Guest Blogger: Wall Street Gamblers Hurt Our Pension
Guest Blog by David Marden The CTA pension tragedy is a classic case of Wall Street screwing the little guy. Discovered through multiple SEC investigations, Gray & Company borrowed money thinking they could beat the market with CTA's pension. Well, they lost. This cost the CTA a few billion dollars. Gray & Company kept their jobs and six figure salaries. The CTA mismanagers that decided to work with Gray & Company, kept their jobs while the CTA worker gets majorly screwed with 14% coming out of their checks. So someone at 70% maximum pay (about $30.84/hour) or $60,000 per year. This is paying about $8,500 per year to subsidize this idiocy. We have let the CTA management and political appointees like Valerie Jarrett take from our pension with impunity . They are giving out lifetime pensions starting at age 50 for someone serving part time board position. Our union leadership needs to demand that the CTA management fill the missing money N...
