NEWJERSEY: “Double dipping” is a universal problem

http://www.mercurynews.com/ci_16977109?source=most_viewed&nclick_check=1

Double-dipping is common for public-sector ‘retirees’ who take on additional work
By Karen de Sá
Posted: 12/30/2010 05:13:15 PM PST
Updated: 12/31/2010 07:15:00 AM PST

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Retirement is a loosely defined term for many Silicon Valley civil servants, who as young as age 50 can begin drawing their pensions even while performing other lucrative jobs on the taxpayer dime.

Newly retired Santa Clara County Fire Chief Kenneth Waldvogel becomes the latest example next week, when he returns to work as a contractor, earning up to $108,480 for the next six months — on top of his $200,000 annual state pension — while the county searches for his replacement.

He joins five other retired Santa Clara County officials who have recently been hired back and are benefiting from a practice critics call “double-dipping.” Meanwhile, the fire chief in the city of Santa Clara has been working under such an arrangement since 2004, when he retired at 53, then immediately returned to his old job, where he continues as a part-timer earning $100 an hour.

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Story’s from CA, but, rest assured, NJ has the same problem.

Clearly, pensions have to be eliminated. Every private employer has converted to 401Ks.

NJ must do the same thing.

Besides, trusting politicians with one’s retirement money is foolish.

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POLITICAL: Why are we funding foreign banks?

http://www.ft.com/cms/s/0/69728262-11ec-11e0-92d0-00144feabdc0.html#axzz19QtftOot

Non-US banks gain from Fed crisis fund
By Robin Harding in Washington, Bernard Simon in Toronto and Christian Oliver in Seoul
Published: December 27 2010 22:04 | Last updated: December 27 2010 22:04

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The Taf was set up in December 2007 to provide one-month loans to creditworthy banks as markets dried up for lending longer than overnight. In August 2008, it began offering three-month loans as well.

Rabobank of the Netherlands and Toronto-Dominion of Canada, two of the only banks in the world with triple A credit ratings, used more than $20bn in cumulative Taf loans.

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One of the problems that have to be addressed is: “why is the US taxpayer funding foreign banks?”

Personally, I don’t think the taxpayer should be funding ANY bank. But certainly not foreign ones.

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