Now there's a winning strategy for your retirement portfolio -- a high-fee annuity. <LOL>intercst... as though the theft of retirement funds by politicians who sing the praises of various Ponzi schemes is OK. Millions of $s in excess fees vs Billions of $s through political skulduggery. Which is worse? ...http://www.nytimes.com/2007/04/04/nyregion/04pension.html?_r=2&hp=&oref=slogin&pagewanted=all&oref=sloginN.J. Pension Fund Endangered by Diverted BillionsBy MARY WILLIAMS WALSHPublished: April 4, 2007In 2005, New Jersey put either $551 million, $56 million or nothing into its pension fund for teachers. All three figures appeared in various state documents — though the state now says that the actual amount was zero.The phantom contribution is just one indication that New Jersey has been diverting billions of dollars from its pension fund for state and local workers into other government purposes over the last 15 years, using a variety of unorthodox transactions authorized by the Legislature and by governors from both political parties.The state has long acknowledged that it has been putting less money into the pension fund than it should. But an analysis of its records by The New York Times shows that in many cases, New Jersey has overstated even what it has claimed to be contributing, sometimes by hundreds of millions of dollars. The discrepancies raise questions about how much money is really in the New Jersey pension fund, which industry statistics show to be the ninth largest in the nation's public sector, with reported assets of $79 billion.
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