Today's STrib reports that "The money manager who put Minneapolis police and fire pensions into speculative investments that lost $19 million now faces federal charges that he embezzled from his employees' retirement funds."
and on a related note (same article)- "...Last Thursday, the Minnesota Supreme Court ruled that a group of former and retired police officers and widows can proceed to trial in their suit against the pension association's law firm, Best & Flanagan, and attorneys Brian Rice and Charles Berquist. The suit alleges malpractice, negligence and breach of fiduciary duty in the firm's representation of the association during and after the Welliver investments". See full story at: http://www.startribune.com/stories/535/3905114.html Recalling last year's great story in Southwest Journal on the city pension funds fiasco, and some heated debate on this list, I hope to see some in-depth follow-up on these latest charges. And, I'm just wondering if over the past year, any efforts have been made to limit city taxpayer liability associated with questionably-managed public pensions that payout bonuses in good years while relying on taxpayer bailouts in bad years-- i.e. moving from defined benefit to defined contribution plans? How about a follow-up David, given these new developments? Perhaps this should become a class action lawsuit, including city taxpayers who should have standing after being saddled with recent and future pension bailouts including the bond interest payable decades into the future? After all, it's not just the retired pensioners who are suffering... paying for this fiasco. Michael Hohmann Linden Hills TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
