Skip to main content

It's been gallows humor amongst Wisconsin public employees that Walker and his Republican hordes final step in crushing us back to peon status was to find a legal way to tap into our pensions...Well not an overt grab on the part of the Governor, it has begun...

WEDC head asks for $200 million in pension funds

Just a quick reminder. The Wisconsin Economic Development Corporation is the "quasi" governmental body created by Walker and the Republican state legislature that is essentially exempt from oversight and has been plagued by myriad issues and incompetence from the start...

Walker's WEDC Faces Serious Problems...

Walker claims that the newly named head of the WEDC, Reed Hall, is the answer to the horrific management that is endemic throughout the nonaccountable organization. "Nothing to see here folks..."

So thank God, the State of Wisconsin Investment Board (SWIB) rejected the WEDC request for 200 million dollars of Wisconsin public employees' money to be used for seed money for business development and incubation in the state.

This should serve as yet another reminder that there are scant few firewalls between us and complete control of Walker's Republican and business cronies...

Originally posted to Up North on Tue Feb 05, 2013 at 05:49 AM PST.

Also republished by In Support of Labor and Unions and Badger State Progressive.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Tip Jar (22+ / 0-)

    "Patriotism is supporting your country all the time, and your government when it deserves it." ~Mark Twain

    by Up North on Tue Feb 05, 2013 at 05:49:59 AM PST

  •  They barely even bother to pretend anymore (6+ / 0-)
    Recommended by:
    Margd, Mentatmark, a2nite, blueoasis, howd, exterris

    They are just out to get whatever they can.

  •  Isn't easier to say steal, good luck nt (1+ / 0-)
    Recommended by:
  •  I knew this was coming years ago. They are like (1+ / 0-)
    Recommended by:

    pigs looking for the next trough.  Out in the open, not ashamed, just an all-out coup on the working people of this country.

    It's happened before in the history of this country, and it's happening again.  The fight never ends against greed and corruption.  

    Eventually they will be quashed.  How long it will take is the question.

    If the plutocrats begin the program, we will end it. -- Eugene Debs.

    by livjack on Tue Feb 05, 2013 at 09:20:45 AM PST

  •  This is something directly affecting me: (4+ / 0-)
    Recommended by:
    Up North, GeoffT, exterris, ruleoflaw

    For the last twenty years I have been, not dreaming, not hoping, but PLANNING to retire at age 55. The WRS allows early retirement at a reduced benefit.

    It won't be much, but in twenty years I have scrimped and saved for this. My husband and I are frugal; we've always lived within our means. (Fortunately I'm good with money and he's pleased to go along with it)

    We bought a modest house on a twenty year mortgage and we paid it it off three years early. We've taken good care of it.

    We have a newer car bought with cash, and I drive a 15 year old car.

    I cook from scratch so we have low grocery bills. We buy our clothes at Goodwill.

    I have hobbies that I expect to earn a little money at later, so for the last twenty years I've been investing in the tools and materials for these hobbies.

    We have no debts. (If there's anything I can't stand, it's paying interest. Money down the toilet) We use credit cards for convenience and pay them off every month.

    I've been working since I was 17 and now I want to stay home and be a housewife, take better care of my husband and house. I want to do the volunteer work that I never had time for.

    If anyone wants to make me bristle, just try and tell me I'm being handed this on a silver platter, that I don't deserve it, that the fund is all taxpayer or state money and not the DEFERRED COMPENSATION that I EARNED on my job. That's the reason our WRS is fully funded; it isn't up to the state to put the money in (or fail to-see New Jersey, et. al.) it comes directly out of our pay.

    I have one year and nine months to go. If that slimebag and his cronies get their hands on our fund, the first thing they'll do is deny early retirement, and maybe raise the full retirement age. I could just see me missing a cutoff by a week.

    Forgive me for all my angst. I've been a basket case ever since said slimebag got elected and put my life's plan in jeopardy. I just wish it was over. Whimper.

    •  I'm sorry... (3+ / 0-)
      Recommended by:
      exterris, Mitraria, ruleoflaw

      I'm only 15 years into my public job and have given up hope of retiring before 65. I feel extremely bad for my colleagues who were close to being able to get out and now are stuck for another 7 to 10 years because they need the insurance and the district no longer helps pay for it after retirement.

      "Patriotism is supporting your country all the time, and your government when it deserves it." ~Mark Twain

      by Up North on Tue Feb 05, 2013 at 10:57:50 AM PST

      [ Parent ]

      •  Thanks, Up North (1+ / 0-)
        Recommended by:

        Yes, we used have extended benefits at early retirement here, (including extending health insurance based on accumulated sick leave-of which I have a lot) but they cut that out when Governor Slimebag took our union rights away.

        So that's another way my post retirement income gets reduced, but fortunately my husband works for an insurance company and we will be able to switch to his. IF...

    •  There's precedent for smacking down fund raids (2+ / 0-)
      Recommended by:
      ruleoflaw, Up North

      Specifically, Wisconsin Republican Governors' pension fund raids, ruled unconstitutional by the SCOW.

      This is a different approach though, it's not the legislature and Tommy Thompson transferring funds around, it's an attempt to coax the SWIB into flushing WRS money down the WEDC toilet.  Fortunately the SWIB take their duties seriously enough to tell the WEDC where to go.

      To watch out for is stacking of the SWIB deck per ยงยง15.76 - of the eight current board members, Mike Huebsch is an unfortunate name; Lon Roberts is a Walker appointee; Norm Cummings is too; there's a vacancy for Walker to make an appointment for (John Peterson III was nominated but withdrew after a conflict of interest issue during his previous tenure on the Board was raised).

      Fortunately the other three gubernatorial appointees, Thomas Boldt, Bruce Colburn and William H. Levit Jr don't have their terms expire until 2015, and the other two board members are WRS participants.

      Fake candidates nominated by the GOP for the recalls: 6 out of 7. Fake signatures on the recall petitions: 4 out of 1,860,283.

      by GeoffT on Tue Feb 05, 2013 at 06:42:26 PM PST

      [ Parent ]

  •  Tipped, recced and republished to (1+ / 0-)
    Recommended by:
    Mike Kahlow

    I started with nothing and still have most of it left. - Seasick Steve

    by ruleoflaw on Wed Feb 06, 2013 at 03:56:54 AM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site