Alameda county administrator to receive $423,664 a year ... for life

Discussion in 'What's On Your Mind?' started by Mike, Mar 26, 2013.

  1. Mike

    Mike Founding Member Coach

    And we wonder why California is broke?

    San Francisco Chronicle: Alameda County rewards boss: $400k…for life

    Alameda County supervisors have really taken to heart the adage that government should run like a business — rewarding County Administrator Susan Muranishi with the Wall Street-like wage of $423,664 a year.

    For the rest of her life.
     
  2. nachtnebel

    nachtnebel Original Member

    She'll probably receive that for a few years, but not for the rest of her life, unless it's short. Haircuts for all are coming.
     
  3. Frank

    Frank Original Member

    How often do you need to sharpen the blade on a guillotine? Every fifty customers, or a hundred? I can never remember.
     
  4. RB

    RB Founding Member

    Why sharpen?:eek:
     
  5. nachtnebel

    nachtnebel Original Member

    You folks outside of my crazy state of Kaleeforniya may not be aware of how the state/county/municipal pension system (CALPERS) works. Basically, if there is a shortfall, and more money must be put into the system, by law they can force the counties and municipalities to contribute more money to make the system fully funded wrt their own workers, and CALPERS controls the amounts that must be contributed.

    In the case of our state, there is a multibillion dollar shortfall (numbers range from 80 billion to 500 billion depending on which grinding axe is used), which is getting worse and worse by the day because of the drop in asset values inside their investments and because their projections to this day assume a 7.5% return, whereas they are only getting 1-2% return and have been stuck at that rate for several years.

    So the percentage of city budgets that must be applied to the CALPERS assessment is skyrocketing. It can take up 20% of the budget or more. The town of Pacific Grove, for example, which is between Carmel and Monterey, is being bankrupted by this and is filing suit against CALPERS. The problem is getting worse at an increasingly swifter pace.

    Most of what these pension funds own is debt in one form or another, and that will be wiped out without remedy. The value of those "assets" is going to zero, and so will the pensions of folks like our administrator friend in Alameda. Unfortunately, people with legitimate pension earnings will also be hurt.
     
  6. Frank

    Frank Original Member

    Because Nearly Headless Nick was a sad sack.
     

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