Chicago Public Schools Bankruptcy
Filing a lawsuit against the State of Illinois and the American Academy of Actuaries is an alternative to bankruptcy
Content
Any portion of this article may be quoted provided proper credit is given to its author.
A Simple Alternative to the Bankruptcy of the Chicago Public Schools
By Theodore Konshak
Theodore Konshak is a former Enrolled Actuary. From 1981 to 1994, Mr. Konshak was employed as a pension
actuary in the Chicago offices of William M. Mercer and the Aon Corporation. He would later teach mathematics at
Menominee Indian High School located on the Menominee Tribal Reservation in Keshena, Wisconsin. Mr. Konshak
received his B.A. in mathematics and sociology from Northwestern University.
Mark Glennon is a venture capitalist and Managing Director of Ninth Street Advisors. He also
maintains a blog named Wirepoints.
On December 20, 2015, Mister Glennon wrote and published an article on his blog following the
release of the June 30, 2015 actuarial valuation report of the Chicago Teachers’ Pension Fund.
This article was called: “
Ugly: Chicago Public School Teachers’ Pension Releases New
Actuary Report
”.
I was among the readers that would submit comments on his article. One of my comments
proposed a solution to the underfunding of this pension plan. File a lawsuit against the State of
Illinois and the American Academy of Actuaries. The State of Illinois established the procedures
that ‘cooked the books’ and Members of the American Academy of Actuaries certified them as
being okay.
Mister Glennon would decide to delete my suggested solution from his blog. He would then
block any further comments from me. I was forced to respond by writing an article and
published it on scribd called
A Dangerous Solution to the Underfunding of Chicago Teachers’
Pension Fund
.
On December 29, 2015, Mark Glennon wrote an article on Wirepoints called
Bankruptcy Offers
No Easy Fix For Chicago Public School Finances
I can not submit comments on his blog
because I am still blocked. Hence this article.
String of Comments
SEC Press Release
The Securities and Exchange Commission has already stated that the statutory plan of the
State of Illinois significantly underfunded the state’s pension obligations and is a fraud. As
stated in a press release from the Securities and Exchange Commission:
Washington, D.C., March 11, 2013
—
The Securities and Exchange Commission today charged the State of Illinois with securities fraud for misleading
municipal bond investors about the state’s approach to funding its pension obligations.
An SEC investigation revealed that Illinois failed to inform investors about the impact of problems with its pension
funding schedule as the state offered and sold more than $2.2 billion worth of municipal bonds from 2005 to early
2009. Illinois failed to disclose that its statutory plan significantly underfunded the state’s pension obligations and
increased the risk to its overall financial condition. The state also misled investors about the effect of changes to its
statutory plan.
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171513202
Sweating Bullets
If there is justice in this world, the State of Illinois should be sweating bullets about a fraud suit.
Mark Glennon forget to add them to his list.
A Simple Alternative to the Bankruptcy of the Chicago Public Schools
By Theodore Konshak
Theodore Konshak is a former Enrolled Actuary. From 1981 to 1994, Mr. Konshak was employed as a pension
actuary in the Chicago offices of William M. Mercer and the Aon Corporation. He would later teach mathematics at
Menominee Indian High School located on the Menominee Tribal Reservation in Keshena, Wisconsin. Mr. Konshak
received his B.A. in mathematics and sociology from Northwestern University.
Mark Glennon is a venture capitalist and Managing Director of Ninth Street Advisors. He also
maintains a blog named Wirepoints.
On December 20, 2015, Mister Glennon wrote and published an article on his blog following the
release of the June 30, 2015 actuarial valuation report of the Chicago Teachers’ Pension Fund.
This article was called: “
Ugly: Chicago Public School Teachers’ Pension Releases New
Actuary Report
”.
I was among the readers that would submit comments on his article. One of my comments
proposed a solution to the underfunding of this pension plan. File a lawsuit against the State of
Illinois and the American Academy of Actuaries. The State of Illinois established the procedures
that ‘cooked the books’ and Members of the American Academy of Actuaries certified them as
being okay.
Mister Glennon would decide to delete my suggested solution from his blog. He would then
block any further comments from me. I was forced to respond by writing an article and
published it on scribd called
A Dangerous Solution to the Underfunding of Chicago Teachers’
Pension Fund
.
On December 29, 2015, Mark Glennon wrote an article on Wirepoints called
Bankruptcy Offers
No Easy Fix For Chicago Public School Finances
I can not submit comments on his blog
because I am still blocked. Hence this article.
String of Comments
SEC Press Release
The Securities and Exchange Commission has already stated that the statutory plan of the
State of Illinois significantly underfunded the state’s pension obligations and is a fraud. As
stated in a press release from the Securities and Exchange Commission:
Washington, D.C., March 11, 2013
—
The Securities and Exchange Commission today charged the State of Illinois with securities fraud for misleading
municipal bond investors about the state’s approach to funding its pension obligations.
An SEC investigation revealed that Illinois failed to inform investors about the impact of problems with its pension
funding schedule as the state offered and sold more than $2.2 billion worth of municipal bonds from 2005 to early
2009. Illinois failed to disclose that its statutory plan significantly underfunded the state’s pension obligations and
increased the risk to its overall financial condition. The state also misled investors about the effect of changes to its
statutory plan.
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1365171513202
Sweating Bullets
If there is justice in this world, the State of Illinois should be sweating bullets about a fraud suit.
Mark Glennon forget to add them to his list.
