This BLOG is for LLNL present and past employees, friends of LLNL and anyone impacted by the privatization of the Lab to express their opinions and expose the waste, wrongdoing and any kind of injustice against employees and taxpayers by LLNS/DOE/NNSA.
The opinions stated are personal opinions. Therefore,
The BLOG author may or may not agree with them before making the decision to post them.
Comments not conforming to BLOG rules are deleted.
Blog author serves as a moderator.
For new topics or suggestions, email jlscoob5@gmail.com
Blog rules
Stay on topic.
No profanity, threatening language, pornography.
NO NAME CALLING.
No political debate.
Posts and comments are posted several times a day.
What is the maximum amount that PBGC can guarantee by law?
PBGC's maximum benefit guarantee is set each year under provisions of ERISA. The maximum guarantee applicable to a plan is fixed as of that plan's termination date except for cases where termination occurs during a plan sponsor's bankruptcy, in which case the maximum guarantee may be fixed as of the date the sponsor entered bankruptcy. An earlier date also may apply to certain airline industry plans.
The maximum guarantee is lower if you begin receiving payments from PBGC before age 65 or if your pension includes benefits for a surviving spouse or other beneficiary. The maximum guarantee is higher if you are over age 65 when you begin receiving benefits from PBGC.
Click the link below to see a table of the maximum amounts that PBGC can guarantee for a straight-life annuity with no survivor benefits and a joint-and-50%-survivor annuity for ages 45-65. The maximum is based on your age at the date you begin receiving benefits from PBGC.
For certain disability benefits, special rules apply. Other guarantee limitations that may apply are described in the questions and answers that follow.
The bottom line is don't let Triad or LLNS asset to liability pension ratios deflect or diminish their respective pension health responsibilities to the Pension Benefit Guaranty Corporation (PBGC) "safety net". Why? Because the PBGC is itself near insolvency and even if it were not, may invoke significant hair cuts to to lab employee monthly pensions.
The fact that they had to put this out means that the pension is in really bad shape. They have to say whatever to avoid panic and when it is gone which will happen in the next recession they will be covered. They know something big is coming, hell we all know feel that this cannot last.
The bottom line is that our benefits, and Social Security, are “guaranteed” (at pennies on the dollar) by the same Federal Government that is more than 20,000,000,000,000.00 in debt.
Who is the "they" that had to put this out? If you actually had read the article you would know that it's an analysis from an independent financial advisor. You probably didn't pay any attention to the article because your focus seems to be on your hair that is on fire. You likely missed this quote part way down "Spoiler alert: the pension seems just fine".
If the answer to that question is important to you, the absolute worst pace to ask it is here on this godforsaken blog. Get real information somewhere else.
If the answer to that question is important to you, the absolute worst pace to ask it is here on this godforsaken blog. Get real information somewhere else.
December 14, 2018 at 5:40 PM
Absolutely correct and that is why I and 5:40 PM never read or post on this blog.
What is missing from the financial advisor evaluation by Munson is that he did not review or discuss the negative loss (asset to liability ratio) trend of -6% per year during the past 4 years. At this loss rate, in spite of a bull market the last few years, this pension will be turned over to PBGC in about 4 to 5 years. UC reported 12 to 16% positive returns the last two years! Also, with large stock market losses this year, it likely the TCP-1 pension will be turned over to PBGC in 2 years. Overall, LANS has been very secretive about the TCP-1 specific investments and who (i.e. personnel) actually managed the fund during the past 10-years. DOE sold the LANS TCP-1 as being substantially equivalent to the University of California (UC) pension. Now the prospect looms of the TCP-1 being turned over to the PBGC in a few years while the UC pension, as a public pension, does everything possible, including getting loans, to keep that pension viable and fully-funded within the University of California system. DOE duped us.
"Overall, LANS has been very secretive about the TCP-1 specific investments and who (i.e. personnel) actually managed the fund during the past 10-years. "
What do you bet that a huge portion of these investments went into Bechtel or other LANS affiliates. Just check how these have done in the last 10 years on the stock market and compare to how TCP-1 has done and I will think you will see a correlation. You have been told for years now just how corporations can leverage their positions for added money. Bechtel wanted control of this for a reason.
Nice try at snark, but a failure. I read and post here because there are no questions here that are important to me.
December 15, 2018 at 5:20 PM
Well some of us never post or read this blog because the questions are important for us, or was it the other way around? Ok the real reason is some personal agenda you have, but to each their own.
You seem to be paranoid. Bechtel had no way to divert pension funds without DOE knowing. That did not happen. Why don't you get your blankie and curl up with a good coloring book?
"At this loss rate, in spite of a bull market the last few years, this pension will be turned over to PBGC in about 4 to 5 years. UC reported 12 to 16% positive returns the last two years! Also, with large stock market losses this year, it likely the TCP-1 pension will be turned over to PBGC in 2 years."
That's about as dumb a statement as you can ask for on a complex subject. It's like listening to a five year old explain why the theory of relativity can't work, except at least the five year old would be cute.
If you have any worries about your pension, do the homework yourself. Don't look to this kind of drivel.
7:42, DOE was complicit in the diversion of funds to Bechtel and, more importantly, to highly paid upper managers. It’s like Congress voting themselves a raise. Frankly, they should all be ashamed of themselves.
Everyone would be very interested (including Federal prosecutors) if you would supply your evidence that DOE was involved in LANS diverting pension funds to Bechtel. Pray tell (or, shut up). You are seemingly comparing various fund yields to prove illegal activity. Simply evidence of your own ignorance.
One need only track the direct path to riches taken (truly) by Nanos and others as a gift of taxpayer dollars from our pension to theirs. I’m sure they appreciate the free service credit. While it is standard practice for Bechtel, and indeed all thieves, to vehemently deny their actions are theft, the facts speak for themselves. I look forward to the day when all pension information and salary information is public again.
Of course DOE is cool with what Bechtel did, once you are done at DOE you need a nice jobs somewhere else so Bechtel or one its companies associated with them will do. DC is bryson corrupt and one of the richest regions in the United States, it is game where you end of with a mixture of government and corporate collusion. Everyone gets paid off.
"Everyone would be very interested (including Federal prosecutors) if you would supply your evidence that DOE was involved in LANS diverting pension funds to Bechtel."
What makes you think they would be interested? Everyone one is in on it in DC, ever been to DC, it is the new golden age, four out of five of the richest counties in the United States are in the DC area. How do you think it got this way.
Falsely accusing someone of a crime in writing is libel. Why Julian allows this on his blog but doesn't allow one anonymous poster to insult another anonymous poster makes no sense. None at all.
In any case, you appear to be suffering from insomnia. Are worries about your dishonesty keeping you up at night?
"Falsely accusing someone of a crime in writing is libel"
First it has to not be true, second it may only be an opinion or guess and that is not libel. Ya all need to learn to law before you say crazy stuff like this. I know in the modern climate that it may seem like the second amendment is dead but it is not. There is no libel case here, none at all and you have NO IDEA what you are talking about.
Head shake. You stated your post as if it was a fact. You didn't say it was your opinion. Your post is an outright, bald-faced lie, it is indeed false, and it is libel.
Once again, you show your complete ignorance of just about everything. Actually, maybe EVERYTHING. The Second Amendment protects the right of the people to keep and bear arms. It is YOU who has NO IDEA what you are writing about.
In 2016, according to the US Census Bureau, the wealthiest counties by median household income are Loudoun County, Virginia, Howard County, Maryland, Fairfax County, Virgina, Hunterdon County, New Jersey, and Santa Clara County, California. Three of the top five are in the D.C. area, not four. Four of the top TEN are in the D.C. area.
If anyone believes what you wrote, you know the part where you claim that "everyone one (sic) is in on it in DC" the believer is not sane. The same holds for you too.
"Head shake. You stated your post as if it was a fact. You didn't say it was your opinion. Your post is an outright, bald-faced lie, it is indeed false, and it is libel. "
No it is not libel. Give me a break. How about this fact: you are not a very bright person. Is that libel, if so please try and pursue that.
Here is another fact, you have no knowledge of the libel laws, how they work and what it takes to make a case.
Ok I concede my point, DC is completely clean and pure, there is no reason to be suspicious three out of the top five counties in the United States being the DC area. I guess you are right , no would ever suspect Bechtel of doing anything corrupt or having sleazy government ties. You got, I have no idea why I thought there was a large amount of wealth accumulated in the DC area over the last 25 years, that coincided with the merger of corporations and the government. I am glad to see that you put the end to such a silly thought by showing that only 3 out of the 5 wealthiest counties are in DC.
"When you wrote "Ya all (sic) need to learn to (sic) law" did you mean to write "Y'all need to learn the law?" Just seeking clarification."
By having to ask this question means that you already know the answer. Strange how that works, but I suspect that you already know that.
By the way I noticed that you never address the actual points, you attack everything around it but never the point itself. This of course means that you understand perfectly what the points are but you have no response and know you are wrong but just cannot admit it.
Lets go over how this works with you
Rndom Poster: The earth be a globe, that is why the stars rotate in different directions in the northern and southern hemispheres
You: Did you mean the earth is globe or "be a globe". Clearly your grammar is bad so you are wrong. Therefore the earth is flat as I have always been saying.
Just out of curiosity but do you also happen to believe the earth is flat?
The fact that DC has some counties with relatively high median income--due to the presence of a big, somewhat recession proof employer in the Federal government and a lot of two-income fed families--means that Bechtel is robbing the LANS pension?
I think you've skipped a few steps there that rationality usually demands.
Who would have thought Bechtel would do something sleazy like game a pension program for their own ends. That is just crazy, it would like saying they would take over the water supply of Bolivia and suddenly charging huge sums of money. Heck such a thing could lead to violence...oh, wait that did happen and six people died in the Bechtel water war. Heck robbing a pension would be pretty low on the level of sleaziness this company has already done. https://democracyctr.org/archive/the-water-revolt/bechtel-vs-bolivia-details-of-the-case-and-the-campaign/
If you have any doubts about what Bechtel is capable of just read.
The Profiteers: Bechtel and the Men Who Built the World Paperback – February 14, 2017 by Sally Denton (Author) https://www.amazon.com/Profiteers-Bechtel-Men-Built-World/dp/1476706476
"Hey "Rndom(sic) Poster, stars don't rotate in different directions in the northern and southern hemispheres. They rotate around the celestial pole in both hemispheres. In both hemispheres non-circumpolar stars rise in the east and set in the west. The difference is only in how you perceive it. When facing south in the southern hemisphere east is toward your left hand (no, Rndom (sic), your OTHER left hand). East is toward your right hand when facing north in the northern hemisphere. You can think this through, RNDOM(sic), really you can. Well maybe YOU can't, but let's try. Think of standing on the equator. First face north and then turn around until you're facing south. The stars are doing the exact same thing in both of your orientations. It's YOU that isn't doing the same thing when you turned around. Only an insane person could think that they can make the stars rotate in different directions by turning around.
I would conclude with "You're not very bright, you appear to be ignorant of even the most basic things, and you write like a third-grader."
No one here has presented any evidence of Bechtel using LANL pension money illegally to enrich upper managers or anyone else. Hint: mere statements of opinion without supporting verifiable facts are just that: opinions. Or maybe some here subscribe to the belief that if a falsehood is repeated enough times it becomes true?
In 1982, Hernán Siles Zuazo of the Leftwing Revolutionary Nationalist Movement (the party's actual name) became the President of Bolivia. By 1985 Bolivia was experiencing hyper-inflation at 25,000 percent per year. Zuazo was voted out and had to go into exile in Uruguay. Unfortunately, he left Bolivia teetering on collapse with no one willing to invest.
For many years, Cochabamba’s (the third largest city in Bolivia) water system was managed by Servicio Municipal de Agua Potable y Alcantarillado (SEMAPA) a very poorly run public utility. SEMAPA had constant water shortages and their water did not meet minimum public health standards but it was cheap for big water users. Poor people had to buy water from tanker trucks. Knowing that the water system was mismanaged, the World Bank made it a condition to extend their water project loans in Bolivia that Bolivia privatize the Cochabamba (and La Paz) water utility.
To appease the World Bank, the Bolivian government agreed and set about on a plan to hire a private contractor to build a dam and a tunnel to carry the water to Cochabamba and operate the water system. Only one consortium, Aguas del Tunari, bid on the project. Aguas del Tunari was comprised of International Waters, a British subsidiary of Bechtel, Abengoa of Spain, and four Bolivian companies – SIX companies in total.
It became clear that water rates would have to be raised to fund the full construction project. As Aguas had no desire to build the dam, they proposed deferring that part of the project to avoid steep rate hikes. Against the advice of Aguas, the private consortium, the Mayor of Cochabamba required Aguas to take on the entire construction scope including building the dam. The Bolivian Government approved a 35% rate hike to fund the project.
The people rioted over the government-dictated rate hikes and several civilians were killed.
The Economist, in an analysis published on July 17, 2003, concluded “The [Cochabamba] mayor and the Bolivian government were wrong to insist on an expensive and unnecessary dam. But the bigger problem was that SEMAPA's water tariffs had been too low for too long, starving the system of investment. Had the tariffs been raised earlier, more cash would have been available to improve service. These twin failings meant that any new contract, public or private, was bound to lead to unacceptable price rises.”
The book by Sally Denton was very poorly researched and arrived at unsupportable conclusions.
36 comments:
"PBGC: Over 90% Chance Union Pension Insurance Program Will Run Out Of Money By 2025"
https://www.forbes.com/sites/tedknutson/2018/05/31/pbgc-over-90-chance-union-pension-guarantee-program-will-run-out-of-money-by-2025/
and
Pension Benefit Guaranty Corporation (PBGC)
What is the maximum amount that PBGC can guarantee by law?
PBGC's maximum benefit guarantee is set each year under provisions of ERISA. The maximum guarantee applicable to a plan is fixed as of that plan's termination date except for cases where termination occurs during a plan sponsor's bankruptcy, in which case the maximum guarantee may be fixed as of the date the sponsor entered bankruptcy. An earlier date also may apply to certain airline industry plans.
The maximum guarantee is lower if you begin receiving payments from PBGC before age 65 or if your pension includes benefits for a surviving spouse or other beneficiary. The maximum guarantee is higher if you are over age 65 when you begin receiving benefits from PBGC.
Click the link below to see a table of the maximum amounts that PBGC can guarantee for a straight-life annuity with no survivor benefits and a joint-and-50%-survivor annuity for ages 45-65. The maximum is based on your age at the date you begin receiving benefits from PBGC.
For certain disability benefits, special rules apply. Other guarantee limitations that may apply are described in the questions and answers that follow.
https://www.pbgc.gov/about/faq/pg/general-faqs-about-pbgc
The bottom line is don't let Triad or LLNS asset to liability pension ratios deflect or diminish their respective pension health responsibilities to the Pension Benefit Guaranty Corporation (PBGC) "safety net". Why? Because the PBGC is itself near insolvency and even if it were not, may invoke significant hair cuts to to lab employee monthly pensions.
The fact that they had to put this out means that the pension is in really bad shape. They have to say whatever to avoid panic and when it is gone which will happen in the next recession they will be covered. They know something big is coming, hell we all know feel that this cannot last.
The bottom line is that our benefits, and Social Security, are “guaranteed” (at pennies on the dollar) by the same Federal Government that is more than 20,000,000,000,000.00 in debt.
Would that affect already retired folks ?
10:27
Who is the "they" that had to put this out? If you actually had read the article you would know that it's an analysis from an independent financial advisor. You probably didn't pay any attention to the article because your focus seems to be on your hair that is on fire. You likely missed this quote part way down "Spoiler alert: the pension seems just fine".
Would that affect already retired folks ?
December 14, 2018 at 9:37 AM
If the answer to that question is important to you, the absolute worst pace to ask it is here on this godforsaken blog. Get real information somewhere else.
If the answer to that question is important to you, the absolute worst pace to ask it is here on this godforsaken blog. Get real information somewhere else.
December 14, 2018 at 5:40 PM
Absolutely correct and that is why I and 5:40 PM never read or post on this blog.
What is missing from the financial advisor evaluation by Munson is that he did not review or discuss the negative loss (asset to liability ratio) trend of -6% per year during the past 4 years. At this loss rate, in spite of a bull market the last few years, this pension will be turned over to PBGC in about 4 to 5 years. UC reported 12 to 16% positive returns the last two years! Also, with large stock market losses this year, it likely the TCP-1 pension will be turned over to PBGC in 2 years. Overall, LANS has been very secretive about the TCP-1 specific investments and who (i.e. personnel) actually managed the fund during the past 10-years. DOE sold the LANS TCP-1 as being substantially equivalent to the University of California (UC) pension. Now the prospect looms of the TCP-1 being turned over to the PBGC in a few years while the UC pension, as a public pension, does everything possible, including getting loans, to keep that pension viable and fully-funded within the University of California system. DOE duped us.
Absolutely correct and that is why I and 5:40 PM never read or post on this blog.
December 15, 2018 at 7:51 AM
Nice try at snark, but a failure. I read and post here because there are no questions here that are important to me.
"Overall, LANS has been very secretive about the TCP-1 specific investments and who (i.e. personnel) actually managed the fund during the past 10-years. "
What do you bet that a huge portion of these investments went into Bechtel or other LANS affiliates. Just check how these have done in the last 10 years on the stock market and compare to how TCP-1 has done and I will think you will see a correlation. You have been told for years now just how corporations can leverage their positions for added money. Bechtel wanted control of this for a reason.
Nice try at snark, but a failure. I read and post here because there are no questions here that are important to me.
December 15, 2018 at 5:20 PM
Well some of us never post or read this blog because the questions are important for us, or was it the other way around? Ok the real reason is some personal agenda you have, but to each their own.
What is the current LLNS pension asset to liability ratio?
9:44 PM,
You seem to be paranoid. Bechtel had no way to divert pension funds without DOE knowing. That did not happen. Why don't you get your blankie and curl up with a good coloring book?
"At this loss rate, in spite of a bull market the last few years, this pension will be turned over to PBGC in about 4 to 5 years. UC reported 12 to 16% positive returns the last two years! Also, with large stock market losses this year, it likely the TCP-1 pension will be turned over to PBGC in 2 years."
That's about as dumb a statement as you can ask for on a complex subject. It's like listening to a five year old explain why the theory of relativity can't work, except at least the five year old would be cute.
If you have any worries about your pension, do the homework yourself. Don't look to this kind of drivel.
7:42, DOE was complicit in the diversion of funds to Bechtel and, more importantly, to highly paid upper managers. It’s like Congress voting themselves a raise. Frankly, they should all be ashamed of themselves.
December 18, 2018 at 2:11 AM
Everyone would be very interested (including Federal prosecutors) if you would supply your evidence that DOE was involved in LANS diverting pension funds to Bechtel. Pray tell (or, shut up). You are seemingly comparing various fund yields to prove illegal activity. Simply evidence of your own ignorance.
One need only track the direct path to riches taken (truly) by Nanos and others as a gift of taxpayer dollars from our pension to theirs. I’m sure they appreciate the free service credit. While it is standard practice for Bechtel, and indeed all thieves, to vehemently deny their actions are theft, the facts speak for themselves. I look forward to the day when all pension information and salary information is public again.
December 18, 2018 at 5:29 PM
Of course DOE is cool with what Bechtel did, once you are done at DOE you need a nice jobs somewhere else so Bechtel or one its companies associated with them will do. DC is bryson corrupt and one of the richest regions in the United States, it is game where you end of with a mixture of government and corporate collusion. Everyone gets paid off.
"Everyone would be very interested (including Federal prosecutors) if you would supply your evidence that DOE was involved in LANS diverting pension funds to Bechtel."
What makes you think they would be interested? Everyone one is in on it in DC, ever been to DC, it is the new golden age, four out of five of the richest counties in the United States are in the DC area. How do you think it got this way.
2:11 AM
Falsely accusing someone of a crime in writing is libel. Why Julian allows this on his blog but doesn't allow one anonymous poster to insult another anonymous poster makes no sense. None at all.
In any case, you appear to be suffering from insomnia. Are worries about your dishonesty keeping you up at night?
"Falsely accusing someone of a crime in writing is libel"
First it has to not be true, second it may only be an opinion or guess and that is not libel. Ya all need to learn to law before you say crazy stuff like this. I know in the modern climate that it may seem like the second amendment is dead but it is not. There is no libel case here, none at all and you have NO IDEA what you are talking about.
10:08.
Head shake. You stated your post as if it was a fact. You didn't say it was your opinion. Your post is an outright, bald-faced lie, it is indeed false, and it is libel.
Once again, you show your complete ignorance of just about everything. Actually, maybe EVERYTHING. The Second Amendment protects the right of the people to keep and bear arms. It is YOU who has NO IDEA what you are writing about.
11:38
In 2016, according to the US Census Bureau, the wealthiest counties by median household income are Loudoun County, Virginia, Howard County, Maryland, Fairfax County, Virgina, Hunterdon County, New Jersey, and Santa Clara County, California. Three of the top five are in the D.C. area, not four. Four of the top TEN are in the D.C. area.
If anyone believes what you wrote, you know the part where you claim that "everyone one (sic) is in on it in DC" the believer is not sane. The same holds for you too.
When you wrote "Ya all (sic) need to learn to (sic) law" did you mean to write "Y'all need to learn the law?" Just seeking clarification.
"Head shake. You stated your post as if it was a fact. You didn't say it was your opinion. Your post is an outright, bald-faced lie, it is indeed false, and it is libel. "
No it is not libel. Give me a break. How about this fact: you are not a very bright person. Is that libel, if so please try and pursue that.
Here is another fact, you have no knowledge of the libel laws, how they work and what it takes to make a case.
" Three of the top five are in the D.C. area, "
Ok I concede my point, DC is completely clean and pure, there is no reason to be suspicious three out of the top five counties in the United States being the DC area. I guess you are right , no would ever suspect Bechtel of doing anything corrupt or having sleazy government ties. You got, I have no idea why I thought there was a large amount of wealth accumulated in the DC area over the last 25 years, that coincided with the merger of corporations and the government. I am glad to see that you put the end to such a silly thought by showing that only 3 out of the 5 wealthiest counties are in DC.
"When you wrote "Ya all (sic) need to learn to (sic) law" did you mean to write "Y'all need to learn the law?" Just seeking clarification."
By having to ask this question means that you already know the answer. Strange how that works, but I suspect that you already know that.
By the way I noticed that you never address the actual points, you attack everything around it but never the point itself. This of course means that you understand perfectly what the points are but you have no response and know you are wrong but just cannot admit it.
Lets go over how this works with you
Rndom Poster: The earth be a globe, that is why the stars rotate in different directions in the northern and southern hemispheres
You: Did you mean the earth is globe or "be a globe". Clearly your grammar is bad so you are wrong. Therefore the earth is flat as I have always been saying.
Just out of curiosity but do you also happen to believe the earth is flat?
So...
The fact that DC has some counties with relatively high median income--due to the presence of a big, somewhat recession proof employer in the Federal government and a lot of two-income fed families--means that Bechtel is robbing the LANS pension?
I think you've skipped a few steps there that rationality usually demands.
December 20, 2018 at 12:24 PM
Who would have thought Bechtel would do something sleazy like game a pension program for their own ends. That is just crazy, it would like saying they would take over the water supply of Bolivia and suddenly charging huge sums of money. Heck such a thing could lead to violence...oh, wait that did happen and six people died in the Bechtel water war. Heck robbing a pension would be pretty low on the level of sleaziness this company has already done.
https://democracyctr.org/archive/the-water-revolt/bechtel-vs-bolivia-details-of-the-case-and-the-campaign/
If you have any doubts about what Bechtel is capable of just read.
The Profiteers: Bechtel and the Men Who Built the World Paperback – February 14, 2017
by Sally Denton (Author)
https://www.amazon.com/Profiteers-Bechtel-Men-Built-World/dp/1476706476
You know what I would write?
"Hey "Rndom(sic) Poster, stars don't rotate in different directions in the northern and southern hemispheres. They rotate around the celestial pole in both hemispheres. In both hemispheres non-circumpolar stars rise in the east and set in the west. The difference is only in how you perceive it. When facing south in the southern hemisphere east is toward your left hand (no, Rndom (sic), your OTHER left hand). East is toward your right hand when facing north in the northern hemisphere. You can think this through, RNDOM(sic), really you can. Well maybe YOU can't, but let's try. Think of standing on the equator. First face north and then turn around until you're facing south. The stars are doing the exact same thing in both of your orientations. It's YOU that isn't doing the same thing when you turned around. Only an insane person could think that they can make the stars rotate in different directions by turning around.
I would conclude with "You're not very bright, you appear to be ignorant of even the most basic things, and you write like a third-grader."
No one here has presented any evidence of Bechtel using LANL pension money illegally to enrich upper managers or anyone else. Hint: mere statements of opinion without supporting verifiable facts are just that: opinions. Or maybe some here subscribe to the belief that if a falsehood is repeated enough times it becomes true?
December 20, 2018 at 3:57 PM
Do you even realize the complete irony of what you posted? Sigh
First, Bechtel was NEVER in control of the LANL pension. Claim that they were and you are lying. Second, pensions are audited.
Looks like some pro Bechtel troll is very triggered. Maybe something is going down, maybe an audit did find something? The lady does protest to much.
3:52 PM. Ignorant post.
In 1982, Hernán Siles Zuazo of the Leftwing Revolutionary Nationalist Movement (the party's actual name) became the President of Bolivia. By 1985 Bolivia was experiencing hyper-inflation at 25,000 percent per year. Zuazo was voted out and had to go into exile in Uruguay. Unfortunately, he left Bolivia teetering on collapse with no one willing to invest.
For many years, Cochabamba’s (the third largest city in Bolivia) water system was managed by Servicio Municipal de Agua Potable y Alcantarillado (SEMAPA) a very poorly run public utility. SEMAPA had constant water shortages and their water did not meet minimum public health standards but it was cheap for big water users. Poor people had to buy water from tanker trucks. Knowing that the water system was mismanaged, the World Bank made it a condition to extend their water project loans in Bolivia that Bolivia privatize the Cochabamba (and La Paz) water utility.
To appease the World Bank, the Bolivian government agreed and set about on a plan to hire a private contractor to build a dam and a tunnel to carry the water to Cochabamba and operate the water system. Only one consortium, Aguas del Tunari, bid on the project. Aguas del Tunari was comprised of International Waters, a British subsidiary of Bechtel, Abengoa of Spain, and four Bolivian companies – SIX companies in total.
It became clear that water rates would have to be raised to fund the full construction project. As Aguas had no desire to build the dam, they proposed deferring that part of the project to avoid steep rate hikes. Against the advice of Aguas, the private consortium, the Mayor of Cochabamba required Aguas to take on the entire construction scope including building the dam. The Bolivian Government approved a 35% rate hike to fund the project.
The people rioted over the government-dictated rate hikes and several civilians were killed.
The Economist, in an analysis published on July 17, 2003, concluded “The [Cochabamba] mayor and the Bolivian government were wrong to insist on an expensive and unnecessary dam. But the bigger problem was that SEMAPA's water tariffs had been too low for too long, starving the system of investment. Had the tariffs been raised earlier, more cash would have been available to improve service. These twin failings meant that any new contract, public or private, was bound to lead to unacceptable price rises.”
The book by Sally Denton was very poorly researched and arrived at unsupportable conclusions.
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