Governor Bruce Rauner says it's time to Break Illinois

In his State of the State Address, Bruce Rauner laid out his vision for Illinois Workers; Wage Slavery and Corporate Bondage.

"It is make or break time for the Land of Lincoln," Illinois Governor Bruce Rauner.

As always Rauner was short on specifics, he nonetheless let the Public Employee and Private Sector workers in Illinois know that he'll not stand for them making so much money.

Rauner declared his intent to destroy Unions (both Public and Private) and Public Sector Bargaining and he'll do so by whatever means available. Bruce Rauner issued an Executive Order declaring "Fair Share" employees Union dues should be held in a Trust until he can get his "Employee Empowerment Zones" established.

Rauner's Employee Empowerment Zones are the newest attempt to undercut Unions by allowing local muncipalities to create Right-to-Work Zones without the State of Illinois passing the necessary legislation.

Right-to-Work laws are best known as Right-to-Work for Less. Once passed these laws transfer all bargaining power to Business, which immediately enact cuts to pay and benefits.

Rauner claims these Orwellian-titled Empowerment Zones are needed because of the broken economic situation in Illinois. Of course, it was Bruce Rauner and his Hedge Fund Wealth Manager buddies who broke Illinois Public employees pensions.

By Rauner's own estimate 2/3rds of the funds for his Hedge Fund Firm GTCR were supplied by Public Pensions. In Illinois, GTCR "mismanaged" money for the Illinois Teachers' Retirement System (TRS) and the Illinois State Board of Investment, the state's largest and third-largest, respectively. Additionally, GTCR had access to state and municipal pension plans from the San Francisco City and County Employees' Retirement System to the Massachusetts Pension Reserves Investment Management Board.

For this "work" GTCR, takes 20% or more plus consultation and management fees. Rauner got his compensation no matter what the funds he "managed" did.

So, it's not surprising that Illinois and other Public Pensions began to go into insolvency once Rauner and other Vandal Capitalists got their hands on the funds. In fiscal year 2009, TRS lost $4.4 Billion (22% of its' value) in 2008 TRS lost 5% of it's value because of the Management of their Portfolios by Rauner-types.

Rauner made his fortune through "coin-clipping" he and his Vandal Capitalists clipped points off of Worker's Pensions to make their fortunes. Additionally, in keeping with his Transfer of Wealth Upwards, Rauner wants to lower taxes on the Rich and Corporations and expand sales taxes because those taxes hit the Working Class the hardest.

Rauner and his aides know exactly what Employee Empowerment Zones, his Reverse Robin Hood Tax Rates and Theft of Pensions will do to Illinois during interviews with the Chicago Tribune; how to improve the state's business climate as companies move out of state in search of a cheaper workforce.

So yes, Rauner wants to bring jobs here, the kind of jobs where you work 40 hours a week for wages which barely get you over the poverty line, with no prospects of being able to retire and no pension, working until the day you die.

401(k) amounts to Businesses Taxing your Income and to Grand Larceny of your retirement savings

Companies love the 401(k) System because it amounts to Private Enterprises being able to Tax American Workers.

Americans hold $4.2 trillion in 401(k) plans, according to the Investment Company Institute. An additional $6.5 trillion is in Individual Retirement Accounts.

A Defined Benefit pension plan is superior to 401(k) which is why Corporations don't like them. Corporations don't want workers who have assured retirement benefits, they want workers who are slightly desperate and willing to agree to whatever Ownership wants for fear of losing everything.

But, in keeping with the Neoliberal Economic Assault on 99% of Americans the 401(k) plan was sold to America as a superior way for you to manage your retirement! But, all 401(k) turned out to be was another mechanism for Corporations to steal your money.

If you happen to be planning on retiring during one of Capitalism regular crisises say 2001 or 2007 for instance, well then you are truly screwed because the 401(k) you've been contributing too and the market in general, probably lost 50% or more of its' value.

But, it's the day-to-day, year after year nickel-and-diming fees which eventually allow Hedge Funds to steal thousands of dollars from your retirement account.

From the Center for American Progress (CAP) comes a study of the impact the often hidden fees which Wealth Mismanagement Firms use to siphon off your retirement funds.

The CAP study showed how raising the annual fee from 0.25% to 1% or 1.25% would take $70,000 to $100,000 from the employees 401(k) account.

Putting aside the current American Job Market where no employee is going to last 30 years at a company offering up to 5% matching funds for your 401(k) account, the bigger picture is the continuing Legerdemain and accounting gimmicks Hedge Funds use.

One of the ways, Vultures like Wealth Mismanagement Pro Bruce Rauner caused the Illinois Pension Crisis was by charging fees. Rauner's firm GTCR and other Hedge Funds gained access to Public Pensions in the 1990's and now we find they are underfunded.

By Rauner's own admission 2/3rds of GTCR funds were supplied by Public Pensions. In Illinois GTCR has "managed" money for the Illinois Teachers' Retirement System (TRS) and the Illinois State Board of Investment, the state's largest and third-largest, respectively. Additionally, GTCR had access to state and municipal pension plans from the San Francisco City and County Employees' Retirement System to the Massachusetts Pension Reserves Investment Management Board. 

For this "work" GTCR, takes consultation and management fees. Bruce Rauner got paid no matter what the funds he "managed" did.

So, it's not surprising that Illinois and other Public Pensions began to go into insolvency once Vandal Capitalists got their hands on the funds. In fiscal year 2009, TRS lost $4.4 Billion (22% of its' value) in 2008 TRS lost 5% of it's value because of the Management of their Portfolios by Rauner-types.

Hedge Funds aren't growing wealth, they are parasitic Rentiers clinging to productive workers, like Teachers, sucking money from the Working Class like leeches and Vultures.

Bruce Rauner like all Plutocrats is a Vandal. Illlinois Public Pension insolvency is his and other Capitalists fault

Bruce Rauner is running for Governor of Illinois. He'll have to win the Republican Primary for a chance to square off against Governor Quinn in the general election. Rauner's sole remaining competition for the Republican Primary is Kirk Dillard after Rauner's Squad eliminated Dan Rutherford's chances with allegations of Sexual Harassment and a homosexual relationship with an intern.

Billionaire Bruce Rauner is an implacable foe of Working people in Illinois. Besides vowing to reduce Illinois' Minimum Wage to make Illinois workers more appealing to Corporate Wage Slavers, once he wins, a Governor Bruce Rauner will do to the State and citizens of Illinois what he and other Capitalists have done to Illinois Public Pensions, they will cart off all the assets in a legislative orgy of Vandalism.

Because that is what Bruce Rauner is; A Vandal, in the most ancient sense of the term. Rauner's entire fortune has been made from identifying previously existing wealth charging in and looting it.

Bruce Rauner worked for 30 years at "Wealth Management" Firm GTCR, the R for Rauner was added during his tenure. Rauner's firm "managed" Public Pensions for nearly two decades. Now, after Rauner and other Vandal Capitalists have had access to Pensions, surprise Illinois is facing a massive Pension Crisis.

By Rauner's own estimate 2/3rds of GTCR funds were supplied by Public Pensions. Here in Illinois

GTCR has "managed" money for the Illinois Teachers' Retirement System (TRS) and the Illinois State Board of Investment, the state's largest and third-largest, respectively. Additionally, GTCR had access to state and municipal pension plans from the San Francisco City and County Employees' Retirement System to the Massachusetts Pension Reserves Investment Management Board. 

For this "work" GTCR, takes a 20% or more slice plus consultation and management fees. Rauner got paid no matter what the funds he "managed" did.

So, it's not surprising that Illinois and other Public Pensions began to go into insolvency once Vandal Capitalists got their hands on the funds. In fiscal year 2009, TRS lost $4.4 Billion (22% of its' value) in 2008 TRS lost 5% of it's value because of the Management of their Portfolios by Rauner-types.

The Wall Street-Hedge Fund-Wealth Management Implosion of 2007 and on-going Republican Recession was the end result of unchaining Capitalism and opening up the gates to the Vandal Capitalists like Rauner. The Vandals took the secure Public backed funds from dozens of states, hundreds of municipalities and Unions and stole them.

Bruce Rauner's not alone in the Vandal Capitalist method. It's the method de rigueur of the 1%.

"The problem is that the world and this country should not talk about envy of the 1 percent. It should talk about emulating the 1 percent. The 1 percent work harder. The 1 percent are much bigger factors in all forms of our society." Sam Zell, in defense of Tom Perkins who compared the Working Class to Nazis.

The 1% do work hard. It takes a lot of gall for the Vandals to raid, loot and plunder and call themselves Job Creators.

Chris Hayes summed up Zell's "business" model,

Let me tell you something about Sam Zell. He bought The Tribune Company in 2008 for $8.2 billion, an extremely highly leveraged deal. It was widely regarded. I reported on it at the time as an unsustainable debt structure that would implode in on itself.  

Well, guess what? Less than a year, the company went bankrupt, listing $7.6 billion in assets and $13 billion in debt. More than 4,200 people lost their jobs. But despite the company`s troubles, executives received tens of millions of dollars in bonuses. 

Sam Zell is like the action movie hero who throws the lighter behind him not bothering to look back at the explosion. That`s Sam Zell.

Zell bought the Tribune Company and loaded them up with debt ($13 billion) as he drained the companies assets then had them claim bankruptcy and sold off the Chicago Cubs to the semi-odious Billionaire Rickets Family.

Loading debt onto companies in highly leveraged deals is a classic technique Zell and Mitt Romney have profited from immensely. This is the Hard Work that Zell, Rauner, Romney, Steven Cohen, Paul E. Singer, Stephen Schwarzman, Clifford S. Asness, the Koch Brothers, and Tom Perkins demand to be lauded for, deferred to and praised.

The Vandals have already sacked the Public Pensions. With the help of Republican Governors, like Koch Brothers controlled Scott Walker in Wisconsin, several states have fallen to the rapacious hunger of the Vandal Capitalists.

If Bruce Rauner makes his way into Springfield as the Governor of Illinois, another gate will be thrown open to his Looting brethren and Illinois will be Sacked, just as the Vandals have done to other States.