Meet the Hedge Fund Privateer Who Is Shrinking Workers Pensions.

Meet the Hedge Fund Privateer Who Is Shrinking Workers Pensions.

Alan Pyke  October 28, 2014  ThinkProgress Arnold’s spokespeople bristle at the suggestion that the billionaire is out to cut pensions, insisting that he only wants a realistic accounting of the under-funding problem. But the similarities between what Raimondo did in Rhode Island and what the Arnold Foundation advocates nationwide are striking.

 RhodeIslandgif

When longtime private equity analyst Gina Raimondo won her bid to become treasurer of her home state in 2010, Rhode Island’s public pension system was in such disarray that federal regulators were sniffing around to make sure the state was reporting the funding levels accurately.

Within two years, Raimondo (D) would push through the most significant cuts to public worker retirement benefits in the country and begin a campaign for the Governor’s mansion. The changes she masterminded in 2011 shrank the state’s pension funding gap by billions of dollars almost overnight, an achievement that would have taken years under the more moderate reforms other states have tried. But the rapid, aggressive approach came at a steep cost for the 66,000 men and women who teach, fight fires, and administer public programs in the state.

After years of paying into a retirement system that promised fixed annual payments in their golden years, Rhode Island’s public workforce got herded into a new, far riskier system. Raimondo’s policy is what’s known as a “hybrid pension,” where the system of guaranteed payments to retirees was replaced by a combination of individual investment accounts and a much smaller version of the traditional pension payments. The change amounted to a large benefit cut for thousands of workers.

Read the entire piece.

http://thinkprogress.org/economy/2014/10/28/3585128/arnold-pensions-retirement-manufactured-crisis/

Reposted from Portside.

This  John D. Arnold is the same guy funding the anti teacher union effort in California in this election. http://wp.me/pachF-6ex

 

NEA and Union Political Spending in Campaign 2014

Interesting interview. http://www.c-span.org/video/?322369-4/washington-journal-karen-white-teacher-union-spending-campaign-2014

http://static.c-span.org/assets/swf/CSPANPlayer.1412970412.swf?pid=322369-4

Richard Trumka, Ferguson Missouri

Support the Umbrella Movement in Hong Kong

by Paul Garver

Umbrella Movement

The Umbrella Movement in support of democracy and against growing inequality in Hong Kong persists despite savage attacks on peaceful protesters by thugs that are condoned or even in some cases organized by the police.

Responding with force to this extreme provocation, which includes right-wing thugs groping the female demonstrators, might provide a pretext for the Hong Kong government to violently crack down on the demonstrations. The protesters, mainly university and high school students supported by independent labor unions, civic groups and ordinary citizens of Hong Kong, have been able to maintain a steadfast nonviolent discipline, as illustrated in this photo from Causeway Bay.
Causeway Bay

After consultation between Hong Kong activists and some of their supporters, a consensus was reached on some measures that could be taken to support the Umbrella Movement. These are summarized in an excellent article in Labor Notes by Alexandra Bradbury at http://labornotes.org/blogs/2014/10/students-and-workers-strike-democratic-reforms-hong-kong.

Ways to Support the Hong Kong Democracy Movement

Join or organize a local rally or vigil. A number of international actions have targeted Chinese consulate offices, though key organizers inside Hong Kong have clearly decided to focus their pressure on the Hong Kong government rather than on Beijing. Another possible target: the local Hong Kong Economic and Trade Office.

Hold a teach-in or speak-out on your campus or at your organization. Some are also distributing yellow ribbons to show solidarity.

Get your union or organization to send a statement of solidarity. Unions around the world, including Canada’s national union federation, have issued statements of support for Hong Kong’s pro-democracy protesters. AFL-CIO President Richard Trumka also made a statement.

Sign support petitions, either the one sponsored by HKCTU at http://www.hkctu.org.hk/web/en/online_petition.html?id=6
or the other by the IUF at http://www.iuf.org/w/?q=node/3675.

Follow the latest developments and appeals via the Facebook group:

https://www.facebook.com/pages/Calling-for-international-support-for-democracy-in-Hong-Kong/275123362684837?ref=hl

10 things you need to know about the protests in Hong Kong

Originally posted on :

The pro-democracy protests in Hong Kong continue. Demonstrators have set a deadline of midnight tonight for Hong Kong’s Chief Executive to resign. German revolutionary magazine Marx21 interviewed Sophia Chan from Left21, Hong Kong about the background to and prospects for the mass protests taking place. The interview in available in German here

Leung Ching Yau Alex/ficker.com

Leung Ching Yau Alex/ficker.com

1. When did the protests start and why? What was the turning that meant people started to demonstrate?

The protest was actually a result of a long battle for democracy. When the British handed Hong Kong back over to China in 1997, the Chinese government promised both in the Sino-British Joint Declaration and the mini constitution of Hong Kong (the Basic Law) that a democratic system eventually would be implemented in Hong Kong. After decades of delay and making excuses, in August this year the National People’s Congress of the PRC declared that the so-called democracy…

View original 1,591 more words

Thugs Attack Peaceful Supporters of Democratic Movement in Hong Kong

by Paul Garver

HK thugs - Copy

Triad thugs, perhaps hired by the Hong Kong government and certainly condoned by the police, are unleashing a wave of savage attacks against peaceful supporters of the Hong Kong protests at their support centers in several districts of Hong Kong. This tactic, reminiscent of the worst abuses of the Egyptian government two years ago, destroys the very basis of law, civil liberties and democracy. such lawless brutality has not been seen in Hong Kong in many decades.

Follow minute by minute developments at https://www.facebook.com/pages/Calling-for-international-support-for-democracy-in-Hong-Kong/275123362684837?ref=hl.

We will update with suggestions about how we can respond.

Hong Kong Unions Strike for Democracy

by Paul Garver

swire
The Hong Kong Confederation of Trade Unions (HKCTU) – the only independent union in China – has called for workers to strike in support of the democracy movement as mass civil disobedience actions come under heavy police attack. The Swire Beverages (Coca-Cola) union and the HKCTU unions of school teachers and dockers are striking and will be joined by other member unions.

Tensions have been building in Hong Kong since the August 31 government announcement that candidates for the position of Chief Executive would have to be vetted and approved by a pro-business, pro-Beijing committee.

The protests, originally organized by the students’ federation and the Occupy Central coalition, have drawn increasing numbers of supporters. The mainland government has harshly condemned the protestors’ demands and the “illegal” protests.

On September 28, the HKCTU declared “we cannot let the students fight alone”, and called for workers to strike in support of 4 demands: the immediate release of all the arrested, an end to the suppression of peaceful assembly, replacing the “fake universal suffrage” formula with the genuine political reform workers have been demanding, and the resignation of Chief Executive Leung Chun Ying.

The HKCTU has been the backbone of the democracy movement, before and following Hong Kong’s return to Chinese rule. Their courageous action deserves the support of trade unions everywhere.

Hong Kong poster

The HKCTU website has a petition (http://www.hkctu.org.hk/web/en/online_petition.html?id=6) you can sign on-line to support the Hong Kong unions in their struggle for democracy.

 

 

 

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