September 12, 2011
To: Retiree Friends & Acquaintances
From: Bill Stewart
If the current mess with the Retirement Fund wasn’t so seriously pathetic it would be comical.
Really, what do you expect from government administrators, legislators and certain Fund officials (not all) charged with the fiduciary responsibility of administering hundreds of millions of dollars; making decisions impacting the future livelihood of thousands of retirees and their families, all dependent upon the judgment of many people making decisions while possessing only a high school education or perhaps minimal college and very little, if any, practical experience at handling the income generated from the operation of a candy store.
What do you expect?
Surely, the disastrous and outrageous events which have transpired over the last several days should convince the Federal Court that the NMI is incapable of handing its affairs as regards the Fund as a result of constant political meddling on the part of the administration and the legislature.
I suspect if one were to administer a simple examination based upon the curriculum of a university course in Finance #101 or Money and Banking not two percent of those currently and previously charged with administering the Fund —
– including those uninformed legislators who continuously “meddle” with Fund issues about which they either know nothing or refuse the advice of those who do –
– or those attorneys who express opinions regarding the Fund many of whom, both in and out of government, lack even the slightest degree of in-depth knowledge of the complexities with which they deal as regard financial matters much less possess the necessary experience in high finance.
As for the island’s chief executive (acting or otherwise) and his selection and appointment of sycophant amateurs — he bears more than his share of responsibility for designating many people (not all) who are unqualified for the positions they hold. This has long been known and now the costly and ruinous proof is available for all to see. Empty retiree pockets are not far away.
Indeed, a high percentage of those mentioned above have had to “learn their job — on the job” and it has been disastrous for the retirees.
Their “on-the-job” training has cost the retirees dearly.
As for the NMI elected officials have you ever noticed the transformation which occurs once they have been sworn into office? They suddenly assume they have been miraculous endowed by the Almighty with a degree of super intelligence and all-knowing, instantly enlightened wisdom not otherwise conferred on the great masses of the unwashed hoi polloi ,
Such conceit does not permit their accepting advice of any kind — they know it all.
Theirs is truly an classic example of failure of “appreciation that good judgment comes from experience and experience comes for poor judgment.”
Unfortunately, many never learn from their application of poor judgment.
Please tell me I’m wrong
In my own judgment (if you will permitted me to exercise such) --
I think the defined benefit retirees should organize and sign a petition for submission to the Ninth Circuit Court to lift the Stay to permit continuing with the law suit filed in the Federal District Court more than two years ago.
This will, of course, require a time consuming, comprehensive “local” public education campaign