How do I get the magazine on time each quarter of Inarcassa, and as usual here and throw an eye on the budget and the sustainability of the system (I am a young member).
I analyzed the numbers 4 / 2008, 1 and 3 / 2009 of the magazine and I was stunned.
Did you know that in the 2008 budget has seen a decline in the statement of 70.5% compared to 2007? That this occurred despite the increase in revenue due to our pay welfare? It marked the losses in the financial statements of the case for the collapse of investment securities (shares in securities funds, etc.) are equal to 1 / 3 of revenue or - € 239,819,728? That is, the case has virtually crushed 1 / 3 of what we have paid in 2008.
Did you know that while the component real estate assets of the fund is virtually unchanged from 2007-2008 mail for the purchase of securities and financial instruments has increased by almost 300% over the same period? That is a total capital of 4.4 billion euro beauty of € 2 billion is invested in financial markets!
Did you know that the real estate component is 19% of total assets and 22% of assets invested in alternative investments (hedge funds, derivative financial instruments) => or hot air!
Did you know that the case is from 2000 it started its asset allocation policy and since 2000 has happened in the financial markets of all (the twin towers, the tech bubble, housing bubble, bankruptcy of the giants of finance) and that these investments ranging from moderate to high risk are to ensure a return of 3-3 , 5 %????
Did you know that the cash may invest, and probably already does, up to 3% of its total assets in bonds Yeld High (high risk) to 3% of its total assets in bonds emerging countries, and up to 2% of its total assets in emerging Asian and Eastern European countries?
Because the cash invested so much money in such a "creative" instead of actually investing on their members? Not what, perhaps, the most profitable?
That a financial investment goes right or wrong that matters to the cashier, the cashier has to pay pensions and benefits.
If the cash to lend to members of the 3.5% gain when the instruments would hypothetically financial, but would be serving an institutional role and ethical case today lost a lot of money with these tools and perhaps unconsciously, through the mediation of markets, finance weapons manufacturers, governments which are terrorists or governments that make up most talented engineers and architects and prepared for us.
I am convinced, the fund should invest in its customers, ie us, an engineer / architect prepared and launched with the help of fund returns over the years what has been given by payment of prompt and copious contributions .
for wanting to do a similarity, the case seems to me a farm, that instead of investing the proceeds of the crops in more efficient tools, land acquisition and training of its workforce, go to the bank and purchase shares Benetton, just to diversify the crop goes wrong we go back to the knitting.
For a security fund whose sole purpose is to pay pensions should be the primary objective:
a) investing on potential members (such as through scholarships and specialization) in to broaden the audience of taxpayers,
b) investing on the members (by means of learning information and targeted investments on a project) so as to reinforce the audience of taxpayers and raise average incomes,
c) providing a decent and dignified retirement, and not risk to pay a 3% increase that they can no pay at all.
not know about you, but I think that the assets of the pension fund is 80% invested in financial markets does not give me serenity to collect signatures for the case to stop playing small securities and invest up properties, especially on the BOT and its members.
PS: I have given them the data that you can yourself verify the numbers are 4 / 2008, 1 and 3 / 2009 of the journal INARCASSA.
Paul Finelli on ARCHIPORTALE
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