Senator Jeb Bradley pens a gloom and doom article about the New Hampshire Retirement System and the dire consequences to beheld if actions are not taken. Of course this is a convenient time for his office to advance a Republican plan to save the day. Right.
Bradley quotes some statistics “89.9% to 58.3%” but he doesn’t say how these numbers are arrived at. I’ve heard generic terms that the New Hampshire Retirement System has lost money on the stock market, big news here. Is this accounting or is this Enron?
Rather than statistics and Republican plans how about some fundamental change at the New Hampshire Retirement System. How about running this pension fund as a professional organization that uses strategies of modern finance instead of just being another state fed plutocracy that spends 50% of its time defending its existence and the other 50% justifying and explaining why the basic tenets of its reason for being aren’t being met. For the New Hampshire Retirement System to be successful this is going to involve risk and lots of it. But it won’t be done. Instead it will be easier to shuffle directors and give jobs to legislative employees that clearly aren’t qualified followed by more press releases that will scare retired state employees that their pensions are being impacted by what is happening over on the east side of the Merrimack River. Thank you Senator Bradley.
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I got the idea for this blog from a casino called Revel. This is a $1.15 billion dollar stalled project in Atlantic City, New Jersey that as of today has new life and financing breathed into it. According to the Wall Street Journal JPMorgan Chase put up $850.00 million with the balance being financed through the State of New Jersey including its pension system to the tune of $300 million. Meanwhile, there will economic development, taxbase and jobs created in Atlantic City. The article cited Gov. Christie of New Jersey and his efforts to make this happen.
Imagine something like this happening in New Hampshire. It won’t approval ratings are too high for this.