Actually Scott, you're not being cynical of politicians at all. Rather, in your willful blindness to what Kasim Reed is actually up to, you let yourself slide into gossip-columnist territory and got busted on it by Mitchell.
If you were actually doing the job of a cynical journalist, you'd be asking questions like:
Why does the mayor give himself control of employee retirement fund administration,
Why is he out in Beverly Hills today, raising money from the financial service industry,
Why was this whole effort driven by Bain and Company (Mitt Romney) through Peter Aman, John Mellot, Hans Unz, ect...
Why has the AJC, after dumping their Marietta white elephant on the city, given such one-sided and dishonest coverage to the issue,
Is there a connection between Cox Communications and Bain and Company,
And why would the city pursue a policy that will inevitably result in 65 year old firefighters and police officers, when 74 of the 75 largest cities provide their retirement benefit through DB to keep this from happening.
In short, you would follow the money.
No, you're not a cynical journalist, you're just someone who has to write something, anything, but can't handle the truth.
But they won't retire if they can't afford to - they'll stay on the job til they become eligible for Social Security at 67.
So just know that that's who'll you have protecting your city. Good luck with that.
At age 65 the average workers 401k has 23% of the amount necessary to retire - and those are almost exclusively owned by high-earners. The game is rigged and Wall Street is the winner.
Watch this segment from 60 Minutes:
The retirement age under the pension for Atlanta firefighters and police is 55. If you want 65 year old firefighters and police, be prepared to live with the public safety consequences.
What's more likely, that after over 8 months of debate, cops and firefighter conned 15 and then 14 councilmembers and the mayor twice, or that you're being conned now?
Reed is trying to take control of employee's retirement funds to sell the fees to the highest campaign contributors.
401k's have been a spectacular failure. Pension plans are cheaper for taxpayers and actually allow workers to retire. If public employees can't afford to retire, you will have 65 or 67 year old firefighters and police officers - probably not the best idea.
The only one who benefit from 401ks is Wall Street, and they're funding this whole movement to kill pension funds.
Half of the money that taxpayers will give public employees in 401k match will go to Wall Street in increased fees and investment churning, instead of the worker.
Your falling for a con.
Look here to see what 60 Minutes has to say about the 401k that Reed and Adrean push:
Kasim Reed takes pension grabbing program on the road
Atlanta, Georgia, June 13, 2011
On Wednesday, June 15th, Atlanta mayor Kasim Reed will participate in the National Association of Securities Professionals (NASP) annual pension and financial service conference in Beverly Hills, California.
The NASP’s web site contains the following statement of purpose: “We connect members to industry leaders and business opportunities; advocate for policies that create equal representation and inclusion; provide educational opportunities; and work to build awareness about the value of ensuring that people of color and women are included in all aspects of the securities industry.
Started in 1985, the national organization is based in Washington, D.C. with chapters in major financial capitals throughout the United States. Our members include asset and wealth managers, brokers, public finance consultants, investment bankers, bond counsel, commercial bank underwriters, institutional investors, plan sponsors and other finance professionals.”
Among the sponsors of the conference are, Goldman Sachs, J.P. Morgan, Morgan Stanley, BNY Mellon, and a host of other Wall Street investment financial service providers.
It is worth noting that all the proposals creating defined contribution plans for Atlanta employees, give control of Atlanta employee retirement plans to a management committee made up of the mayor, three of his political appointees and city council’s finance committee chair. Unlike the current defined benefit plan governance, none of the proposals creating the defined contribution plan contain any employee representatives.
Jim Daws, president of the Atlanta Professional Fire Fighters Association, commented, “At a time when Atlanta is grappling with the difficult issues of budget and pension reform, Mayor Reed is taking time to travel across the country to network with the financial service providers, who are well-known to be generous political contributors. For our members, whose retirement security is under attack by this mayor, this raises very disturbing questions about the defined contribution plan proposals that give total control of Atlanta employee’s retirement plans to the mayor and his political appointees.”
Great press release for Reed, Scott. This kind of fawning, one-sided news coverage is priceless. Or is it?
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