how bad can a hf manager be?! 97% LOSSES. wtf... https://finance.yahoo.com/m/a741950a-cc06-3988-8d73-a8c02a250f4b/new-york-subway-pension-loses.html " The MTA joins a list of woebegone pensions suing German financial giant Allianz over its “Structured Alpha” funds, which collapsed in the market turmoil earlier this year wiping out 97%—yes, really—of investors' capital."
I have some juicy details about this (exact trades that lost money, counterparties etc), but would rather not put them out in the open. Feel free to PM me if you really wanna know.
$300 million is peanuts to New York City A recent actuarial report issued by New York City's controller shows the city's unfunded other post-employment benefits (OPEB) liability rose by $9.3 billion to $107.8 billion during the 2019 fiscal year.Jan 6, 2020 Actually not sure what number to believe May 16, 2019 New York City is in dire straits. You might not know it, but the city is staring bankruptcy in the face. Stakeholders are scrambling for answers to this issue, but there’s been little talk about one of the main causes of the city’s growing debt: public employee pensions. As of today, nearly 75 percent of the city’s $197.8 billion deficit is due to pension and other retirement liabilities. Regardless it is a very big number that no one/no one/ is doing anything about. Everyone assumes that the Federal government will help them out.
Details above, unattributed to Reason Foundation, but no it is not the prevailing opinion that NYC is staring bankruptcy in the face. At least not currently. If it was it's muni bonds will show signs of it.
But how much more of your money can socialists give away and how much longer can this continue?: https://www.forbes.com/sites/adaman...-100000-paychecks-cost-taxpayers-146-billion/ " In 2016, there were 76,166 employees with pay exceeding $100,000. By 2019, there were more than 114,000 - a 50-percent increase in six-figure earners. In 2019, plumber helpers earned $172,988; thermostat repairmen made up to $198,630; regular laborers hauled away $213,169; electricians lit up $253,132; and plumbers pocketed up to $286,245. School janitors ($256,000) out-earned the principals ($154,000). Four deputy mayors made over $241,641 each and 5,998 city employees out-earned New York governor Andrew Cuomo ($178,000). The city has 331,520 full-time equivalent employees – up from 297,349 in 2014. "
Muni bonds are showing some signs of stress but there is an expectation of some sort of a bailout or (God forbid) a tax hike. It’s a global consensus that BDB has been the worst mayor this city has ever seen and most of this financial trouble can be directly attributed to his lack of management skills and idiotic policy decisions. While I am very much on the liberal side, I’d be happy to see Guliani as a mayor again and I know a lot of other diehard democrats that share this sentiment.