Illinois Leaps Ahead of California in Default Risk, Better than Iraq, Worse than Portugal; Pension Fraud in Milwaukee

CMA data shows Illinois and California are in the top ten list of sovereign default risks, with Illinois leapfrogging California in terms of increasing risk.

Please consider CMA Market Data as of Wednesday, 23 June 2010.

Sovereign Default Risks



Illinois is ranked a better risk than Iraq, but riskier than Portugal and California.

The countries (or states) are ranked by their cumulative probability of default (CPD), which gives the market's assessment of an issuer's likelihood of default over the life of a CDS contract.

9,111 retired California government workers receive pensions in excess of $100,000

Here is the CalPERS Top Ten list



Bruce Malkenhorst is the top recipient making over half-a-million dollars a year in pension benefits. Is that insane or what?

Please click on previous link to search the entire CalPERS list.

3,090 retired California teachers and administrators receive pensions in excess of $100,000

Here is the CalSTRS Top 10 List



Please click on previous link to search the entire CalSTRS list.

Ironman Competitor Deemed "Permanently and Totally Incapacitated" Collects huge pension benefits.

Dave Orlowski, 54 years young, is fit enough for multiple "Ironman Competitions" but amazingly collects $53,063 disability benefits a year plus full health benefits because the Milwaukee police union deems him "permanently and totally incapacitated for duty."

Please consider Fit enough for Ironman but not for the MPD

Dave Orlowski can swim 2.4 miles. He can bike 112 miles. He can run 26.2 miles.

In fact, the 54-year-old athlete can do all of these one right after the other - several times a year. He completed six Ironman triathlons last year, has done three so far this year and hopes to compete in yet another one in Klagenfurt, Austria, on July 4.

Orlowski can also play a round of golf, as he did recently at a fund-raiser for the Make-A-Wish Foundation of Wisconsin.

But this is something the guy won't do:

He won't work for the Milwaukee Police Department.

That's because the former homicide detective has been declared "permanently and totally incapacitated for duty."

As an injured ex-cop, Orlowski has been paid nearly $500,000 in tax-free pension checks by the city since 1999. He is currently receiving $53,063 a year from the city Employees' Retirement System, plus full health benefits.

Pension Fraud

In my opinion, Orlowski should be prosecuted for fraud.

Anyone capable of competing in Ironman competitions is fit enough to work. Yet Orlowski has collected a half-million dollars in tax-free disability benefits since 1999. Moreover, he is only 54 years old and stands to collect millions more.

Defending the Indefensible

Every week I receive emails from a public union worker defending unions on the grounds that banks were bailed out.

The simple and blatantly obvious fact of the matter (unless you are on the public gravy train) is that two wrongs do not make a right.

I was not in favor of bank bailouts and I am not in favor of excessive military spending. However, neither bank bailouts nor absurd military spending makes it right for public unions to rape taxpayers day in and day out.

Those in public unions want their handouts and politicians have cooperated because they are willing to buy votes and because public unions blatantly threaten politicians to the point any sensible person would call it extortion.

Taxpayers Have Had Enough

Taxpayers in some cities have had enough. For example, Maywood, California Fires all Employees, Becomes a 100% Contracted City

I salute Maywood, California.

Chris Christie, a Beacon of Light

One person stands above all others in willingness to confront union greed and arrogance. That person is New Jersey governor Chris Christie.

March 02, 2010: Governor Christie: "Time to Hold Hands and Jump Off the Cliff" - Chris Christie For President?

March 18, 2010: Governor Christie Calls Unions "Crass Bullies of State Street"; Says Unions Have a Choice "Givebacks or Layoffs"

May 29, 2010: Can Chris Christie Fix New Jersey?

June 06, 2010: Chris Christie on Teachers' Unions, Vouchers, Union Dues, Change: "We are going to lead the way!"; Ron Paul-Chris Christie for President, VP

Chris Christie is a national hero. He is willing to say or do anything to fix New Jersey's budget problems. Christie is exactly what we need at the national level.

Unfortunately, we are stuck with Obama, an economic illiterate, beholden to public unions.

Moreover, we have to deal with millions of public union members who day in and day out want to rape taxpayers for their benefit. Finally, we also have to deal with countless politicians willing to destroy the country just to get endorsements and campaign contributions from unions.

Public unions destroyed Greece and they are helping destroy the US. To end the madness, it is imperative to vote against any candidate endorsed by public unions.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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