The Great Pension Fund Hoax - Corporation Nation 2 - Clint Richardson

Video Transcript:

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I'm your host, Clint Richardson. I wanted to prelude this presentation by stating that this movie is not being presented to you today for entertainment purposes. It is not meant to appeal to the masses. Instead, it is being presented as documentary and evidentiary proof of corruption most foul in the entirety of America's governmental structure. Within this web of municipal, county, district, and state corporations, lie investments and wealth so vast that the comprehension of it can only be obtained through the pain-staking research that I have done here. If at any time you feel overwhelmed with the reality of this presentation, I have created this short block of highly popular entertainment created by the very media corporations that I am about to show are majority owned by government-held stock investments. With multi-millions of visitors clicking to watch these videos, I'm sure that they will have the same stupifying, calming effect on you as they have on the rest of America. At which point, I hope that you will be able to return to the reality of the rest of this presentation. Please enjoy the intermission. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. It's been 2 때� schwer. Another video to send you a poster from Japan. 2cka sera and 15 heckles. Thank you, Mr. Thank you. But first of all, please ignore me. Mister Friskovic has helped me! Thank you! I said to you! I talkedamp here for long. Why didn't you come? Thanks. I want your I want your disease I want your everything is longer It's free I want your love Love love love want your love Okay Recent polls have shown a fifth of Americans can't locate the U.S. on a world map Why do you think this is? I personally believe that U.S. Americans are unable to do so because some people out there in our nation don't have bounce and I believe that our education like such as South Africa and Iraq everywhere like such as and I believe that they should our education over here and the U.S. should help the U.S. or should help South Africa and should help the Iraq and the Asian countries so we will be able to build up our future for it Thank you very much South Carolina President And they close time Congress Congress Congress Congress Congress Congress And now back to the real world In recent years states, counties and municipal corporations or cities and their legislatures have been reporting that the pension fund system is in dire straits They tell us that pension funds are underfunded but never explain to us exactly what that means They refer to their actuarial projections knowing that the majority of good tax paying people have no clue as to how these projections are calculated And they tell us that because of one bad year in the stock and real estate market that pension funds, municipalities and even whole states may go bankrupt These, however, are all lies They are manufactured inaccuracies and half-truths designed to keep the general public blind to the truth What is the truth? That collectively, the over 185,000 incorporated governments within the United States of America are hiding and investing vast and unimaginable amounts of wealth from the American people This theft represents the incremental purchasing by the government of our land, our homes, of our wealth as a people, and of our mutual prosperity And it represents the complete takeover of our homeland and its infrastructure by this private corporate structure known collectively as government They tell us that our taxpayer budgets are continuously short of monies from debt, taxes, tariffs, tolls, fines, levies, fees, dues, duties, orders, financial charges, ex-sizes, audits, permits, licenses, contracts, legalities, acts, rules, regulations, restrictions, requirements, requisites, prerequisites, post-requisites, documentation, obligations, restraints, constraints, options, conditions, clauses, tenure, status, etiquette, posted limits, speed limits, size limits, weight limits, closed circuit, TV, red light cameras, citations, tickets, quotas, equal opportunity, sign signals, boundaries, borders, fences, zones, zoning, associations, directives, mandates, sanctions, liabilities, requisition, confiscation, eminent domain, restraint, restraining orders, position, possession, influence, ownership, control, lawsuits, punishment, capital punishment, jail, detention, psychiatric observation followed by psychiatric evaluation, rendition, custody, confinement, captivity, incarceration, imprisonment, arrest, manhunts, warrants, required insurance, prescriptions, referrals, waiting lists, denial of care, free speech zones, terrorist watch lists, no-fly lists, and classified information. These are just a few of the legal practices that our government has come up with to take every penny the people of America earn and bring it back into the government coffers as taxation. For no matter what you call it, a fee, a late charge, a levy, a fine, a toll, or a license to drive or to work, these are all nothing more than a source of revenue for government. They're all forms of taxation without representation. And they continuously raise the tax rates of the people, while many corporations for which the government has controlling stock interest in pay little to no income tax at all. And they take our property, our homes, our automobiles, our bank accounts, and our freedom when we cannot or will not pay for these taxes. And yet we accept this system of corruption and greed as somehow normal, as the necessary evil of living in a so-called free society. Meanwhile, our perceived freedoms are granted to us by the state, and with its permission we are granted a license to drive and to work, a permit to build and to hunt and fish, a certificate to have and to raise our children, allowing the state to take those children at any time it sees fit. A nine-digit social security number to conduct business and enter into contract with the federal government, a mandatory taxation on our wages without the consent of the voting public and without a law that actually mandates it, a place to protest called a free speech zone, and countless other privileges granted to us by the government in lieu of our God-given, inalienable, and constitutionally stated rights. And we are subject to the subjugation of private corporations called courts, on which sit attorneys cloaked in black robes posing as judges, as the makers and rulers of the law, but who only practice and rule over corporate code and legality, which require the consent of the governed of you and me. But we, the governed, do not know the difference between law and legality, between rights and privileges, or even between freedom and slavery. In the next three hours, we'll examine the pension fund system, taking it apart, and revealing the truth about its structure. We will not speculate, we will not theorize, we will simply take a hard look at the comprehensive annual financial reports of government. This report, the CAFER, is the full accounting of government activity, rarely if ever mentioned in any public forum within government or in the news media. And for good reason, for when we examine these reports, we can see that collectively, government has majority share stock ownership, in most if not all Fortune 500 corporations and most significant companies around the world. And that includes the conglomerate media that will never report on the adventure we are about to partake into these reports. For now, sit down and hold on to something and get a punching bag ready. For though we will only be scratching the surface, you are about to see just how far down the rabbit hole of hidden government wealth really goes. So what is a pension fund anyway? To get a basic definition, let's go to the popular public encyclopedia by the name of Wikipedia. Now once again, when researching any topic for yourself, Wikipedia should never be your main source of information. But for our purposes and considering the critical and in-depth look we will be having at the government pension funds through their own accounting structure, the comprehensive annual financial reports, which are required by federal law, let's take a look at what Wiki says about pension funds across the world. When we type in pension fund into the Wikipedia search engine, this page comes up. It states that a pension fund is any plan, fund, or scheme, which provides retirement income. Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors like the Ontario teachers pension fund dominate. The largest 300 pension funds collectively hold about 6 trillion in assets. In January 2008, the economist reported that Morgan Stanley estimates that pension funds worldwide hold over 20 trillion dollars in assets. The largest for any category of investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity. And so we can see just from this first paragraph that the pension fund system is overall the largest holder of vast amounts of the people's wealth. Under public versus private pension funds, it states that a public pension fund is one that is regulated under public sector law, while a private pension fund is regulated under private sector law. In certain countries the distinction between public and government pension funds and private pension funds may be difficult to assess. And under the examples section, we can see that indeed pension funds are a global phenomenon, and here it states that this is not a complete list. We can see that in Australia, we have something called superannuation, which is very similar to a pension fund, which also robs the people of their wealth incrementally over time. And in the Commonwealth of Australia, we can see that for government it is divided into the public sector superannuation scheme for federal civil servants, and the state super for New South Wales state civil servants. Whatever you call these funds, they are all the same. And in the private sector, the retail employees superannuation trust, Australia's largest superannuation fund by membership, and the ANZ Australian Staff Superannuation scheme for employees of ANZ Bank. And as we go down the list, we can see that pension funds are in Canada, both government and private, in South America, in Chile, China, here listed as the National Council for Social Security Fund, and in Hong Kong as the Mandatory Provident Fund. And here we see that the employees' Provident Fund in Malaysia has total assets of around 407 billion in its diversified portfolio. And the list continues, here we see the Netherlands, Norway, Singapore, the United States, of course, which is going to be the main subject of this presentation. Saudi Arabia with the general organization for social insurance, Greece, the government public employees pension fund, and the private Teppeltat, and we round out the list with Turkey with the understanding that this is not a complete list. Here we have a graph stating the largest pension funds in the world. We see here that the government pension fund of Norway has $450 billion in assets, based in US dollars. The government pension investment fund of Japan has $1 trillion, $370 billion, again in US dollars. Here's the Netherlands at $313 billion. South Korea at $270 billion. Canada, again, at $258 billion. And remember, these are individual funds, not the complete fund balance of the country. And of course, the United States. Now again, we're talking about single pension funds and not the entirety of the pension fund system. Here, California Public Employees Retirement System is listed at $202 billion. And we can see that that was started in 1932. Here's Malaysia at $130 billion. The Netherlands, again, at $123 billion. The Canada CPP Investment Board at $122.7 billion. The Canada Ontario Teachers Pension Fund for just Ontario is $109 billion. Brazil at $80 billion. And Ireland at $30 billion. Now, once again, with the understanding that this is a world-wide phenomenon, we come to the section called Impact of the Development of Pension Funds. Pay close attention. Pension funds have played a major role in the emergence of truly global money flows, notably through their large-scale cross-border investments, channeling the excess long-term liquidity of G8 and OPEC countries towards both Western forces and emerging markets, contributing to the development of a truly integrated and thus more efficient global financial spear. But the impact of the development of pension funds on the global economy is sometimes viewed in some quarters as a contentious issue, as national and domestic markets are further integrated and thus interconnected, which facilitates both cross-border investment in times of economic growth and abrupt capital flight in times of crisis. Many pension plans invest in mutual funds. In the US market, this is typically done through the 401k 403b, IRA, and other internal revenue service approved and employer-sponsored retirement plans. And isn't it ironic that the private corporation called the Internal Revenue Service is responsible for approving pension funds? Now, it's very important to comprehend what this is saying. It states that pension funds facilitate both cross-border investment in times of economic growth and abrupt capital flight in times of crisis. Basically, this is the definition of a global market, where any government, dictator, queen, or king can invest in any company throughout the world. Simply stated, this means that globalization has already happened. So why you listen to financial analysts on your mainstream media and the shock jocks in the alternative media, who constantly praise and warn us about future globalization, know that it has already happened and that pension funds with their global investments are majorly responsible for this globalization. It goes on to state that the relative size of pension funds could contribute to explaining the overall economic strength of developed countries such as Canada, with the Canadian pension funds, seven of which have more than 100 billion dollars under management, which are powerful investors in both domestic and global financial markets, with hundreds of billions of dollars in assets in an economy of only around $1 trillion. Some think tanks, such as the CEE Council, have argued that this constitutes a long-term competitive advantage for the Canadian economy. Now that we comprehend that this scheme is a worldwide phenomenon, with massive stores of wealth being held within these funds while the people of these nations are continuously starved of their wealth, land, property, and prosperity by government taxation and takeover via these investment funds. Let's focus on the United States. We must first understand that each state, county, city, or municipal corporation, which calls itself a city, school districts, water, sewer, and other districts, enterprise operations, etc, are all independent government corporations, incorporated entities, with their own investment pools and funds separate from each of the other governments within the United States. And as we will cover later in this presentation, in order to get a grasp on the massive wealth that has been built up in your state, you must first take into consideration all of these individual business entities within each county and within each municipality, including their own pension funds, before you can have even a semi-accurate comprehension of how much wealth lies within. Each comprehensive annual financial report represents a different governmental corporate structure, with its own set of books, the Caffer. Therefore, the state financial statements will only show the money and investments for the state government itself and not any of the county, city, or other governments within the state. Likewise, municipal corporations, generally referred to as incorporated cities or towns, are also separate from the county they reside in, having their own financial holdings and investments as listed on their own comprehensive annual financial reports. Some individual cities and counties have wealth that seems to dwarf their own home states holdings. And so, once again, a complete and thorough examination of each government's report within each state is necessary to get an accurate accounting of the full wealth within each state. Understanding that there are over 18,000 governments in just the state of California alone, this task is obviously a daunting one. And it is supposed to be, for the people are not supposed to be aware of the information that we are about to discuss. In part one of the Corporation Nation, I discussed this system of corporate government in great detail. We also covered the concept of what is referred to by government as corporate governance, as taken from these government Caffer reports themselves. We showed that pension funds represent real estate investment, domestic and international stocks and corporate bonds, loans to other financial institutions and corporations both national and international, the pension funds acting as banks, and other forms of wealth including mortgage backed and other highly volatile and even junk bonds and securities. Pension funds are only a small part of the massive stores of wealth and ownership for which are governments own, and not in the interest of the people they pretend to represent. And also in part one, I made a prediction based on logic and reason. I simply stated that the pension funds, which had had a couple of bad or negative years due to the economy and the stock market, would on the 2010 Comprehensive Annual Financial Reports, show a sizable profit for the fiscal year 2010. For when the stock market goes up, so too does the investment wealth totals of the pension and other governmental funds within government. This was nothing more than a simple logic based conclusion, based both on the 2009 reports and the stock market which has risen by 4,000 points since those reports were released. And I am happy and terrified to say, I was exactly right. But then that's not saying much for this was about as hard of a prediction as predicting that the sun will rise tomorrow. You are now about to see these pension fund comprehensive annual financial reports for yourself, for most of the 50 states in the union, showing mega profits that most Fortune 500 companies can only dream about. prominently featured in the Corporation Nation Part One, let's first take a look at the CalSTRS Comprehensive Annual Financial Report. This is the front page of the CalSTRS or California State Teacher's Retirement System Pension Fund Comprehensive Annual Financial Report. This year's theme is Sustainability Squared. The Comprehensive Annual Financial Report of the California State Teacher's Retirement System for the fiscal year ended June 30, 2010, details the performance of the system's funds. In general, global economic conditions improved in fiscal year 2009 and 2010, supporting the achievement of positive returns in most asset classes. Once again, the question of how is this underfunded arises? It also states under the management's discussion and analysis, securities lending collateral and obligations increased during fiscal year 2009 and 2010 by 4.1 billion and 3.6 billion respectively. Under the member profile, it states that established 97 years ago the California State Teacher's Retirement System with a $130 billion portfolio as of June 30, 2010, is the second largest public pension fund in the United States. Under the membership by the numbers section as of June 30, 2010, we see total membership of 852,316 members, and about half of those are active contributing members. Man, look at those shoes. In the financial section under financial highlights, it states that the total net assets increased for the State Teacher's Retirement Plan by $11.3 billion or 9.6% to $129 billion, $800 million. Once again, the logical conclusion that since the stock market went up the California State Teacher's Retirement System's pension fund would also go up, in this case by over $11 billion and under that statement of net assets again, we see total assets are actually listed at $159.8 billion but after the liabilities are taken into consideration, we have total net assets of $129 billion, $768 million. Again, an increase of over $11 billion and so I ask you, does this sound like an underfunded pension fund? Now, one thing that is paramount to comprehend when looking at these dollar amounts is to understand this. This is a look at the contribution cycle of employees into the pension fund. Notice that it is not only the government employees that are contributing to the fund. In fact, employees are indeed the smallest contributors for each fund. Instead, we can see that government, here referred to as the employer, is contributing the majority of the money into the pension fund for what they claim is on behalf of the employee. But where is that money coming from? The employer in each case, the government employer referred to on each report, is a taxpayer-funded government entity. So a state employee who works for a government office, such as employment development, the Department of Corrections, the Fire Department, Police Department, or any other government office, is not only placing his or her money into the fund, but by law, each government office is also contributing to the fund at a rate of 100, 300, 500, and even 1000% more than the actual employees. To translate, this is taxpayer money. Billions and billions and billions of taxpayer money. This is the government transferring your taxpayer money into the pension fund system. This is the government sucking massive amounts of taxpayer monies out of the taxpayer base, which could otherwise be used for taxpayer services and budgetary requirements to meet the so-called deficits claimed by these thieves in government. But instead, it disappears into these pension funds to become play money for the government wealth and investment scheme. And this allows the continuance of corporate governance through majority stock ownership in most corporations around the world. Does this really sound like pension funds are underfunded? We can see that the member contributions just about equal the employer contributions, meaning California taxpayers, who aren't employees of the state of California, also contributed $2.28 billion. Now remember that these dollar amounts as stated above are in thousands, meaning that you must add $3.0 to the dollar amount shown. And so we can see that total additions of $20.9 billion and total deductions of $9.5 billion equal an $11.3 billion increase in net assets. Now one of the interesting aspects of the pension fund cafes is that they all share something in common. They all list at least their top 10 largest stock holdings, both domestic and sometimes internationally. Now just for fun and to back up what I am saying, we're just going to total up the two largest computer companies in the world to show that government indeed has controlling interest in these corporations. Here in Table 5, the largest equity holdings as of June 30, 2010, we can see that both Apple incorporated and Microsoft Corporation are indeed listed in this graph. So let's start a running total. Here's Apple with 3.1 million shares with a market value of $786.8 million. As well as Microsoft Corporation with 27.4 million shares at a $630.9 million market value. Now as we go through other pension fund cafes, we'll go ahead and add these up and then compare them to the total shares offered from both of these companies. And once again, CalSTRS in its absolute arrogance gives us a look into its corporate governance. This year they added a new paragraph which states shareholder proposals. CalSTRS votes on a variety of shareholder proposals. Examples of the issues voted on include removing classified boards of directors, requiring an independent board chairman, eliminating poison pills, tying compensation plans to company performance, and requiring shareholder approval for large severance packages. During fiscal year 2009 through 2010, CalSTRS staff voted on 60,563 proxy proposals submitted by 3,807 corporations, corporations in which CalSTRS has investments in that were held in the portfolio. Some companies had multiple meetings and the fund ended up voting at 4,331 meetings for portfolio companies. The 60,563 proposals represented a 2.2% decrease from the 61,950 proposals voted on in 2008 and 2009. The decrease in the number of proposals may be due to fewer special meetings resulting from slowed merger activity and is likely to reverse in 2010 and 2011. That almost sounds like a prediction as if bad things are going to happen in 2010, 2011 fiscal year. For a more detailed look into what corporate governance is, it is recommended that you watch the Corporation Nation Part One where all of these corporate governance issues are explained in more detail. But a basic definition of corporate governance is simply that these governments, these pension funds and other funds across the country have collectively controlling stock ownership in most if not all private corporations, Fortune 500 corporations and international corporations around the world. And with that controlling stock, it votes through proxy as a major shareholder on all of these issues regarding corporate governance. From corporate takeovers, mergers and acquisitions, stock splits and option plans, voting for the board of directors which in turn votes for the CEO of the company and other corporate governance issues. Now before we continue with this, we must understand that what we just saw is strictly a profit for this pension fund. This means that by the time all administrative expenses are paid off and more importantly, by the time that employees contribute to the fund and retirement benefit payments are paid to retirees of the school system, this dollar amount represents the return on investment for the CalSTRS fund. These billions of dollars in profit have nothing to do with the members of the pension fund. This is only the return on investment for the fund, nothing else. And now let's look at some other government pension funds from across the country. Now since we're going to be covering the majority of states in the union, we're going to take these in alphabetical order. Starting with Alaska, we have the public employees retirement system, a component unit of the state of Alaska. This is its comprehensive annual financial report for fiscal year ending June 30, 2010. Here are listed the several funds that are included within the Employees Retirement System of Alaska. Under the system total for June 30, 2010, we can see that net assets held in trust for pension and post-employment healthcare benefits under the balance end of year equals 9.7 billion dollars. Remember, we're adding three zeros to the end of all of these figures. Since that same figure at the end of fiscal year 2009 was 8.6 billion dollars, the profit seen by the Alaska Employees Retirement System fund was 1.1 billion dollars. And again, under its largest domestic equity holdings, we can see that the Alaska ERS system holds 43.7 million dollars worth of Apple incorporated stock and 34.9 million dollars worth of Microsoft Corporation stock. Notice that the number two spot is JP Morgan Chase and company. Number five is Wells Fargo and number nine is Bank of America. Now, even though we'll only be keeping track of Apple and Microsoft during this presentation, the government's stock investments in banks are equally as massive and not just the banks that you're familiar with, but banks internationally in all countries. Now we come to the teacher's retirement system for the state of Alaska, a completely different pension fund also ending June 30, 2010. Once again, we see the five or six funds that are involved within this retirement system. And the system total as of June 30, 2010, we see that net assets held in trust for pension and post-employment health benefits at the end of the fiscal year 2010 was indeed over four billion dollars. And since end of fiscal year 2009, totals were 3.7 billion the total profit for the state teacher's retirement system of Alaska was 324.9 million dollars. And again, it lists its largest domestic equity holdings. We have Apple incorporated at 18.9 million and Microsoft Corporation at 15.1 million dollars. Moving on to Arizona, delivering service with pride. Under its combined statement of changes in plan net assets, fiscal year ended June 30, 2010, we see that net assets held in trust for pension and OPEB benefits for the end of the fiscal year 2009 was 23.3 billion dollars, a decent profit over the fiscal year 2009 total of 21 billion dollars, which equals about a 2.39 billion dollar profit over 2009. Again, we see the Arizona retirement system's 10 largest domestic equity holdings. And of course, we see Apple at 0.66% of the domestic equity portfolio and Microsoft Corporation at 0.51% of the domestic equity portfolio. They also list the 10 largest international equity holdings and we can see that they have major stock in Nestle. Nestle is the company that makes most of the bottled water that you see on your shelves and yes, it's an international corporation. Roach holdings and apparently Arizona likes its beer as it has holdings in Heineken of 0.65% as well. Moving on, here's the elected officials retirement plan of the state of Arizona and we see under the statement of changes in plan net assets for 2010, which represents the net assets held in trust for pension benefits end of year June 30, 2010 at 279.5 million dollars, whereas at the beginning of the year is 258 million dollars, a net increase of 21.2 million dollars. This fund actually does not list its holdings as it invests most of its money in mutual and other security holding funds, US Treasury notes and bundled securities. Then we get to the public safety personnel retirement system with 2010 net assets held in trust for pension benefits at 4.5 billion dollars, an increase of 470 million dollars over the 2009 total. Again heavily invested in mutual funds securities and other forms of investments. Now these pension funds aren't the only types of funds that are out there. Here's the fire fighter and peace officer, Cancer Insurance Policy Program for Arizona. Again fiscal year 2010, it states, dear local board members and employers, we are committed to providing the best possible cancer program based upon the contributions received from the employers, the tax payer money. In this regard, the cancer program which began July 1, 2000 is self-insured. The contributions received this fiscal year were invested in equities and bonds. Effective July 1, 2007, the cancer program was open to all peace officers of the public safety personnel retirement system. As a result of the increase in membership, we directed staff to research the long-term effects of continued reductions to the required employer contributions and or increasing benefits. This initiative was undertaken by staff during the current fiscal year. As a result, employer contributions were reduced from 100 to 75 dollars beginning July 1, 2010. Additionally, the insurance program was revised on January 1, 2010, to expand and enhance the benefits for our members, so the employees pay less and the tax payers pay more. Contributions received from the participating local boards were $2.1 million. Benefits paid were $282.4 thousand dollars, an increase of 64.4% from the previous year due to the enhanced benefits. Net assets managed increased 28.2% from 10.7 million to 13.7 million dollars. We sincerely appreciate the opportunity of serving the state of Arizona and its political subdivisions. And of course, we see the Chairman Vice-Chairman Trustees, all corporate terms, of course. Under the statement of changes in plan net assets for 2010 and our net assets held in trust for benefits, again we see the figure of $13.68 million, an increase to this fund of over $3 million. Now again, this is an insurance fund or you could call it an insurance scheme, a scheme to take tax pay or money and invest it, just like all other funds in government. Here's the corrections officer retirement plan, again, 2010 total show an end of year balance of $1.1 billion, an increase of $151.773.000. And we can see that this fund portfolio is heavily invested in corporate bonds, mutual funds, and other bundled securities. Moving on to the great state of Colorado, we see here the Colorado Public Employees Retirement Association. This combination of four different funds shows total defined benefit plans, net assets held in trust for pension plan benefits, as well as life insurance reserve participants, at the end of fiscal year 2010, was $32.68 billion, whereas at the beginning of the year, it was $29.3 billion, a net increase for this pension fund of $3.36 billion. And once again listed in the largest stock holdings graph, we see that the Colorado Public Employees Pension Fund holds 9.5 million shares of Microsoft stock at a value of $289 million, adding three zeros as notated to buck. Also, Apple incorporated shares, standing a little over 1 million shares at a value of over $214 million. Oh and look, there's JP Morgan Chase again. Also, please note that this particular pension fund has a fiscal year ending December 31, which is also quite common. Therefore, these are the figures from December 31, 2009 and not for 2010, which logically will show an even greater profit for this year. Here's the Delaware Public Employees Retirement System, fiscal year ending June 30, 2010, which is a combination of the state employees plan, special fund, new state police plan, judiciary pension plans, county municipal and police firefighters plans, county municipal other employees plans, and so on. And we can see that the total for these combined pension funds is $6.37 billion at the end of fiscal year 2010, an increase of over $577 million. Not bad for the tiny state of Delaware. Delaware also lists its 15-year total investment rates of return. And as we can see in 2001, the plan had $5.2 billion. In 2007, the plan had $7.4 billion and in 2009, $5.7 billion. And now in 2010, $6.3 billion. Just another look into how these funds are not underfunded. By taking into consideration the accumulative totals for these pension funds, we can see that these funds are for the most part gaining year by year and will continue to do so until some event changes that. As noted here, we can see that the fair value annual rate of return for this pension fund is 8% over 15 years. But a common trick is to only look at the 10 or 5 year return, with 10 years being only 3.9% return, which is still a return on investment. But once again looking at the cumulative totals, we can see an 8% average return for 15 years. And going to the Delaware Public Employees Retirement System list of largest assets directly held as of June 30, 2010, we see Apple Inc, with 62.7000 shares, and a market value of $15.77 million. We can also see here its bond investments, and we can see that Delaware isn't exactly helping out the American cause. Here it's investing in the Government of Canada, the Inter-American Development Bank, the Georgia Pacific Corporation, Owens Brockway, the Federal Republic of Brazil, CIT Group Incorporated, International Paper Company, and the Kingdom of Norway, just another example of the global investment capabilities of these funds. Here's the Employees Retirement System of Georgia, fiscal year ended June 30, 2010. Net assets held in trust for pension benefits at the end of the year were $13.678 million. That's a net increase over $2,000 a night of $521 million. Here's a list of the systems that are in that fund. And Georgia actually has a list of its 20 largest equity holdings. Apple is in the number one spot at 527.5 thousand shares, with a fair market value of $132.6 million. In the number three spot, we have Microsoft Corporation with 3,499 thousand shares, at a market value of over $80 million. And we have the usual suspects, Exxon, Johnson & Johnson, Proctor & Gamble, Chevron, and the Banks, JP Morgan Chase & Company Bank of America, and Wells Fargo. And there's Walmart to boot. And understanding that Walmart is actually the largest corporation in South America, you can get an idea of the global influence that these pension funds can have. It also has heavy investments in Coca-Cola and Pepsi, so even if you make a choice, you're not really making a choice. And then we have the usual set of bonds listed with US Treasury Notes General Electric Pfizer Wells Fargo United Parcel Service General Electric, Verizon, the province of Ontario, European Investment Bank, Berkshire Half the Way, Royal Bank of Canada, Johnson & Johnson & the 3M Company. And we see that the total for these securities is at $4,252 million. Just in securities. But don't stop there for here's the teacher's retirement system of Georgia, a component unit of the state of Georgia fiscal year ending June 30, 2010. And we can see that total assets for this fund over the last five years went from $45 billion in 2005 up to $53 billion in 2007 and back down in 2009 to $42 billion and now in 2010 back up to where it started at almost $46 billion. Again with the so-called economic instability of 2008 and 2009, the pension plan took somewhat of a nose dive but then of course recovered when the stock market went back up. And listed under its net assets held in trust for pension benefits, we can see that the teacher's state retirement plan for Georgia has $45.9 billion dollars, an increase of over $3.4 billion dollars from 2009. And again we see that the teacher's retirement system of Georgia lists its 20 largest equity holdings, with Apple incorporated again in the number one spot at 1,880 shares with a fair market value of over $472 million dollars. Microsoft Corporation again takes the number three spot with 12,619,000 shares at a fair market value of $290 million dollars. Exxon Johnson & Johnson Proctor & Gamble and of course the banks, JP Morgan Chase, Bank of America and Wells Fargo, with total stock equity holdings at $28.2 billion dollars, $5.1 billion of that in just its 20 largest stock holdings. Moving on we get to the public employer retirement system of Idaho, fiscal year ending June 30th, 2010 and again including several different funds within the plan, we see that total net assets held in trust for the end of year 2010 was $10 billion, $410 million dollars, an increase of over $1 billion dollars for the state of Idaho. And again it lists its 10 largest stock holdings and we can see that this Idaho plan includes 2.2 million shares of Microsoft Corporation stock at a market value of over $51 million dollars. And lo and behold just beneath we have Apple Incorporated Stock with 185,000 shares at a market value of over $46 million dollars. This one also shows the Goldman Sachs group as well as Wells Fargo. And also note here that at the bottom it states that a complete list of holdings is available upon request. In order to get the full holdings of this report one would have to request that from this government plan and we'll look at one of those reports later on in this presentation. Now one thing we haven't touched on yet is the vast amount of wealth that is being generated from trading all of these stocks. Here listed under the schedule of fees and commissions for the year ended June 30th 2010 we can see the list of fees that this pension fund has paid for banks and investment companies to invest their stock portfolio. We see investment manager fees at $37.9 million dollars as well as other investment service fees legal custodian record keeping investment consultant advisor fees legal fees actuary and audit service fees which total $5,542,000 with the total of fees for just this fund at $43,888,000 dollars. That is a fortune in and of itself. And that is going to just banks and investment companies. But we don't stop there. For then in every report we have a long list of broker commissions and at the end of this list after seeing that companies like JP Morgan, Bloomberg and investment companies in Hong Kong, Istanbul, London and in America have total broker commissions of $5,494,000. Now again this is just one of the hundreds and hundreds of funds that are out there each paying fees and broker commissions for these companies to move their stock and money around. And this is not even one of the larger funds. Further in the report we can see that Idaho PERS lists its schedule of investment income for the last six years. This chart shows the total amount of profit earned on this fund's investment income. And again we can see that cumulatively the fund is way ahead of itself and not underfunded. Moving on to the teacher's retirement system of the state of Illinois, fiscal year ending June 30, 2010, under the financial highlights section it states that teacher's retirement system net assets at June 30, 2010 were $31.3 billion dollars. And that net assets increased by $2.8 billion dollars. And once again we can see that the contributions from the members pale in comparison to the state of Illinois's contributions, which once again is you the taxpayer in the state of Illinois paying over $2 billion dollars into this fund to support government investments and teacher retirement. And here's the totals once again in the statement of net assets with a $2.8 billion dollars increase in net assets. In other words profit. Here's top 10 US equity holdings at June 30, 2010 with Apple in the number one spot with a market value of $127 million dollars. And Microsoft Corporation with a value of $64.3 million dollars. Think of America Wells Fargo and JP Morgan Chase round out the list. It also shows its top 10 international equity holdings and we find that no vardis and glaxosmith Klein in Switzerland and the United Kingdom are the two largest holdings. Once again this shows that we have to consider why vaccination is so prominent. It is a very profitable business, especially when the government is recommending and even writing new legislation to make them mandatory. They also like phone companies. Here's VOTEFONE, France Telecom and Deutsche Telecom, three massive telecom communications companies. Ah, but what about the Illinois Municipal Retirement Fund? This ending December 31st 2009. We can see that net assets held in trust for pension benefits at the end of 2009 was $22.3 billion dollars and increase over 2008 of $4.2 billion dollars. And their 10 largest stock investment holdings are the typical suspects with Apple computers at a fair market value of 128.5 million dollars and Microsoft Corporation at a fair market value of 78 million dollars. JP Morgan Chase and Goldman Sachs. Surprise surprise also round out the list. Here's the Comprehensive Annual Financial Report for the Indiana Public Employees Retirement Fund including all of these funds ending fiscal year June 30th 2010. Totals of net assets held in trust equate to $14 billion 41 million dollars which is an increase of $1.6 billion dollars. Under its largest equity holdings we see Apple incorporated at 135,000 shares with a fair market value of $34 million, $26,000 dollars. And Microsoft Corporation at $1 million, 218,000 shares with a fair market value of $28 million, $38,000. There's GlaxoSmithCline, SonofiEventus, ProcterInGamble, Roche, Novartis, and AstraZeneca, all pharmaceutical companies, most of which produce vaccines. And notice JP Morgan Chase hanging out at the bottom. And then we move to the Indiana State Teachers Retirement Fund, where under the changes in net assets section, as of June 30th 2010 we see that net assets held in trust for pension benefits equal $8 billion 140 million dollars, an increase of over $941 million dollars over 2009. Here we can see that member contributions are only $131 million while employer or tax payer contributions are over $849 million dollars, which is an astounding look at how much tax payer money is being put into these funds over employee contributions. Under the Indiana Teachers Retirement System top 10 equity holdings, we can see Apple computers sitting at 44.7000 shares at a fair market value of $11.2 million dollars, and Microsoft Corporation at $453,000 shares with a fair market value of $10,434,000. Also note that HSBC and Bank of America are listed here. And once again we get a look into how much these pension funds are paying banks. Total fees here including real estate commodities, hedge funds, private equity partnerships, and stock investments total $39.6 million dollars, and that's not including commissions. Moving on to the great state of Iowa, and their public employees retirement system, as of June 30, 2010 we can see that total net assets held in trust for pension benefits equals 19.8 billion dollars, and increase of over $1.9 billion dollars for year 2010. And under its 10 largest stock holdings we see Apple incorporated with a fair market value after adding 300s of $44,559,000, and Microsoft Corporation with $22,623,000. And then sadly, we can see that of that over 19 billion dollars worth of investments, this pension fund lists its holdings in companies of Iowa interest, and other words investments that would actually help the state of Iowa at only a bit over $885 million dollars. Now imagine if these funds were actually investing locally into their state of origin and helping out the people and the community in that state. So I'm here and have an open forum that's fairly rare. Mr. Hatch, considering the speech you gave about big business, my question has to do with that. Actually, how does I see that between 2005 and 2010 you can't pay any of your receive over $6.4 million dollars in contribution. Top 10 of those contributors were big farm citizens, lawyers, and law firm, securities, investment corporations, health professionals, or it's called the medical industry. Computers and internet lobbyists, or as you said, special interests, the insurance industry, the remisting industry hospitals and nursing homes of which they from mine had this property and it's a way to sort of one could be built, health services and HMOs or health insurance companies with ludicrous blue shield being top overall contribute here. The entertainment industry, as we well know, the oil and gas industry which you just spoke of and the business services industry has quite a lot of industry insulates using commercial banks with fair storms being top financial industry contributor. My question is at what point in your career have you actually ever represented the interests of the people in the state of Utah considering that only 70% and that's conservative of your financing and lobbying comes from major out-of-state corporations. They're lobbyists. Well that's a very good question. That's another one that organizations have have people right here in Utah. And the reason they support me is because I support what they are talking about and I think you listen to my remarkable few minutes ago you're also supporting people who deserve support. Now there are also others who may not even support some positions that I did on time who know that I'm not going to be on their side to support me because they want a leadership in Washington. And I wouldn't get all that support from that broad cross section if I was just a narrow-minded person who just stood there in a mouth awful with that brother than doing the work that has to become. Our people line in the average set of racist non-fibre six million dollars. In my case I give a lot of that money away too. Here's the 2010 Comprehensive Vanuole Financial Report for the Kansas Public Employees Retirement System, Fiscal Year, and in June 30, 2010. This fund includes Kansas Public Employees Retirement System, Kansas Police and Firemen's Retirement System, and the Kansas Retirement System for Judges. On the Financial Highlight section it states the system's net assets increased by 1.1 billion dollars or 11 percent from 10.3 billion to 11.4 billion. And under its list of largest holdings we can tell by the names of these companies that this pension fund is heavily invested in foreign corporations and therefore Apple and Microsoft do not show up in this list of top 10 holdings. But again this does not mean that this pension fund is not heavily invested in Microsoft or Apple. Here's the Teachers Retirement System of the State of Kentucky, a component unit of the Commonwealth of Kentucky. Again, Fiscal Year ending June 30, 2010, we can see that the total of investments for net assets held in trust for pension and other post-employment benefits equals 12 billion, 786 million dollars, and increase of over 956 million dollars for this pension fund. Under its 10 largest stock holdings by market value we see Microsoft Corporation and the number one spot with a value of 115 million, 166 thousand, an Apple incorporated with over 103 million dollars worth of stock investments. And of course the usual suspects round out the list. Now again the Kentucky Teachers Retirement System tells us about how it votes by proxy and regulates the corporations in which it's invested in. Here it states the system, meaning the Teachers Retirement Pension Fund, expects the companies in which it acquires stock to be solid corporate citizens that abide by federal, state, and local laws. Of course it's government who's passing those laws for the benefit of their investment held corporations. It also states that if any improper practices come into being the board expects corporate management to move decisively to eliminate them and affect adequate controls to prevent reoccurrence. On the other hand, the board does not intend to supplant the duties which are the responsibility of federal or state regulatory agencies. Should satisfaction of the board's criteria by any company not be adequate, the pension fund board will consider what action to take, which may include but not be limited to correspondence with the company, meetings with company officials sponsoring of shareholder resolutions or as a last resort, liquidation of the systems holdings in the company if the sale is consistent with sound investment policy. Now again when we take into consideration collective government, meaning all of these pension funds and all of the other funds within city and municipality, county, and state governments, we can see the power behind this type of statement. This is corporate governance, which could very easily be called state controlled capitalism or fascism, communism. And again we find that like most pension funds, this one is acting as a lending facility or a bank. It states under security lending, the system operates a security lending program in which it temporarily lends securities to qualified agents in exchange for a net fee and high quality collateral. US government and agency securities and select stocks and bonds are the types of securities loaned. The system's sub-custodian, the Bank of New York melon, acts as lending agent in exchanging securities for collateral. And yes, that's Carnegie Mellon. And again we see that under Kentucky investments, how much this fund actually invests in its own state. In the interest of the people, we see that only 325 million of the system's investments directly impact the Commonwealth of Kentucky. But those investments actually include single family mortgages. In other words loans with interest to the people of Kentucky. Financing for multi-family housing, once again loans. Bonds issued by public agencies of the Commonwealth and those of local municipalities, direct ownership of commercial real estate and investment in the bonds of Kentucky based corporations. This has nothing to do with actually helping the economy of Kentucky. This is userry against the people of Kentucky. While the taxpayers by law put billions and billions of dollars into the fund, the fund then insultingly loans that money back out to the taxpayers. We move on to the state of Maine and its public employees retirement system, fiscal year ending June 30, 2010. The totals for all funds for 2010 equals 9.2 billion and increase of 778 million over fiscal year 2009. And under its largest equity holdings list, we once again see Apple computers listed here at 51 million. And Microsoft Corporation listed at 44 million. There's JP Morgan Chase and Bank of America as usual. Moving on, we come to the state of Maryland and its state retirement and pension system for fiscal year ending June 30, 2010. Total net assets held in trust for pension benefits equal 31 billion 923 million dollars. An increase of over 3.3 billion dollars. And under its largest stock and bond holdings at Market Value, we show Apple in the number one spot with 548 thousand shares at a market value of 137.8 million dollars. And down the list we see Microsoft Corporation with 3.6 million shares at a market value of over 83 million dollars. Banks listed here are JP Morgan Chase, Bank of America, HSBC and Wells Fargo. Now we come to the pension reserves investment trust fund for the Commonwealth of Massachusetts, fiscal year ending June 30, 2010. We see that net assets held in trust for pool participants were 41 billion dollars and increase of 3.595 million dollars. And under its list of top 10 holdings in the domestic equity portfolio, we see Apple computers in the number two spot with a market value of 143 million dollars. And Microsoft Corporation at number three with 115.7 million dollars. And there's JP Morgan Chase rounding out the top 10 at 87 million dollars. And then there's the top 10 holdings of the international equity portfolio. And we see once again heavy investments into pharmaceutical companies like Novartis, Roche Holdings, GlaxoSmith Klein and Sonofi Aventis. We also see investments in British petroleum. Again a good look into why the oil spill in the Gulf was not cleaned up properly. Now this report also lists top 10 holdings in the emerging markets. And listed here are China mobile and a commercial bank of China. So let's talk about China for a moment shall we? Ever consider why America is doing business with an admitted communist country? Why if we are banned from importing supposedly communist Cuba's products, can we so freely conduct commerce with communist China? It's a true contradiction considering the great efforts supposedly made by America and its allies to battle so fervently against communism. Yet here is America and China in the most extreme of international trade. Just what is the trading with the enemy act therefore if not this? The truth of the matter is that America has invested trillions upon trillions of dollars into the Chinese economy as well as much of the rest of the third world. American European Israeli and other governments and corporations have invested in funded and built the factory sweatshops and manufacturing plants throughout the third world that supply American corporations such as Walmart, Target etc. And frauds like Martha Stewart sell their name and their face to put on to the packaging of these products though they have nothing to do with the products themselves. One could consider this corporatization of the world a third world war. Not world war three but the war to take over the third world through the corporatization we're talking about here. This is the third world war. America has invested so much into China that the thought of China hurting the United States economy by holding a couple of trillion dollars in US debt is laughable since America has multiple trillions of dollars propping up the Chinese economy and its manufacturing. Here is a look at American and European corporations that manufacture their own products in their own factories or through other non-Chinese factories in China. So the next time you complain about a product being made in China remember it's made by American companies who have exported our pollution our factories and our work in exchange for cheap and for destroying the air quality and water of that country instead of America. So it's time to start putting the blame where it belongs the US government. For it is the US government that allows such things as toys with lead-based paint, melamine-laced baby foods and poisonous plastics to be imported into the United States through its investment held corporations. The US government is the regulating body for these imports. It is the institution that passes the laws which would otherwise halt such dangerous products from being imported into America and is why they cannot be made in America they must be made elsewhere thus they are made in China in Indonesia Guatemala Mexico and other countries with US corporations housed within. We must put the blame for these things where it belongs with the main ownership shareholder of these companies which again is US Incorporated. When now comes to the Michigan public school employees retirement system fiscal year ending September 30 2010 and we see that net assets held in trust equal 35 billion eight hundred and fifty five million dollars an increase of one billion three hundred and fifty seven million dollars over fiscal year 2009 and under its largest equity holdings list we see Apple in the number one spot again with one million one hundred and sixty five thousand shares at a market value of three hundred and thirty million seven hundred and ninety nine thousand however Microsoft is further down the list and not listed in its top ten holdings. We do see Merck Pharmaceuticals Pfizer Incorporated Baxter International and Amgen Incorporated along with United Health all in the vaccination and medical industry and we also see sixteen point seven million shares of Bank of America and under the largest bond holdings section we see JP Morgan Chase General Electric Berkshire Hathaway Wacovia Corporation Toyota Motor Credit corporations Vulcan Materials another JP Morgan Chase General Electric Barkley's Bank PLC and Wells Fargo and company and it states that largest bond holdings are exclusive of securities lending collateral once again this is just the top ten holdings and a complete list of holdings is available from the Michigan Department of Treasury whatever state county or city you live in you can request that list of holdings from your government here's the Michigan state employees retirement system fiscal year ending September 30th 2010 and we see that total net assets held in trust for pension and OPEB benefits for the end of fiscal year 2010 was nine billion forty million dollars and increase of four hundred and thirty point six million dollars over two thousand and nine and once again largest assets held include Apple Inc. at number one with 286 thousand shares at a market value of eighty one point three million dollars with Microsoft again not listed in the top ten there's the pharmaceutical companies as well as Bank of America and Goldman Sachs on the comprehensive annual financial report for the public employees retirement association of Minnesota fiscal year ending June 30th 2010 we see that the combined totals of these Minnesota pension funds was sixteen billion eight hundred and eighty million dollars an increase for this Minnesota corporation of two point five billion dollars and listed in there a list of largest assets held we see Apple in the number two spot at one hundred and forty four point eight million dollars and Microsoft at one hundred and fifteen point eight million dollars and of course there's JP Morgan Chase the company that we often blame for all of our woes but hopefully you're starting to understand that government has controlling investments and therefore proxy votes for what happens within these banks including JP Morgan Chase and company now here's the teachers retirement association of Minnesota for fiscal year ended June 30th 2010 and we see under the statement of changes in plan net assets that net assets held in trust for pension benefits are fourteen point nine billion dollars and increase over two thousand and nine totals of one point one billion dollars and again we see the employee versus employer contributions are about equal with employers giving taxpayer money in the amount of two hundred and twenty million dollars to this fund and under their list of largest assets held we see Apple computers at one hundred and twenty nine point one million dollars and Microsoft corporation one hundred and three point three million dollars with JP Morgan Chase and company at eighty two point seven million dollars now onto the public employees retirement system of Mississippi for fiscal year ended June 30th 2010 again reported in thousands meaning we add three zeroes we see that net assets held in trust for pension benefits was eighteen point two billion dollars an increase of one point eight billion dollars over fiscal year two thousand and nine and under the defined benefit plans non-US investments by country we can get a good look into how many global markets this particular pension fund invests in from South America with Argentina Brazil and Chile to Central America with Costa Rica and Colombia Europe with France Finland Denmark and Greece to the continent and country of Australia and New Zealand to Russia and the South Asian countries of Singapore Japan and China as well as the continent of Africa with large investments in South Africa and of course we have the United Arab Emirates under its ten largest domestic common stock holdings we see the usual suspects with Apple incorporated holdings at five hundred and sixty five thousand shares at a market value of one hundred and forty two million dollars and Microsoft corporation with five point six million shares at a market value of about one hundred and thirty million dollars and of course there's JP Morgan Chase with two point seven million shares under the ten largest international stock holdings we again see the usual pharmaceutical companies Novartis bear and roach along with such culprits as British petroleum and Nestle again the maker of most bottled waters that you get in America in fact let's talk about how government through its investment held companies fool you into brand recognition and predictive programming a good example is the bottled water industry most bottled water is bottled from public water sources which are pre-flouradated before these water companies ever get their hands on it the filtration methods these companies use are not sufficient to get this toxin out of the water before it is bottled some even add fluoride