Detroit pension fund spends $30 million to fix $1-million building

[Still a Democrat]

Source: http://www.freep.com/article/20101227/NEWS01/12270332/1318/Detroit-pension-fund-spends-30-million-to

Detroit's police and fire retirement fund has spent at least $30 million to renovate an office building overlooking Grand Circus Park that's now worth just more than $1 million, pension and city assessor's office records show.

A pension adviser managing the building at 28 W. Adams says it plans to sink another $1.4 million into the property next year.





Read more: Detroit Free Press

[rucky]

1. Pension fund is managed by a property investment company.

Nothing to see here, just move along.

[dixiegrrrrl]

2. Hm.....somebody got paid some big bucks in the deal.

[Faygo Kid]

3. Born Detroiter here who loves his city, but this has to stop.

Mayor Bing, the ball is in your court (and since you're an NBA Hall of Famer, you should be able to run with it).

[elehhhhna]

4. DU decent math students, heads-up: Major in Forensic Accounting.

Trust me.

Hot career prospects, bigtime.

[hughee99]

5. "Some things work out better than others"

Yeah, that's what I like to hear from the trustees of a pension fund that's losing tons of money.

[fatbuckel]

6. The article never mentions how much the building would fech when completed.

Trying to force some news?

[Sen. Walter Sobchak]

9. It is Detroit... perhaps its value in copper pipe.

[Historic NY]

7. its gets worse they loss 480 million in pension funds...

http://www.freep.com/article/20101226/NEWS01/12260564/1320/Risky-bets-cost-Detroit-pension-480-million

[zogofzorkon]

8. This is why pensions for police and firemen should be eliminated.

With no pension fund there is no chance of spending it unwisely. If we privatize police and firemen and hire minimum wage no bennies workers this kind of abuse would stop. Of course outsourcing the jobs to India would be best but the response time might be too long.

[ProgressiveProfessor]

10. I would settle for defined contribution pensions

[Omaha Steve]

12. That is a slippery slope for ALL WORKERS

It seems those responsible should be sued to start with. Pension funds that have contributions from workers MUST by law honor all promised payments. The current fund for retirees can't cover promised payments without continued money in from current younger workers.

[Historic NY]

14. no pension........you do the job.

[Omaha Steve]

15. R U serious? I didn't see a sarcasm sign

Pensions disappearing has a direct relationship to the middle class retired Americans falling into the lower class tier. A pension AND social Security keeps older Americans off the welfare rolls.

[zogofzorkon]

18. Pensions and Social Security are two things that keep the ruling class

from having everything. Eliminating them along w/ the middle class would help transfer more wealth to those who have most of it already. That is the goal and the plan and articles about pension mismanagement help to further it. I think its serious.

[Joanne98]

11. Is there a pension fund in the country that's not being managed by criminals?

GEEZ!

[lonestarnot]

13. It does not appear so.

:grr:

[Crowman1979]

16. The young people in Detroit need to take charge and kick these old bastards out of office!

[IamK]

17. Just like on The Sopranos... every episode