Quick Partial Index (all are links) To Cuomo's Corruption And Its Cost


Letter to Super DEBT Committee - Save $2 trillion dollars without harming Medicaid beneficiaries. link

Letter to Congress: save $200 billion in Medicaid in this year's budget.
link link
Congress notified of NY medicaid fraud by NYS link

Even with wildly optimistic pension earnings predictions, New York Debt per person including local debt is $24,195. For a family of four that is about $97,000. link

A. Latest on Chapter 10 Bankruptcy link 1 Link 2
B. Cuomo Budget Link 1 Link 2
C. NY Bonds Link1 Link 2 Link "Writing on Wall"

Cuomo as Governor
Medicaid Redesign Team: Medicaid Budget increases, not decreases Cuomo's Lobbyist Crony Heads Medicaid Redesign.
Cuomo's Lobbyist Crony renamed Consultant and all is well

1. Cuomo Stars as Captain Renault in Casablanca remake and link 2 Cuomo's repeat performances

2. Cuomo fails to follow Brown and cut his budget by 25%

3. More Cuomo fails to equal California's Brown

4. How States go bankrupt.

5. Cuomo and Medicaid headed nowhere

6. Look at Alternate currency: A Ron Paul, a $3 Cuomo, a California IOU

7. Cuomo's credit card taken away.

8. New Chapter 10 Federal Bankruptcy for States.

9. The new $3 Cuomo I.O.U.

10. Cuomo and NY Bondholders See The Writing On The Wall

11. New York Bankruptcy and Bond Devaluation

12. Cuomo Loads Up His Band Wagon With Committees For The Downhill Race With California

13. Ponzi to Madoff to Hevesi to DiNapoli; New York Learns About A Phony Safe 7.5% Pension Return

14 Economic Laws Lead Andrew Cuomo To A Hard Fall

15. Cuomo Meets "The Ghost Of NY Yet To Come"

16. Fiscal Disaster As Andrew Cuomo And His M.O. Are Slapped Down By Chinese Reality Checks

17. The New Word Order, "Nixon/Blogo/Cuomo" Predicates Andrew Cuomo's Fate

-Cuomo's prior corruption-

18. Cuomo Perfected His M.O. At HUD With $59 Billion Unaccounted For ; stealing the poor guys blind; Medicare $1.2 billion per year fraud; Multiple $50,000 bribes; Cuomo bungles criminal trial, rich executives walk;

19. The Second Cuomo's Smoking Gun: AEG Victory Celebration Needed Rev. Sharpton And Andrew Cuomo In The AEG Bag

20. Cuomo's Corruption Allowed $400 Million To Be Added to $1.2 Billion In NY Medicaid Fraud To Be Refunded By NY State To Federal Government

21. Andrew Cuomo Kisses And Makes Up With The Albany Swamp's Legislature Vermin, Reprobate Politicians, A Whore and Charles Rangel, Ashley Dupre, boss Vito Lopez, David Paterson, as obedient house boy, Andrew Farkas, who Cuomo accused of paying millions in kickbacks, and Allen Isaac (sex predator)

22. Sex Predator: Cuomo can clean his own nest

23. Cuomo changes pay to play to indirect payment and we're fooled

24. Cuomo bungles criminal prosecution

25. Cuomo covers up NY corruption

26. Cuomo covers up missing 9/11 Red Cross Money

27. $1.2 trillion loss resulted from the 50 % of $2.4 trillion in loans ordered by Cuomo at HUD, *Cuomo's smoking gun

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Pension Debts And Warren Buffet Sink New York's Budget Into Huge Debt

The chickens come home to roost

    New York's "Madoff-like" promised 7.5% safe return on pension investments chickens are headed home to roost.   Warren Buffet says 6.0% would be a better rate.    It is reported as  "The State Pension Time Bomb" where,  "Poor accounting rules and flagrant irresponsibility have sped up the states’ day of reckoning."  This blog previously in November 2010 reported:   link

      Madoff had promised safe returns of 10% before the economic recession began.  The SEC warns in its Ponzi Schemes – Frequently Asked Questions that Ponzi schemes share common characteristics:
          High investment returns with little or no risk
          Overly consistent returns.
  Comptroller Di Napoli has reduced his hope to earn 8% percent a year to 7.5%.  Except for Madoff, who guarantees a 7.5 percent safe rate of return?  Or 7 percent?  Or 6 percent?  No junk bonds allowed.   NY's real rate of return was less than 4% for ten years.
Even worse, NY's return for past 5 years was 01.1%.   Link.

A report in the August issue of Governing, called New York State, the nationwide pension leader with Pension liability: $141 billion.    The NY Times, agrees and had  "How to Cheat a Retirement Fund", an "approach that assumes, as economists generally do, that even corporate accounting standards in this area are too lenient, public pension underfunding is about $3.5 trillion, or one-quarter of gross domestic product."

  "Private pension plans must discount their liabilities based on a market rate—typically, a corporate or U.S. government bond rate—which is often much lower than the plans’ projected returns." 
*Return US Treasury: 10-MONTH NOTE 10-15-2010 2.475%
  There appears to be a large difference between 2.475% and 7.5% and DiNapoli's assumed drop from 8% to 7.5%.

Bottom line: New York's balance sheet is tipped by an unfunded pension liability of up to $143 billion dollars.  Already, the New York Debt per person including local debt is $24,195. (For a family of four that is about $97,000.)
Now add another $143 Billion divided by 19.4 million (NY Population) to add another $ 7,341 to that $24,195.

NY State and local debt per person $24,195
NY unfunded pension debt per person $7,341
NY total debt per person $31,536 
USA debt per person $44,805 (Dec 2010)    
Who would lend money to such a debtor?

1 comment:

  1. The adeptness to accession money would be analytical in the accident of defaults, as banks captivation the restructured debt would accept to recapitalize.

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