Have you have ever wondered why there never seems to be a difference in Washington DC politicians? It's because our tax money and their decisions are convoluted with Federal & State Pensions and Big Corporations, especially Large Investment Banks.
VetTheGov as stated in our last story on the School budgets has followed the Colorado Public Employee Retirement Association (PERA) pension fund all the way to the top TARP recipients. PERA's portfolio has a large portion of it's assets with many of the listed TARP companies. The connection to Wall Street and then on to the Politicians will have many of you scratching your heads. In following the money trail of many State pension funds that are accessible online or via the Security & Exchange Commission website search engine, VetTheGov discovered a common theme. We are talking TRILLIONS of invested Tax dollars being poured into large corporations ranging from Oil & Gas companies, to large investment banks, the Tech sector, and everything in between.
Why does VetTheGov use the word tax dollars for personal pensions by the public sector? Well because the Public Sector is mostly funded from your taxes right? What if you are a Public Sector Employee that gets matching retirement funding from the Local, State, or Federal government agencies you work for? In reality it is a two for one because the public sector salary is tax funded in which the employee contribution is tax money and then the matching contribution is again tax money. These pension funds are produced 100% by your tax dollars and currently fund many publicly traded companies such as Exxon Mobil, Microsoft, JP Morgan, Pfizer, Chevron, and many more including the top TARP recipients.
Here are the Top TARP recipients: AIG-$70 Billion; Citigroup-$50 Billion; General Motors-$50 Billion; Bank of America-$50 billion; JP Morgan-$25 billion; Wells Fargo-$25 Billion, Ally Financial-$17 Billion; Chrysler-$14 Billion; Morgan Stanley-$10 Billion; Goldman Sachs-$10 Billion; PNC Financial-$7.6 Billion; US Bancorp-$6.6 Billion; GMAC LLC-$5 Billion; Suntrust Bank-$4.85 Billion; Capital One-$3.55 Billion; Regions Financial-$3.5 Billion; Fifth 3rd Bank-$3.4 Billion; American Express-$3.4 Billion; BB&T-$3.13 Billion; NY Mellon-$3 Billion; and Keycorp-$2.5 Billion. Keep reading, as the lines are dotted below!
So where do you think the concept originated of investing Public Sector money into publicly traded corporations? Under the Franklin D. Roosevelt Presidency who hired the organization Hewitt Associates which has recently been acquired by AON, which in Gaelic means, "Oneness." Hewitt Associates was the only firm involved in the task force that designed and implemented the Employee Retirement Income Security Act (ERISA). ERISA created a new government agency/corporation called Pension Benefit Guaranty Corporation (PBGC). PBGC is a small government agency/corporation that employs over 900 federal employees with $460 Million in expenses. This federal government corporation insures individuals keep their pensions when corporations go bankrupt. The current financials show a NET financial position of negative -$23 Billion.
Why such a close look into pensions you ask? VetTheGov believes many are very vulnerable Nationwide and globally and will eventually cause either the greatest depression of all time or create the highest taxes of all time or both. Using the accounting rules currently allowed there are many questions and information in these pension funds left unanswered. If you combine Social Security, Medicare, and Pensions all together it is no wonder Obama Care was born! Obama Care gives government control of the coming 10,000 monthly Baby Boomers soon to retire and start receiving Social Security benefits, Pensions, and Medicare that will completely overrun our entire big government and big corporation scheme! It will make abortion numbers look acceptable when our elderly population begins to disappear because the cost is way too high to keep them alive. Keep an eye on the many band-aides yet to come. The debt ceiling is just one of the many to follow! Here is a great asset vs. liability State-by-State comparison on Pensions.
This video by CBS 60 Minutes describes the coming Pension Tsunami at the State level. Speaking of Pension Tsunami's please visit their website to learn more of this crisis. Please take the time to educate yourself on this topic, as it will help make sense through all the smoke and mirrors by the media and the politicians. This website will give you California's top pension recipient's where the number one retiree receives over 500K annually.
How are the politicians benefitting and involved in this entire pension scheme? Well your tax dollars get funded right back to these politicians and you would be surprised which elected officials receive these dollars through the many corporate campaign donations. VetTheGov visited the Federal Election Commission's search site and entered the top TARP recipient's company name. You will see names like Chris Dodd, Barney Frank, Nancy Pelosi, Charles Schumer, Mitch McConnell, John Boehner, Richard Santorum, Mark Udall, John McCain, Charles Rangel, Jason Chaffetz, Tom Tancredo, Herman Cain, and many many more and some TEA PARTY surprises too! Can you say Michele Bachmann? All of your favorites are buried in these reports somewhere with major contributions given to both political parties!
Here is AIG's PAC report - http://query.nictusa.com/cgi-bin/com_supopp/C00097725/
Citigroup's PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00008474/
General Motors PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00076810/
Bank of America PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00364778/
JP Morgan Chase PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00128512/
Wells Fargo employee PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00128512/
Ally Financial PAC - See above GM PAC but note Ally is 72% owned by the Treasury Dept. and formally known as GMAC finance arm.
Chrysler PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00043687/
Morgan Stanley PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00337626/
Goldman Sachs PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00265124/
Goldman Sachs other PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00350744/
PNC Financial PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00035519/
PNC Financial other PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00186064/
PNC Financial yet another PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00141036/
US Bancorp PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00018036/
GMAC LLC PAC - See above General Motors PAC.
Suntrust Bank PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00386524/
Suntrust Bank Florida PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00111567/
Capital One PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00326595/
Capital One other PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00149583/
Regions Financial PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00432252/
Fifth 3rd Bank PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00290502/
American Express PAC - http://query.nictusa.com/cgi-bin/com_supopp/C00040535/
Bank of NY Mellon - http://query.nictusa.com/cgi-bin/com_supopp/C00017558/
VetTheGov completed the vicious money circle of your fine tax dollars at work. Hopefully now you are aware of the games from the government and who along with the many corporations try to protect each others interest in the scheme against you the American taxpayer. The protection given or implied is usually misguided/misleading media or talking heads in Washington DC, your State capital cronies, and your local government elected officials.
The programs mentioned in this story are unsustainable models and why the government is over $14.3 TRILLION in debt with no end or slow down in sight! VetTheGov wanted to show you how all your tax dollars get co-mingled with Corporate Americas publicly traded companies and the United States Federal Government. Do you think they really have your best interest in mind?
VetTheGov again hopes this information was helpful and would love to hear any additional thoughts you may have or just a comment you may want to share.