CAFR: so-called ‘pension funds’ engorge Wall Street’s biggest banks

I documented that California’s so-called “pension fund” of $460 billion contributed just $1 billion (4%) of the state’s $27 billion pension cost, and the total $600 billion in retained taxpayer assets are lied-in-omission removed from the $16 billion budget deficit claimed as “forcing” austerity.

Now Clint Richardson has hit another home run in documenting California’s Comprehensive Annual Financial Report (CAFR) as funding Wall Street’s biggest banks by the billions, including $2 billion directly into the very same mortgaged-backed and asset-backed securities that were fraudulently created, fraudulently marketed, and fraudulently rewarded through taxpayer so-called bailouts.

And remember the big picture: the state’s CAFR is dwarfed by ~14,000 various intra-state government agencies, whose data-sampled CAFR data reveal $8 trillion in total surplus taxpayer assets. This figures into a staggering $650,000 of retained assets per California household.

So we now know how Wall Street’s biggest players get their positions of power: they work to overtax the 99%, call it “investments” mostly into a “pension fund,” and thereby transfer trillions into their own corporations.

I see three obvious solutions that will require on Occupy-like victory. So far, law enforcement told me CAFR fraud is not a crime, and my state representatives after five weeks of opportunity are lying and resorting to “no comment.”

I’ll see if local media interest will help persuade our state representatives to make an ethical response in public service, rather than act as 1% minions.

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