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I’m not sure if this is the right message, considering who put Mangieri on the ballot in the first place.
Paul Mangieri, the Democrats’ endorsed candidate for state treasurer, pledged Tuesday during a campaign stop in Decatur to aggressively act to protect state pension funds if he wins the office. […]
Speaking in the Macon County Board room, the Knox County state’s attorney said Time magazine stated in October that Illinois ranked last among the states in fully funding its public pensions with a $43 billion deficit.
Part of the unfunded liability could be traced to the deÂcline in the stock market, which no one can control, ManÂgieri said. But corporate greed, incompetence and dishonesty also have eroded Illinois pensions, he said.
Neither at a Springfield news conference Wednesday nor at his Decatur appearance was Mangieri willing to discuss any action he might take if the governor and the legislature continue to underfund state pensions. Gov. Rod Blagojevich won legislative approval last year to divert $1.2 billion from state pensions in order to provide money for other programs.
posted by Rich Miller
Wednesday, Jan 25, 06 @ 6:06 am
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Isn’t that the pot calling the kettle black…..A Democrat telling us he wants to protect the pension system.
What a joke!
Comment by Anon Wednesday, Jan 25, 06 @ 7:24 am
Well, if “greed, incompetence, and dishonesty” include all of OMB’s little tricks since 2003 plus some of the mess they inherited (state employee ERI costing 4x the estimate, downstate teacher ERO going a billion in the red before their unions would admit it’s not “revenue neutral,” and the wildly expensive SURS secret handshake known as “money purchase benefit”,) then he may have a point. Beyond that, he’s talking out his kazoo. The state funds are audited about as often as the E. St. Louis schools and nothing in those categories ever turns up. Even Filan & Co. has so acknowledged.
Besides, isn’t corporate greed, incompetence, etc, usually factored in to the stock price over time, Mr. investment expert?
The SJR story on the same event indicates he will hire a full time deputy treas. just to oversee the State Board of Investment since the Treas. is a Board member. Not a bad idea to watch them a little more closely (e.g. paying finders fees to Orlando Jones), but to hire another brand new full-timer? It’s not like this guy or gal can stop a pension raid all alone.
Alexi and the Sen. are building cred. by saying nothing at this point.
Comment by I'm no Actuary Wednesday, Jan 25, 06 @ 8:21 am
The state employees are going to have to pay more for their lavish pensions and almost-free retiree health care.
Hiring smarter fund managers would help—for example, recent news reports have demonstrated that some university endowments have had a much higher rate of return than others—but the employees are going to have to pay.
The incompetence of the SERS et al managers in conjunction with the willingness of employee unions like AFSCME to accept periodic pension
raids, leaves the taxpayer out in the cold. This will become clearer next year when public accounting rules will require reporting of the true costs of large government entity retiree health care and pensions, and a plan to pay for it. The real costs will be huge and taxpayers, most of whom do not have government pensions, will hopefully see the light and start demanding that government employees, including state government employees, start paying for this windfall.
Comment by Cassandra Wednesday, Jan 25, 06 @ 8:44 am
>Part of the unfunded liability could be traced to the deÂcline in the stock market, which no one can control, ManÂgieri said. But corporate greed, incompetence and dishonesty also have eroded Illinois pensions, he said.
Evil capitalists are ruining the pension program! It has nothing to do with the politicos in Springfield.
Classic.
This guy has my vote. He belongs in Springfield with that attitude, and his ability to pander to his base.
Comment by Slash Wednesday, Jan 25, 06 @ 8:47 am
Looks like Mangieri is already trying to distance himself from the Democratic Party, which he has made a career out of. Remember hes pro-life and pro-gun, both of which are the contrary views of the Democratic Party of Illinois. I am not worried though, because I know he will flip-flop on this issue, as he did with abortion…
Comment by ndpotus Wednesday, Jan 25, 06 @ 1:12 pm
Rich; do you recall Blago and Filan tried to “protect” the pensions first thing they did? They called a meeting of all the plan managers. Filan wanted to take over all the money. He had Meisirow tell them to put the money into the Meisirow into “protection” in their hedge fund. Rahm Emanuel left Bill Clinton to work for Meisirow as an “investment banker” and Filan’s cousin is lobbiest for Meisirow. That’s protection for you.
Comment by Anon Wednesday, Jan 25, 06 @ 1:36 pm
It looks like he’s in the gov’s pocket… Yeah, Republican victory!!!
Comment by Lovie's Leather Wednesday, Jan 25, 06 @ 5:59 pm
Don’t you want the treasurer to help protect the pensions?
Comment by The Listener Wednesday, Jan 25, 06 @ 11:33 pm
Not that it matters in the treasurers race, since the treasurer does not set abortion policy, but, Mangieri has the exact same position as John Kerry on abortion. Hes personally opposed to it but doesn’t want to overturn Roe V Wade.
Comment by The Listener Wednesday, Jan 25, 06 @ 11:40 pm
True, and many downstate dems are pro-life. However, as he is supported by Michael Madigan I’m going to assume he’s not actually a democrat, as Madigan does not support Democrats for office unless they are also named Madigan.
(and spare me the House bs, he’s recruited several Republicans to switch parties and run with him
Comment by Obama supporter Thursday, Jan 26, 06 @ 8:13 am
doesn’t having 14 kids qualify you to live in a shoe, not run for treasurer?
Comment by population control Thursday, Jan 26, 06 @ 8:16 am
Yeah Michael Madigan hates democrats, thats why hes the chair of the party.
Comment by The Listener Thursday, Jan 26, 06 @ 8:38 am
Obama supporter,
Welcome to the “Oberwiess” club! To claim Democratic purity and intimate that Mike Madigan is not a Democrat is no different than the super-conservatives claiming that George Ryan, Kjellander, et. al. are not Republicans.
I haven’t always agreed with Madigan, but over the years Democrat policy orientation under Madigan has been clearly different than Republican.
Success often brings egotism and greed, so, please, Obama supporters and your money shuffling banker friends, don’t turn the Democratic party into a circular firing squad a la the Illinois Republicans.
Comment by Anonymous Thursday, Jan 26, 06 @ 8:54 am