Of course, this post cannot possibly live up to the hype of the headline. No, this is not an archive of “all sides” of the looming pension crisis.
But it is another account of what our world is facing with this topic. See the slide show above for an introduction with links to story content.
Authors Richard A. Marin and Robert H. Frank Global Pension Crisis is a lively, entertaining, yet terrifying book. Before you read very far into it you’ll realize that looming Boomer retirements are a ticking time bomb that threatens even those who have saved prudently for most of their lives. That’s because many millions of others will enter retirement with virtually no private savings. The second group, which is far huger than the first, will face unmet needs that governments will find politically impossible to ignore. And to meet those needs, we’ll need lots of additional tax revenue, which can only come from those in a position to provide it As Willie Sutton replied when asked why he robbed banks, “that’s where the money is.”
California’s state and local public pension crisis has festered for many years. PRI study California’s Pension Crowd-out (Winegarden 2016), traces the root causes of this crisis.) Simply put, California has consistently failed to make the required contributions to its public pensions while offering current and former employees costly benefits that grow faster than the state’s ability to afford them. The result is the persistent unfunded liabilities associated with California’s public pensions. This large, and growing, unfunded debt problem is visualized in these REPORTS.
There is a looming pension crisis in the U.S. that unless addressed quickly by the federal government could jeopardize the retirement security of hundreds of thousands—if not millions– of Americans. Multi-employer pension plans provide pension benefits to over 10 million Americans in industries as diverse as construction, mining, trucking, and retail and a significant number of these plans find themselves in seriously stressed financial condition. If these funds become insolvent—and the timeframe for that insolvency ranges from 2 to 8 years—the results could be devastating for retirees, for current employees, for the companies that contribute to the plans, and for the communities in which companies and beneficiaries reside. ▶ MORE
#VarsityBlues (continued) Like most other stories in the SocialCurrentSee® of our time, public sentiment in this is largely divided in determining what, if any, justice should follow in the pending trials of the elites who are charged by the FBI.
The April 3 Boston court appearance by Loughlin, Giannulli, and others so charged brought some additional notoriety due to the showtime display by some of the defendants. We welcome your comments.
Since the Ides of March, our SocialCurrentSee (scs®) archives have been populated with ample content linked to #VarsityBlues, aka the college admissions scandal. By now, the world knows that actresses Lori Loughlin and Felicity Huffman headline a list of more than 50 high-profile personalities indicted in the blockbuster FBI undercover sting to expose the scandal.
According to a SOURCE in Boston (where the trial began April 3), Lori Loughlin cleared any trace of her presence on social media after being charged in the scandal. As news emerged of the Full House star’s alleged involvement, the actress decided to delete her Instagram and Twitter, which has been inundated with tweets about the conspiracy. One daughter Olivia Jade is a well known YouTube star and beauty expert. Reports claim that there are actually court documents that show that Lori Loughlin and her husband, Mossimo Giannulli, agreed to pay bribes totaling $500,000 to get their daughters designated as recruits to the USC crew team despite the fact that they don’t participate in crew.
Now, much of the public angst about this case invokes certain sympathy for the deserving students who were blocked from attending these elite schools because of the admissions scam.
characters are principals in the public domain, icons overexposed in continuing SocialCurrentSee® and linked to billions, including monetary interests
characters have common names and lives to match, but titles under pseudonyms designed to protect revelation (An unrelated CASE in HALLMARKS)
Despite all of the press, public outrage, and constant comments in the socialcurrentsee® of the high-profile scholarship scandal, the legal arguments will primarily deal with tax matters. Allegedly, a fraudulent charity was at the center of the scheme.
The dispute may end up in the United States Tax Court, a tribunal of record established by Congress under Article I of the U.S. Constitution. When the Commissioner of Internal Revenue determines a tax deficiency, the taxpayer may dispute the deficiency in the Tax Court before paying any disputed amount.
Actress Lori Loughlin and her husband, fashion designer Mossimo Giannulli, stand accused of paying half a million dollars to get their daughters into USC. The couple reportedly paid a bribe to the school’s crew coach to falsely admit their daughters as rowing prodigies, though neither really participated in the sport. Loughlin and Giannulli are due to appear in Boston court April 3 to be arraigned.
According to the Boston Globe, many of the #varsityblues defendants have hired A-list legal teams to represent them in federal court in Boston, where they’re among assorted wealthy parents caught in the nationwide college admissions scandal. Legal findings show Felicity Huffman, 56, and Loughlin, 54, are each charged for allegedly paying bribes to advance the likelihood of their children getting into selective schools. Loughlin allegedly had her daughters falsely accepted as athletic recruits at USC, and Huffman allegedly paid to aid in the cheating of her daughter’s SAT.
Eventually, it could well be that the California defendants in this case will appeal their eventual convictions at a Federal courthouse closer to home, perhaps the well-known Pasadena location.
As of late March 2019, the identity of the defendant that made the $6 million alleged bribe has not been revealed and that was also the alleged discovery which led to more than 50 other indictments, including the Hollywood notables cited above.
Many who follow this story will know that the starlet Lori Loughlin wasn’t even supposed to be a regular on Full House, where she starred alongside the Olsen twins as Uncle Jesse’s lady love. She was originally contracted to only six episodes, but Aunt Becky soon became a fan favorite and producers loved the way she interacted with the Tanner girls. Producers ended up giving her a supporting role, where she became a mainstay and finished out the series in 1995.
For trivia nuts, Loughlin’s first big break was a Tab Cola commercial, and by the time she landed her role in Full House, she was already working in TV. The series helped make her a household name, and she’s since landed some big roles, from the 90210 reboot, to some G-rated basic cable cult hits. All this hard work helped her amass a pretty impressive $20 million, according to Celebrity Net Worth.
Now documented: Lori Loughlin wiped clean her social media presence on the same day news of the college admissions scandal broke, and her Twitter and Instagram pages no longer exist. The FBI has also accused the Netflix star’s husband, Mossimo, for teaming up with his wife to allegedly agree “to pay bribes totaling $500,000 in exchange for having their two daughters designated as recruits to the USC crew team — despite the fact that they did not participate in crew — thereby facilitating their admission to USC,” according to the court documents that HollywoodLife read.
According to this source, Mossimo appeared in federal court on March 12 and his bond was set at $1 million, as he and Lori were specifically charged for “conspiracy to commit mail fraud and honest services mail fraud,” aa described by CNN. Daughters Olivia, 19, and Isabella, 20, have built impressive social media empires, as Olivia has nearly two million YouTube subscribers, while her older sister boasts over 260,000 followers on Instagram. Olivia turned the comments off on her social media pages once the scandal broke.
“On March 12, the FBI disclosed from its investigation that 50 celebrities, executives, lawyers and professors had paid millions of dollars to change their children’s standardized test scores, bribe university officials and coaches and create fake athletic profiles to earn their children admission to USC, UCLA, Yale and Stanford, among other colleges. ▶ SOURCE
“According to court records, 24 students were allegedly admitted to USC under the guise of athletic recruitment between 2011 and 2019, the most of any university implicated in the investigation.”