that aligns with Christie? It appears it is all about vindictiveness and stupidity!
Richardson: Fran Grenier is running for state Senate in legislative district three and on the issues that we had put in front of him through our screening process, a very extensive screening process, Fran Grenier aligns with our issues. He supports our positions on school funding, on charter schools, on steps to prevent the privatization of support staff in schools who have active contracts, pension funding.
How can Grenier align with our issues and align with Christie too? Is NJEA really that naive as to believe him?
I kind of remember someone who aligned with NJEA interests until he got elected anyway!!
If Grenier wins all the Dems in Trenton (and possibly including a new Governor) will be plenty pissed at NJEA.
If Sweeney wins (which seems to be most likely);he's already pissed and is likely to convince the rest of the party to feel the same. So how can NJEA possibly win by supporting Grenier.
They want to teach Sweeney a lesson and unfortunately it may be they that learn an unpleasant lesson!! (and so will the membership).
Tuesday, 6 October 2015
Thursday, 10 September 2015
And The Beat Goes On! (Our beating that is)
When you read the article below - don't be shocked! It's business as usual. I wrote about this very thing (http://teachersdontsuck.blogspot.com/2012/05/if-this-doesnt-piss-you-off-check-your.html) in 2012 and I guess nobody read it or nobody cared.
This was just after the much ballyhooed "Pension Reform Bill"(which "The Governor" reneged on and I think probably planned to right from the get go) was passed. Interestingly, not one word about the double dipping of cronies and the connected was in that bill. None of these inequities were even tangentially addressed.
During the time this bill was being discussed our "governor?" (I think he's still the governor in spite of the fact he's been out of the State over half of the time) was already campaigning for reelection. During this time he garnered support from numerous prominent New Jersey Democrats. If you would like to know who those Dems are and why they would jump ship and stand behind a loud mouthed, bullying oaf, the attached article and my post cited above may help to provide some of the answer.
Additionally, in 2011 there were 420,000 public employees in New Jersey. In the 2012 election Christie received 1,278,932 votes against Buono's 809,978. It's hard to understand how Buono could receive only 810K with 420K public workers with their friends and families voting with them for her?
The only conclusions that can be drawn is that few public employees actually voted or that they were actually stupid enough to vote against their own best interests and voted for Governor Porkchop. Either one of these explanations is disheartening to say the least.
This was just after the much ballyhooed "Pension Reform Bill"(which "The Governor" reneged on and I think probably planned to right from the get go) was passed. Interestingly, not one word about the double dipping of cronies and the connected was in that bill. None of these inequities were even tangentially addressed.
During the time this bill was being discussed our "governor?" (I think he's still the governor in spite of the fact he's been out of the State over half of the time) was already campaigning for reelection. During this time he garnered support from numerous prominent New Jersey Democrats. If you would like to know who those Dems are and why they would jump ship and stand behind a loud mouthed, bullying oaf, the attached article and my post cited above may help to provide some of the answer.
Additionally, in 2011 there were 420,000 public employees in New Jersey. In the 2012 election Christie received 1,278,932 votes against Buono's 809,978. It's hard to understand how Buono could receive only 810K with 420K public workers with their friends and families voting with them for her?
The only conclusions that can be drawn is that few public employees actually voted or that they were actually stupid enough to vote against their own best interests and voted for Governor Porkchop. Either one of these explanations is disheartening to say the least.
Friday, 29 May 2015
"Performance Bonuses"?
I don’t know if you will consider me to be lacking self-control,
call me a liar or call me a fool but I’m back!
I can’t continue my rants at the newspaper and the
television. Certainly my wife won’t listen to me so I've decided that my only recourse
is to resume writing this feckless blog.
The article below is really what sent me back over the edge.
It describes the fees paid to hedge funds by New Jersey pension funds. The
first article shows that the contract with the hedge funds provides not only
for fees but also for “performance bonuses”. Twenty percent of investment
returns exceeding six percent will be paid to the hedge fund as a “performance
bonus”.
Upon reading this I immediately looked up the overall average
returns on the Dow, the NASDAQ and S&P for the past year. They were 7.52%,
13.4% and 11.39% respectively!
What this means is that a monkey with a dart and the Wall
Street Journal would definitely earn a "performance bonus" and it
would only cost the pension fund an extra banana or two not the hundreds of
millions of dollars which the hedge funds received.
What competent financial manager would agree to some arbitrary
number to set as a goal to obtain a “performance bonus”? Shouldn't the goal
have been set to exceed the overall yearly market averages?
And why was there not a disincentive in the contract if
returns fell significantly below average market returns?
These are all obviously rhetorical questions because I think
I know the answers and I am quite sure you do too!
Friday, 24 October 2014
Thursday, 9 October 2014
Please Don't Tell Me That You're Surprised - (repost with addendum)
I just happened to read this in a column by Glen Ford of Black Agenda Report and have decided to add it to my most recent post because of its relevance.
"Al Sharpton, the MSNBC host and presidential pit bull, reciprocated the University of Phoenix’s sponsorship of his TV special Advancing the Dream with a puff piece on the for-profit giant’s online offerings, featuring the NFL’s Larry Fitzgerald, a Phoenix student and booster. Phoenix University excels all others in funneling Black people’s educational dollars directly to Wall Street via the Apollo Group, a $5.36 billion corporation with ties to the super-predatory Carlyle Group."
The Carlyle Group is one of the hedge funds in which NJ pensions are invested and to which Robert Gardy (the Christie appointed manager of NJ pension funds) has long standing ties.
******************
Additionally, Mr. Ford reports -
"The Obama administration may abhor the chaos in which players like the University of Phoenix and Ashford University have become the top producers of baccalaureate degrees among Blacks. But the administration – and the Democratic Party, as an institution – also worships at the alter of privatization. Rather than eliminate the felonious educational enterprises root and branch – and spend the money on a nationalized system of free education – Obama will continue to provide tens of billions to nourish the poisoned tree."
Every year we spend $32 billion on these for-profit institutions. Why not use that money for tuition-free colleges for students who need higher education--and bypass Wall Street?"
*****************
Ain't that sweet? It appears that every politician and government official - left, right and center - is intent on stealing taxpayer and retiree monies in whatever ways possible.
Wednesday, 10 September 2014
Christie - In a Class or Her Own
The man was United States Attorney for the District of New Jersey and he didn't know that the law was unconstitutional when he signed it.
Really?
That is almost as hard to believe as his GWB "But I didn't know" ploy.
Was it incompetency or deceit? I'm voting for willful deceit.
How about you?
Tuesday, 8 July 2014
Say It Isn't So Joe - Why Joe D Got in Bed With "The Governor"
And he gets to collect his pension while still working the same job !!
So much for Christie's "Pension Reform" !!
Sunday, 6 July 2014
A Deal Okay - A Raw Deal
By not honoring the agreement which he touted, he created another opportunity to demonstrate to all his conservative buds how tough he is on unions and how willing he is to piss on public workers. He could show how firmly he stands behind the wealthy and his donor interests. He could clearly show how his outreached hand was really there to give a slap in the face to hard working, middle class public employees rather than it being an indication of cooperation and honesty.
Thursday, 19 June 2014
Duh!
Here is the editorial in yesterday's Star Ledger filled again
with absurdity and fuzzy thinking.
It begins by claiming that the current actions by
politicians and “educrats” are to "reform" seniority and tenure. Why do they
refuse to call it what it is - ELIMINATION. Since when does reform =
elimination?
They go on to claim that elimination of these rights, which
have endured for over one hundred years, will make teaching more attractive and
will help to recruit more highly qualified people.
Duh!
The editorial writer seems to think that academically talented people will
flock to colleges and universities, dole out hundreds of thousands of dollars
and devote countless hours of study to become a teacher. They will do this to get a job where they will become an "at will employee", can accrue no seniority, must
work until 65 in order to retire, will pay an ever increasing portion of their
health benefits costs, can look forward to a bankrupt pension system, be
evaluated by the test taking skills of children on tests which may or may not
be appropriate or accurate and endure constant criticism and degradation by the
media and the public.
The editorial goes on to say "teachers must earn
respect". Just exactly how can that be done in a situation where
everything about your job comes from on high and often from those who have
never taught or if they did it was
decades ago in a private school for only four or five years at most. To make things even more difficult every new administration comes with a new educational scheme, new "experts" and plethoras of mandates and paperwork.
These people tell you what to teach, when to teach it, how
to teach it and then hold you responsible when it doesn't work.
How can someone earn respect when he is held as the
scapegoat for high taxes and the "failing schools" that exist in
impoverished communities?
How can teachers earn respect when they are held responsible
for poor student performance but are given no tools to correct it? If a child
refuses to study and cooperate no teacher, not even Socrates can make them
learn.
The constant cry from the "educrats" and the
media is the teacher is required to make it interesting - engage the student.
So in other words, the teacher must be a teacher and an entertainer and a
constant cajoler or else he is a poor teacher.
And what about disruptive behavior? How is he/she to deal
with that?
Certainly corporal punishment is out as well it should be
but now even raising one's voice might be considered "bullying". How
about continually asking a student to pay attention or act appropriately? Could
that be "bullying" or "singling out"?
If students do poorly on State testing is it because of a
"poor" teacher? Is "poor student" participation in the
learning process ever considered? And how about a poor attitude fostered at home?
I must assume that the writer of this editorial is a product
of the American educational system. Considering that, I would have to agree that
there must be some poor teachers in the system and those that taught him logic and reasoning
must be among them.
PS
The article extols the virtues of Finish education. I have
posted information about that system directly underneath the editorial and
underlined some key ideas. It is interesting how it compares with our approach
to education and educators. The key factor in their successful educational system is attitude which is exactly what American education lacks.
Americans seem to be saying - "We send them to school and it's your job to make them smart and if you can't do it you're a poor teacher!"
Finns seem to be saying - "Let's work together and do whatever we can to educate our children". They avoid finger pointing and name calling and constantly invoking the new schemes dreamed up the "education experts" year in and year out.
Thursday, 27 March 2014
The Great "Reformer" Helps to Rob the Pension Again!

What happened to all Christie's talk about pension "abuse" and public employees getting rich in retirement on their "undeserved"pension payments?
What does this say about the "Pension Reform" proposed by Christie and passed by Assembly Democrats? What does it say about his veracity in trying to "re-reform" the pension again this year?
Did he already have a plan in mind to "re-reform" it while he was agreeing to the original "reform"?
Was he planning to renege on future pension payments when he signed the original "reform" law?
Maybe he should hire Mr. Mastro (his personal lawyer) to investigate these possibilities (for another $1,000,000 fee paid by the taxpayers). I'm sure the investigation would find him guiltless once again?
P.S.
The Dems aren't completely blameless in pension theft either. Far from it!
Take a look at Joe D's pension deal!
Thursday, 20 March 2014
Pension Funds For Sale

"You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time" - Abraham Lincoln
Unfortunately, 61% of the New Jersey electorate was fooled before the election and even now according to the polls over 40% continue to be fooled. Maybe the critics of New Jersey education are right because it appears that a large percentage of the population just isn't that smart !!
http://www.thenation.com/article/178862/pensiongate-christie-campaign-donors-won-huge-contracts
Monday, 24 February 2014
Shafting The "Select Few"
Admittedly, the past can’t always accurately predict the
future but unfortunately it’s all we have got to work with.
An average teacher at the top of the salary guide in 1990
was making about $55,000 per year. Let us assume that he/she retired in 1990 at
the age of sixty. If he/she started immediately after being graduated from
college his/her years of teaching would be about 35. Doing some rough
calculations his pension would be $35,000 (assuming the full benefits were
taken without survivor benefits).
In 2014 this person would be 84. During his/her retirement
inflation (as seen by the accompanying charts) has risen by an accumulated
81.64%. This means if the COLA was not in effect during this period, the real value of the pension would have been reduced to $18,900 (more than cut in
half).
Now, it appears that “The Governor” wants to renege on his
pension reform agreement which eliminated the COLA and raised contribution
rates and retirement age requirements. I am sure that more tinkering will
result in further loss of pension benefits even beyond what inflation will cost.
His statement “we will miss the opportunity to improve the
lives of every New Jersey citizen, not just a select few” is infuriating.
Does he mean the “select few” that have faithfully made pension
payments during their entire working lives while the State reneged on its part?
Does he mean the “select few” who have educated New Jersey
children (including him) year after year and decade after decade?
Does he mean the “select few” that relied on the integrity of
the State to fulfill its contract with them?
Does he mean the “select few” that he has chosen to demonize,
bully and degrade because they failed to support his political campaigns?
PS - Speaking of a “select few” read my preceding article “George
Orwell Again? - Sunday, February 23, 2014 ” and you decide who the “select few”
really are!!
Wednesday, 22 January 2014
Monday, 1 July 2013
Just Another Stop on the Union Busting / Privatization Tour
* "an American original" bully and loud mouth - is this a person that we should teach children to emulate ?
** "with children fidgeting in their seats" - evidently he didn't "engage" the children in the lesson very well !
*** "who he said cares more about pensions" - so no one should care when the State fails to make good on the decades old promise of a reliable pension ?
**** "consistently good grades" - as assigned by whom and on what basis ??
PS
Having been educated by such a poor public system how did our Governor rise to his current station ? Does he think it was all accomplished exclusively by his own efforts and his public school education played little if any part?
** "with children fidgeting in their seats" - evidently he didn't "engage" the children in the lesson very well !
*** "who he said cares more about pensions" - so no one should care when the State fails to make good on the decades old promise of a reliable pension ?
**** "consistently good grades" - as assigned by whom and on what basis ??
PS
Having been educated by such a poor public system how did our Governor rise to his current station ? Does he think it was all accomplished exclusively by his own efforts and his public school education played little if any part?
Wednesday, 15 May 2013
Tuesday, 30 April 2013
Am I A Conspiracy Theorist ? Maybe !
******************************************************
I had lunch with a friend last week.
He said he had been cleaning out his filing cabinet and found this!
I found it both shocking and depressing. I have underlined some of the purported returns of the 1998 TPAF.
I am a frequent viewer of the TV show"American Greed" on CNBC. Many of the shows are about Ponzi Schemes that are foisted on the public.
When I first looked at the returns on this pension report they immediately reminded me of the returns promised by the fraudsters shown on the aforementioned shows.
Then I began to think about this a bit more. I wonder if this these reported returns were really valid at the time or if they were artificially concocted to those seemingly impossible levels?
You might say " You must be a conspiracy theorist! "
(Well, I don't think I am a conspiracy theorist but maybe!)
"Why would anyone want to inflated those numbers? "
Someone who wanted to "borrow" (steal) money from the fund so as to give tax breaks and thereby enhance his/her reelection chances and just might like to use these return numbers to justify the "theft", that's who !
I had lunch with a friend last week.
He said he had been cleaning out his filing cabinet and found this!
I found it both shocking and depressing. I have underlined some of the purported returns of the 1998 TPAF.
I am a frequent viewer of the TV show"American Greed" on CNBC. Many of the shows are about Ponzi Schemes that are foisted on the public.
When I first looked at the returns on this pension report they immediately reminded me of the returns promised by the fraudsters shown on the aforementioned shows.
Then I began to think about this a bit more. I wonder if this these reported returns were really valid at the time or if they were artificially concocted to those seemingly impossible levels?
You might say " You must be a conspiracy theorist! "
(Well, I don't think I am a conspiracy theorist but maybe!)
"Why would anyone want to inflated those numbers? "
Someone who wanted to "borrow" (steal) money from the fund so as to give tax breaks and thereby enhance his/her reelection chances and just might like to use these return numbers to justify the "theft", that's who !
Sunday, 7 April 2013
Did You Know That W.C.Fields Was a Jersey Politician?
In light of these revelations, I've got an awful lot of questions and comments about the continual squandering of New Jersey monies and the antics hatched in Trenton.
*The tuition at RU has doubled over the last 10 years!!
(Rutgers University in New Brunswick costs $13,073 in tuition in fees for state residents, now making it the eighth most expensive flagship campus. Penn State in State College, Pa., is first with an annual cost of more than $17,000.
Nationally, the average for tuition for state universities is $8,655)
*Schiano (the ex football coach) was paid over $1M a year + housing and perks! (All this with a barely winning record of 68-67 record in 11 seasons. Let's pretend for a minute that a teacher had barely half of his students pass the NJ testing barrage over an eleven year period. What would be his reward under the new "tenure reform" laws? Don't you think he might be labeled "ineffective"? ) *RU built a giant football stadium which is rarely (if ever) filled! (A $102 million stadium expansion project. The highest attendance home game of the season came on November 19, 2011, when 47,447 fans. Rutgers Home Attendance Declined 6.9% per Game in 2011.)
*The ex RU prez got a $335,000 a year job for teaching 15 hours a week! (The aforementioned coach's contract and stadium renovation as well as the doubling of tuition was all "accomplished" under his watch!)
*The state is spending millions on testing children over and over and over!
* RU is a State institution run by the State and evidently not very well run but now they want to run Camden Public Schools along with Newark, Paterson and Jersey City which also hasn't been run well by them over the past 20 years.
*The Essex County Executive gets to retire at full pension and still work at full pay.
*Why have we not heard a word out of the "Mouth That Roared" (Christie) about any of this RU situation?
**And despite all this waste, the state still has no money to properly fund the pension!
W.C. Fields was once asked what he did with all his money. His reply was "I spent most of it on wine, women and song - the rest I squandered!"
I never knew he was part of New Jersey government!!
Friday, 25 January 2013
New Jersey Pension "Deform"!
Republican
Christine Todd Whitman, running on a tax-cutting platform, defeated Florio in
the 1993 governor's race. To help pay for her promised tax cuts, Whitman, like
her predecessor, turned to the pension fund. In 1994, at her urging, the
legislature adopted another pension "reform" act that allowed her to
reduce state and local contributions to the plan by nearly $1.5 billion in 1994
and 1995, according to the task force report. Florio's and Whitman's accounting
changes were "the one-two punch from which the retirement system has never
recovered," says Douglas Forrester, who was the assistant state treasurer
under Kean.
For
all the miscues, New Jersey's pension woes can't be blamed on particularly poor
investment results. An examination of state reports shows that the fund's
returns have more or less tracked the broad stock market's. The real problem
has been the underfunding.
If
union concessions, cost cutting, and higher taxes are not enough, then what?
Inevitably, New Jersey and other states would turn to Uncle Sam for help. The
pressure on Congress would be great. "How will they say no to state
workers when they've said yes to bankers?"
(*Congress is very good at funding foreign wars, occupations and "rebuilding" - Maybe it's time to "rebuild" the good old USA!)
"The
pension obligations could spark a huge problem for New Jersey," says
Thomas Kean, a former Republican governor. "They must be paid because they
are absolutely an obligation of the state, but as it is, the
budget is balanced with chewing gum and sealing wax"
(*"must be paid" because they are an "absolute obligation" - How then can the COLA be eliminated and call the pension obligation being paid?)
Sources -
http://money.cnn.com/2009/05/12/news/economy/benner_pension.fortune/index.htm
Star Ledger - January 2013
Star Ledger - January 2013
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