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Pension Trustees Wake Up With Fleas
Pension Trustees Wake Up With Fleas
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| wm pasz |
Posted: Sat Jul 01, 2006 7:26 pm
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Joined: 29 Jan 2006 Posts: 1219 Location: Toronto |
For the management trustees of the Canadian Commercial Workers Industry Pension Plan it must be really awful. Oh the embarrassment, the humiliation, the shame of it all. To be busted. To be up on charges - 15 charges no less.
The rest. _________________ Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X |
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| Pearson |
Posted: Sat Jul 01, 2006 8:25 pm
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Joined: 03 Feb 2006 Posts: 1417 Location: Sun City AZ |
Way awesome read wm p, ya oughta think about writing a book. Gotta believe when they (the served) read this they will be scratching their collective heads asking the question; "How the fuck did we get here?"
What should not be forgotten is, if memory serves me, it was just a couple of years back there was a deal cut with Loblaws where they increased their pension contributions by a lot. Bushelbaskets i do believe. If that's the case, they not only were sucked into the flushing toilet of mismanaged investment schemes, but payed extra for the right to be on the tidy bowl disk as it disappeared from site. Kind of gives a whole new meaning to the phrase Dumb and Dumber. _________________ If we don't do it, who will? |
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| wm pasz |
Posted: Sat Jul 01, 2006 8:39 pm
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Joined: 29 Jan 2006 Posts: 1219 Location: Toronto |
They thought they were being clever. They upped the contributions and got a truckload of concessions around the same time. Purely coincidental I'm sure. The increased contributions would also help keep the regulator off their asses about their gi-normous solvency deficiency. Cliff would get more money for his sleazy friends to play with, the employers would save millions in labour costs - real win-win. The whole scheme rested on one thing: That nobody would ever get wind of what was really going on - the nature of the investments and how much money was going into the giant toilet bowl, never to return.
No member, on his or her own, could ever get enough of the pieces of the puzzle to figure it out and then publicize it as we did on MFD. That's why, I believe, the bastards resurrected their long dormant lawsuit against MFD and against Hugh last spring - just as the FSCO report was about to come out. Publicizing what we'd learned about their wierd investments over a period of 3 years kept the pressure on the regulator to complete its examination. Publicizing the regulator's report would put the pressure on to actually do something about the trustee-directed lunacy. Now the idiots are like some biz guys caught in a john sweep. "It's not what you think officer, we were just investing in these ho's. Cliff said it was a good investment. We're in it for the long term." _________________ Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X |
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| SharynS |
Posted: Sat Jul 01, 2006 10:41 pm
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Joined: 28 Jan 2006 Posts: 2939 Location: the 'puter |
Quote: They upped the contributions and got a truckload of concessions around the same time. Purely coincidental I'm sure. Apparently the ufcw bc plan is doin well and safely tucked away in bonds. Geez I sure hope it's not the same high risk 'bonds' the ccwipp boys were hedging against when they gave the members money to the perverted priest to keep safe. Quote: Like many pension plans, CCWIPP invests in these types of assets to diversify the asset base, to hedge against the market fluctuations of traditional stocks and bonds, and to enhance long-term total fund returns. The trustees understood from the beginning that achieving portfolio value from alternative assets like real estate and private equity could take several years 
_________________ Free speech is the whole thing, the whole ball game. Free speech is life itself. - Salman Rushdie |
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| Pearson |
Posted: Sun Jul 02, 2006 1:45 pm
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Joined: 03 Feb 2006 Posts: 1417 Location: Sun City AZ |
Quote: The trustees understood from the beginning that achieving portfolio value from alternative assets like real estate and private equity could take several years Lets just for the hell of it do a little Investment Strategies 101; that way folks will understand just how far afield these folks were. It will also provide a backdrop as to why these charges are proceeding. It isn't unusual for trust funds to take a small portion of their assets and invest them in potentially high return alternatives (which also comes with high risk). A more conservative fund would stay under 5% of their total assets, a more aggressive, not much above that. The remainder would be in stocks and bonds with the majority of it on the stock side. Well run funds, and even those not so well run, should have a written investment policies. These would be base rate guidelines of what kind of limitations the trustees would have on them. Money managers, fund counsel and the administrator should have worked with an investment committee to draft these policies and the full board should have passed and adopted them. Pretty simple, as trustees change, the guidelines would remain a constant and the trustees couldn't play footloose and fancy free. This is just standard operating procedures in pension trusts. So what happened here. As we read the arguments by the pension plan, it appears they did nothing wrong. Holy shit batman, that's a pile of manure no one bought. One of the first things the FSCO would have asked for was their Investment Guidelines. If there were none, it would have generated a red flag the size of Rhode Island. If they were there, they quickly would have applied them to the investments to see if they stood the test of their own rules. In either case, it is clear the trustees exceeded their authority. From afar, it looks like Cliff et al just did as they pleased. If that's the case, it is little wonder they have their proverbial boy and girl tits in a wringer. Ya can't just do that gang, nope, the Prudent Man theory is still alive and well...and in this case it looks like their was little or none. I am curious, is there a statute of limitations on the FSCO? My guess is these guys cleaned up their act in the last 5 years (obviously not enough), but i suspect the real dirt is even further back than what we have seen. One last thing...anyone seen or heard from Mikey? _________________ If we don't do it, who will? |
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| wm pasz |
Posted: Sun Jul 02, 2006 2:18 pm
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Joined: 29 Jan 2006 Posts: 1219 Location: Toronto |
Remarkably, the CCWIPP boys actually had a investment policy. I have a copy dated 1996 and then a revised copy dated 2001. It's quite a comprehensive document that covers a lot of ground. There are limits on the kind of investments that can be made in real estate and other high risk ventures, there's a policy prohibiting conflicts of interest, there are some rules about measuring the performance of investment managers, there are rules prohibiting investments in food industry businesses - all kinds of good shit.
Who these rules were supposed to apply to is a mystery. I've heard that they applied only to the professional investment managers who handled the "portfolio investments" (the stocks, bonds and securities that made up the "normal" half of CCWIPP's total portfolio). They certainly didn't apply to the trustees and their trustee-directed investments. I don't believe that there is a statute of limitations on the FSCO's ability to prosecute. Some of the investments that they took special note of in their report have a long history. The Ron Kelly investments all originate at various points in the 1990's. From all appearances, Cliff just did whatever the hell he pleased. He and his enterprising buddies treated the pension plan like a giant piggy bank that would never run out of cash as long as the employers kept kicking in their contributions. As the contributions increased and the number of members who would never work long enough to become vested increased, there would be more and more in the piggy bank so the bellying up to the trough could go on indefinitely. In many ways the way Evans and his pals milked this pension plan is reminiscent of what Hoffa did to the Central States Pension Plan in the 1960's. It's an old recipe but it's new and improved version would see a neat new twist: More contributions, fewer members drawing a pension. As for Mikey Fraser, he seems to be keeping a low profile. I see he's still listed as a CCWIPP trustee though. I'm sure he'll pop up as a UFCW consultant somewhere along the way. We'll be keeping an eye open for him in court as The People v. The CCWIPP Crew unfolds. _________________ Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X |
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| Pearson |
Posted: Sun Jul 02, 2006 5:07 pm
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Joined: 03 Feb 2006 Posts: 1417 Location: Sun City AZ |
Quote: Who these rules were supposed to apply to is a mystery. I've heard that they applied only to the professional investment managers who handled the "portfolio investments" (the stocks, bonds and securities that made up the "normal" half of CCWIPP's total portfolio). They certainly didn't apply to the trustees and their trustee-directed investments.
As you know Wm p, they apply to exactly them. They are written for the trustees, though upon occassion an investment mgr will stray and they are used as the basis for a lawsuit. However in this instance, even the self-directed investments are supposed to fall under the investment policies and i expect the FSCO will use that as a significant part of their case. Pleading ignorance will only hurt them. It would seem the best thing the employer trustees could do would be to come clean and just level with the investigators and prosecuters. If there is statute of limitations, and if the FSCO really wants the truth, then they will dig further and deeper. I think your comment on Cliff doing whatever he wanted is the perfect summary of the perfect storm. It is also blatantly illegal. It will be fascinating to see if justice finally plays out and if they are guilty, they are made to pay. _________________ If we don't do it, who will? |
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| wm pasz |
Posted: Mon Jul 03, 2006 12:41 pm
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Joined: 29 Jan 2006 Posts: 1219 Location: Toronto |
Yes, it will be fascinating alright. Everything that the idiots have put on their web site www.ccwipp.org about the big changes they're making to "enhance compliance" with the law, is sort of a stark admission that they were way out of compliance with the law before.
What will be really interesting is to see how vigorously the FSCO pursues these charges. I have long believed that there was way too much CCWIPP-friendliness in the way that the examination was handled. The long delays in completing the examination and the year (more than a year) that it's taken to lay these charges really makes me wonder. When we consider that the former Minister of Finance, Greg Sorbara, was a director of a company in which CCWIPP invested, you don't have to be a conspiracy buff to start wondering. (The FSCO is an agency of the Ministry of Finance). It was only after Sorbara was temporarily removed from his post (in the wake an of RCMP investigation of his company) that things began to happen with the CCWIPP examination. I recall hearing back in 2003 and 2004 that some pretty influential guys were leaning on the FSCO to go easy on the CCWIPP boys - I heard from an inside source that one was a certain former Premier of Ontario. We'll see what we can expose in the weeks ahead. _________________ Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X |
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| Pearson |
Posted: Mon Jul 03, 2006 1:55 pm
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Joined: 03 Feb 2006 Posts: 1417 Location: Sun City AZ |
Historically the UFCW could have adopted as its main theme song Tammy Wynette's old standard Stand By Your Man. They have repeatedly stood in support of almost any and all of the boys as they were carted off to visit Bubba and his butt brothers. Seemed like it was the only time thy put real solidarity in play.
In another thread, one of the posters suggested the UFCW is changing. Under Joe Hansen's leadership and a host of other bright and aggressive types they are becoming more union-like. I was quick to snap back; perhaps i had one of those ugly guy failings of being a bit premature. With all that has unfolded here, it does appear the boys have changed their ways. Stop laughing elvis, it's true. 5 years ago we would have seen Mikey defended till his last gasping breath. In 2006, they flushed him faster than a good healthy dump lingering in the toilet bowl; guess they didn't want the stench of this one smelling up the hallowed halls of their K-Street digs. What a change in attitude. Dority defended Talirico even as he was being led off in handcuffs; Hansen lets MF resign to be with his family. All these years Mikey thought it was a blessing to be Cliff's relative, now it may turn out to be a curse. _________________ If we don't do it, who will? |
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| Elvis |
Posted: Mon Jul 03, 2006 2:47 pm
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Joined: 01 Feb 2006 Posts: 661 Location: Toronto |
Pearson wrote: Stop laughing elvis, it's true. 5 years ago we would have seen Mikey defended till his last gasping breath. In 2006, they flushed him faster than a good healthy dump lingering in the toilet bowl; You're not helping much with lines like that. 
This is bad Pearson. Very, very bad. The next time I take a healthy shit... all I'll be thinking is taking a Mikey, taking a Mikey, ahhhhhh. 
MFD introduced the 'machine-heads' along with some other terms. Now uncharted is slapping the patent on... TAKING A MIKEY I dare you not to use it or think it. You're all reading the next great neologism (Mikey just helped us learn a new word). They'll be using this one in UFCW offices across the continent by the end of the week. Guaranteed! _________________ Henri Ducard: Your compassion is a weakness your enemies will not share. Bruce Wayne: That's why it's so important. It separates us from them. |
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| Laboryes |
Posted: Mon Jul 03, 2006 3:03 pm
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Joined: 29 Jan 2006 Posts: 1967 |
Quote: Bubba and his butt brothers 
Quote: ugly guy failings of being a bit premature
Quote: good healthy dump lingering in the toilet bowl Damn! Bill sounds like you been hanging around my old buddies or something! Of coarse that is possible I here old Sonny Barger lives out your way these days http://sonnybarger.com/index3.html Hell next thing we'll hear is that your out getting tattoos or something!
_________________ "When people refuse to obey, then democracy comes alive." Howard Zinn |
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| taffy |
Posted: Mon Jul 17, 2006 2:57 am
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Joined: 12 Jul 2006 Posts: 104 |
Early 70s the company I worked for decided to have a jointly administerd pension plan,the way it was presented for ratification (no internet in those days) pure trust in the ufcw was the feeling at the time, what a great improvement to our collective agreement,PASSED, 1980s came the wake up call,what pension off to the Ont Pension commision off to the rcmp off to the Labour board, lots of promises, but no real help, after doing years of research with able assistance of other members, the plan was loseing money, poor investments, real estate etc,too many questions now by the members, the ufcw decide things getting a little warm for our boys. So we will change things for the better said trustees Fraser and Hanley we will join ccwipp, AP trustee Zarakowski, said that is a good move.
END OF STORY except of course the bit about strong language in the early collective agreement, that like ccwipp money just DISAPEARED. NOW THAT IS THE END OF THE STORY. I hope not, waiting for feed back from the hearing,there may still be a good ending/// |
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| wm pasz |
Posted: Tue Jul 18, 2006 1:10 pm
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Joined: 29 Jan 2006 Posts: 1219 Location: Toronto |
Taffy did you just say that the RCMP was looking into CCWIPP in the 1980's?!!! Tell us more about that.
_________________ Time is on the side of the oppressed today, it's against the oppressor. Truth is on the side of the oppressed today, it's against the oppressor. You don't need anything else. - Malcolm X |
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| loonietunes |
Posted: Tue Jul 18, 2006 3:02 pm
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Joined: 30 Mar 2006 Posts: 1210 |
Pearson wrote: Historically the UFCW could have adopted as its main theme song Tammy Wynette's old standard Stand By Your Man. They have repeatedly stood in support of almost any and all of the boys as they were carted off to visit Bubba and his butt brothers. Seemed like it was the only time thy put real solidarity in play.
What a change in attitude. Dority defended Talirico even as he was being led off in handcuffs; Hansen lets MF resign to be with his family. All these years Mikey thought it was a blessing to be Cliff's relative, now it may turn out to be a curse. I remain very cautious about any true "internal" UFCW reform----however--- ---things do seem to be happening that have not been normal within the UFCW "internal" culture.--- I say the best thing is to keep this intense UNCHARTED.CA pressure up- -and then see where the dusts settles! LT |
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| taffy |
Posted: Tue Jul 18, 2006 11:09 pm
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Joined: 12 Jul 2006 Posts: 104 |
All I can tell you is that the RCMP informed me at a meeting held with a senoir officer and myself at there office in Hamilton Ont. That I should hire a lawyer and that they could not be involved unless invited to do so by the OPP, but they were well aware of the ufcw and there ongoing practices.and at my request they would pass on the concerns that I had given him to the OPP, that was the one and only meeting I had it lasted almost 2hrs and most of what we disccussed was in confidence,but I will say at the time the officer was very helpfull to the extent he could be.
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