Jimmy McGill

The DumbBrexit / #Wexit thread

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50 minutes ago, Curmudgeon said:

CPPIB is one of the world's largest sovereign wealth funds and one of the world's largest investors in private equity, having invested over US$28.1 billion between 2010 and 2014 alone. As of September 30, 2019, the CPP Investment Board manages over C$409 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians.

 

 

In December 2013, the Chief Actuary reaffirmed that the CPP is sustainable throughout the 75-year timeframe of his 2012 report. Over this long timeframe it is expected that there will be periods where returns are above or below this threshold.

 

The CPP total assets are projected to reach the following levels according to the 2012 actuarial report: (in assets):

  • $175 billion by 2013.
  • $300 billion by 2020.
  • $518 billion by 2030.

 

Edit: I suppose this is the Alberta vision of what federal government failure looks like. I think he might be confusing failure of CPP with failure of the Alberta Heritage Fund. You know, the one that successive Alberta conservative governments mismanaged.

exactly this ^

 

I work / have worked with many people coming from CPPIB and have found nothing short of the upmost professionalism and focus from any of them. (mainly portfolio managers & analysts who have now brought similar returns to my clients as well as my firms private portfolios). These people have of course been replaced at CPPIB by similar individuals who continue to manage the portfolio to the envy of many governments.To say they have or are failing i dont think is accurate.


That said, what retirees see in the form of their pension benefits is not the same rate of return that the CPPIB delivers as it is based on your contribution period and the rate, which may be the reason for some confusion. (IE when the CPP started the contribution rate was 3.6% since then it has risen to approx 10% and you only needed to contribute for 10 years back then to get full benefits but that has risen to approx 39 years currently. These will both affect the personal retiree's real ROR).

Edited by Ronaldoescobar
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17 minutes ago, Ronaldoescobar said:

exactly this ^

 

I work / have worked with many people coming from CPPIB and have found nothing short of the upmost professionalism and focus from any of them. (mainly portfolio managers & analysts who have now brought similar returns to my clients as well as my firms private portfolios). These people have of course been replaced at CPPIB by similar individuals who continue to manage the portfolio to the envy of many governments.To say they have or are failing i dont think is accurate.


That said, what retirees see in the form of their pension benefits is not the same rate of return that the CPPIB delivers as it is based on your contribution period and the rate, which may be the reason for some confusion. (IE when the CPP started the contribution rate was 3.6% since then it has risen to approx 10% and you only needed to contribute for 10 years back then to get full benefits but that has risen to approx 39 years currently. These will both affect the personal retiree's real ROR).

Wow you made a serious post for once, very informative!

 

So one must work and contribute to CPP for 39 years to reap the full benefits... for example from age 21- 60. The boomers sure got the nice end of the stick here it seems.

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10 minutes ago, Chicken. said:

Wow you made a serious post for once, very informative!

 

So one must work and contribute to CPP for 39 years to reap the full benefits... for example from age 21- 60. The boomers sure got the nice end of the stick here it seems.

Boomers always come out ahead.

 

I wonder if that is 39 years of full time work... or does part time count.   I always though CPP would be based on how much you contributed... then

capped.

 

Found this. ...  - interesting.. read - https://www.empire.ca/complete-guide-canada-pension-plan-cpp

 

General Drop Out

At some point or another, most Canadians experience periods of lower income for various reasons, such as unemployment, deciding to attend University, or taking time away from work to care for a family member. Therefore, the Canada Pension Plan automatically drops the lowest 17% (or up to eight years of earnings) from your CPP base calculation. 

 

This provision is automatically applied to all those who contribute to the CPP. You do not need to apply for it.

 

Edited by kingofsurrey

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30 minutes ago, Chicken. said:

Wow you made a serious post for once, very informative!

 

So one must work and contribute to CPP for 39 years to reap the full benefits... for example from age 21- 60. The boomers sure got the nice end of the stick here it seems.

Yeah once in a blue moon I pull out a constructive post but youre right most of the time i just mess around on these boards (mainly the political threads that have divided us so much unfortunately).

 

Yep the boomers and those before were the fortunate ones for sure. I mean a 45.5% real ROR if you retired in 1969 vs probably 3% currently ouch....  That said, it seems in a few ways (not all) they were easier/more fortunate times back then (including being able to get a job to support a family with only a high school education if one even had that).

Edited by Ronaldoescobar

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2 hours ago, Curmudgeon said:

CPPIB is one of the world's largest sovereign wealth funds and one of the world's largest investors in private equity, having invested over US$28.1 billion between 2010 and 2014 alone. As of September 30, 2019, the CPP Investment Board manages over C$409 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians.

 

 

In December 2013, the Chief Actuary reaffirmed that the CPP is sustainable throughout the 75-year timeframe of his 2012 report. Over this long timeframe it is expected that there will be periods where returns are above or below this threshold.

 

The CPP total assets are projected to reach the following levels according to the 2012 actuarial report: (in assets):

  • $175 billion by 2013.
  • $300 billion by 2020.
  • $518 billion by 2030.

 

Edit: I suppose this is the Alberta vision of what federal government failure looks like. I think he might be confusing failure of CPP with failure of the Alberta Heritage Fund. You know, the one that successive Alberta conservative governments mismanaged.

So in essence said person was absolutely shooting wind by calling it a failure?

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8 minutes ago, Warhippy said:

So in essence said person was absolutely shooting wind by calling it a failure?

Not shooting wind..... more like passing GAS .... LOL 

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21 hours ago, Warhippy said:

Please, cite your sources that CPP is failing

I was recently at a conference where Martin Armstrong of Armstrong Economics spoke. His concern over failing pension plans both government and private is global not just the CPP. Governments world wide are debasing their currencies thru QE. When you see figures like the CPP being worth $300 B now and worth $540 B in 10 years it doesn't really mean a lot if the buying power of that dollar has seriously eroded. Armstrong consults with central banks all over the world.

 

Google his name and read some of his conclusions. You can choose whether to believe him or not. I do not believe the assumptions that the CPP publish. These are the same people who regularly assume inflation of 2% or less. Review the forecasted rates of return over even the next 10 years. When pension funds have mandated % levels of bonds that yield 2% or less tell me how they will get returns of 8% in their overall portfolios. It is one thing to assume these funds will not fail but they are already doing so at the municipal level in the USA and in the EU. 

 

As I said I am not interested in debating you. It is a subject that all citizens should be concerned about and should investigate. 

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3 hours ago, Boudrias said:

I was recently at a conference where Martin Armstrong of Armstrong Economics spoke. His concern over failing pension plans both government and private is global not just the CPP. Governments world wide are debasing their currencies thru QE. When you see figures like the CPP being worth $300 B now and worth $540 B in 10 years it doesn't really mean a lot if the buying power of that dollar has seriously eroded. Armstrong consults with central banks all over the world.

 

Google his name and read some of his conclusions. You can choose whether to believe him or not. I do not believe the assumptions that the CPP publish. These are the same people who regularly assume inflation of 2% or less. Review the forecasted rates of return over even the next 10 years. When pension funds have mandated % levels of bonds that yield 2% or less tell me how they will get returns of 8% in their overall portfolios. It is one thing to assume these funds will not fail but they are already doing so at the municipal level in the USA and in the EU. 

 

As I said I am not interested in debating you. It is a subject that all citizens should be concerned about and should investigate. 

UH huh.  This runs literally along side your statement of BC pissing away tens of/hundreds of billions in LNG money that never existed.

 

You don't have to be interested in debating me.  As I am not debating you.  I am literally calling you out on your statements that are not only not based on fact but outright falsehoods.  There is no debate.  You're wrong.  You're telling an untruth.  there is no evidence outside of anecdotal to support your statement.  

 

I might add your only statement here in support of your prior one is to point your finger at the US and EU which in no way has anything to do with what the CPP is doing.

 

For the record, I still cannot find the billions and billions BC pissed away from the LNG fund that never existed

 

Edit**. I am reading up on Armstrongs pension statements.  You really should be retracting your statements here as they have nothing to do with defined taxpayer benefited pension plans like the CPP but instead have everything to do with Defined Benefit Plans vs Defined Contribution plans...in America.  At the state levels.  He then goes on to speak of how the government is propping up private pension plans for workers by pumping tax dollars in to them.  More socialism or?  Again...not supportive at all of your statement what so ever

 

https://www.armstrongeconomics.com/world-news/pension-crisis/the-pension-crisis-is-starting-to-explode/

 

https://www.armstrongeconomics.com/world-news/pension-crisis/pension-crisis-congress-is-unable-to-act-because-of-gridlock/

Edited by Warhippy
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3 hours ago, Boudrias said:

Google his name and read some of his conclusions.

Yeah, about that: Couldn't get past his criminal conviction:

 

"In 1999, Japanese fraud investigators accused Armstrong of collecting money from Japanese investors, improperly commingling these funds with funds from other investors, and using the fresh money to cover losses he had incurred while trading.[14] United States prosecutors called it a three-billion-dollar Ponzi scheme.[15] Allegedly assisting Armstrong in his scheme was the Republic New York Corporation, which produced false account statements to reassure Armstrong's investors. In 2001, the bank agreed to pay US$606 million as restitution for its part in the scandal.[15]

Armstrong was indicted in 1999 and ordered by Judge Richard Owen to turn over fifteen million dollars in gold bars and antiquities bought with the fund's money; the list included bronze helmets and a bust of Julius Caesar.[16][17] Armstrong produced some of the items but claimed the others were not in his possession; this led to several contempt of court charges brought by the SEC and the CFTC, for which he served seven years in jail until he reached a plea bargain with federal prosecutors.[18][19][20] Under the terms of the agreement, Armstrong admitted to deceiving corporate investors and improperly commingling client funds—actions that according to prosecutors resulted in commodities losses of more than seven hundred million dollars—and was sentenced to five years in prison.[21][16]

He was released from federal custody on 2 September 2011 after serving a total of eleven years behind bars.[22][23]

The case against Armstrong was finally closed in 2017, with the distribution of about $80 million to claim holders by the receiver, according to court filings.[24] Armstrong appealed the refusal of the receiver to transport his remaining possessions from storage lockers in New York and Pennsylvania to him in Florida, but the appeal failed in 2019.

 

In 2014, a New Jersey day laborer claimed to have found a cache of valuable rare coins while clearing out the basement of a house, and subsequently sold them to a local thrift shop. Three years later in 2017, the thrift shop announced they were to auction the coins, however Armstrong came forward and claimed to be the rightful owner, saying he hid them in his mother's old house to take them "off the books" in anticipation of his firm's public offering. The thrift shop sued Armstrong, and asked the court to declare the thrift shop as rightful owners. Armstrong counter-sued also seeking ownership. The US government found out about the coins, in 2019, and claimed the coins as part of the treasure horde Armstrong had refused to hand over to the Court, in 1999, and for which he served seven years in jail for contempt. The horde consisted of 102 gold bars, 699 gold coins, an ancient bust of Julius Caesar, and rare coins in total valued at $12.9 million."

 

Edit: Sorry, but I doubt the words and the judgement of liars and thieves. 

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21 minutes ago, Curmudgeon said:

Yeah, about that: Couldn't get past his criminal conviction:

 

"In 1999, Japanese fraud investigators accused Armstrong of collecting money from Japanese investors, improperly commingling these funds with funds from other investors, and using the fresh money to cover losses he had incurred while trading.[14] United States prosecutors called it a three-billion-dollar Ponzi scheme.[15] Allegedly assisting Armstrong in his scheme was the Republic New York Corporation, which produced false account statements to reassure Armstrong's investors. In 2001, the bank agreed to pay US$606 million as restitution for its part in the scandal.[15]

Armstrong was indicted in 1999 and ordered by Judge Richard Owen to turn over fifteen million dollars in gold bars and antiquities bought with the fund's money; the list included bronze helmets and a bust of Julius Caesar.[16][17] Armstrong produced some of the items but claimed the others were not in his possession; this led to several contempt of court charges brought by the SEC and the CFTC, for which he served seven years in jail until he reached a plea bargain with federal prosecutors.[18][19][20] Under the terms of the agreement, Armstrong admitted to deceiving corporate investors and improperly commingling client funds—actions that according to prosecutors resulted in commodities losses of more than seven hundred million dollars—and was sentenced to five years in prison.[21][16]

He was released from federal custody on 2 September 2011 after serving a total of eleven years behind bars.[22][23]

The case against Armstrong was finally closed in 2017, with the distribution of about $80 million to claim holders by the receiver, according to court filings.[24] Armstrong appealed the refusal of the receiver to transport his remaining possessions from storage lockers in New York and Pennsylvania to him in Florida, but the appeal failed in 2019.

 

In 2014, a New Jersey day laborer claimed to have found a cache of valuable rare coins while clearing out the basement of a house, and subsequently sold them to a local thrift shop. Three years later in 2017, the thrift shop announced they were to auction the coins, however Armstrong came forward and claimed to be the rightful owner, saying he hid them in his mother's old house to take them "off the books" in anticipation of his firm's public offering. The thrift shop sued Armstrong, and asked the court to declare the thrift shop as rightful owners. Armstrong counter-sued also seeking ownership. The US government found out about the coins, in 2019, and claimed the coins as part of the treasure horde Armstrong had refused to hand over to the Court, in 1999, and for which he served seven years in jail for contempt. The horde consisted of 102 gold bars, 699 gold coins, an ancient bust of Julius Caesar, and rare coins in total valued at $12.9 million."

 

Edit: Sorry, but I doubt the words and the judgement of liars and thieves. 

Wow. Thanks for that.

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57 minutes ago, Curmudgeon said:

Yeah, about that: Couldn't get past his criminal conviction:

 

"In 1999, Japanese fraud investigators accused Armstrong of collecting money from Japanese investors, improperly commingling these funds with funds from other investors, and using the fresh money to cover losses he had incurred while trading.[14] United States prosecutors called it a three-billion-dollar Ponzi scheme.[15] Allegedly assisting Armstrong in his scheme was the Republic New York Corporation, which produced false account statements to reassure Armstrong's investors. In 2001, the bank agreed to pay US$606 million as restitution for its part in the scandal.[15]

Armstrong was indicted in 1999 and ordered by Judge Richard Owen to turn over fifteen million dollars in gold bars and antiquities bought with the fund's money; the list included bronze helmets and a bust of Julius Caesar.[16][17] Armstrong produced some of the items but claimed the others were not in his possession; this led to several contempt of court charges brought by the SEC and the CFTC, for which he served seven years in jail until he reached a plea bargain with federal prosecutors.[18][19][20] Under the terms of the agreement, Armstrong admitted to deceiving corporate investors and improperly commingling client funds—actions that according to prosecutors resulted in commodities losses of more than seven hundred million dollars—and was sentenced to five years in prison.[21][16]

He was released from federal custody on 2 September 2011 after serving a total of eleven years behind bars.[22][23]

The case against Armstrong was finally closed in 2017, with the distribution of about $80 million to claim holders by the receiver, according to court filings.[24] Armstrong appealed the refusal of the receiver to transport his remaining possessions from storage lockers in New York and Pennsylvania to him in Florida, but the appeal failed in 2019.

 

In 2014, a New Jersey day laborer claimed to have found a cache of valuable rare coins while clearing out the basement of a house, and subsequently sold them to a local thrift shop. Three years later in 2017, the thrift shop announced they were to auction the coins, however Armstrong came forward and claimed to be the rightful owner, saying he hid them in his mother's old house to take them "off the books" in anticipation of his firm's public offering. The thrift shop sued Armstrong, and asked the court to declare the thrift shop as rightful owners. Armstrong counter-sued also seeking ownership. The US government found out about the coins, in 2019, and claimed the coins as part of the treasure horde Armstrong had refused to hand over to the Court, in 1999, and for which he served seven years in jail for contempt. The horde consisted of 102 gold bars, 699 gold coins, an ancient bust of Julius Caesar, and rare coins in total valued at $12.9 million."

 

Edit: Sorry, but I doubt the words and the judgement of liars and thieves. 

I remember that!  

 

Believe it or not it was an actual news story for a few weeks.  

 

Must have been a slow week or so

 

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10 minutes ago, Ryan Strome said:

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Nothing wrong with Canada though.  Only how Alberta views its place in the nation.  We're a team, but one of the team members is more Kovalev than Borque

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3 hours ago, Ryan Strome said:

FB_IMG_1582137500867.jpg

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Sorry, I stop paying attention when I see nothing but memes, but I have to ask: What law did Ottawa pass that "punishes only one province"?

Edited by RUPERTKBD

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16 minutes ago, Warhippy said:

Nothing wrong with Canada though.  Only how Alberta views its place in the nation.  We're a team, but one of the team members is more Kovalev than Borque

Interesting take meanwhile the bloc is the 3rd biggest party in the HOC,  bc, sask and Manitoba  all hav sepratist movements...yait's just Alberta. 

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1 hour ago, Ryan Strome said:

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I can't believe that people give him the time of day.  This guy was an MP representing an Albertan riding during the last time equalization was changed.  He was in Ottawa,  in government for the better part of a decade.  If Canada is so broken, why didn't he/they do anything about it?  Sounds to me that he/they are a bunch of temper tantrum opportunists stoking fear and hate to get political support and not promoting sound policy. 

Edited by thedestroyerofworlds

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1 minute ago, bishopshodan said:

Profile shots. Must be his good side. 

His other side has a rash from all the crying man-tears and tissue dabbing going on.....

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Anyone remember when BCs forestry industry was devastated by NAFTA, ongoing softwood disputes, the sustainable forestry practices act, pine beetle and raw log shipments and BC threatened to leave the nation if nothing was done about it and the rules weren't;t changed just for BC?

 

Me neither.

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