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Former Providence Mayor Vincent "Buddy" Cianci on the abuse of pensions by politicians around the country.
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Mind the former -- Chicago Richard Daley as you know is under tough criticism after the Chicago Tribune newspaper revealed that he had patted his pension.
The -- -- Providence, Rhode Island is body is now body Chancy.
He's gonna be where there's just just a few seconds now this man out was convicted on federal charges of racketeering conspiracy.
He was also a friend of -- daily.
I wanna get provinces.
Products Rhode island's pension problems into this program but for us -- Thanks for joining us I want you to comment please on -- data because I know you knew him I wanna know do you still support him.
And do you think they should give this money back.
First of all let me tell used to it that I love talking Cuba's every time I listened to I feel like a month vacation and England but let me tell you that Richard Daley.
Its CEO was a great mayor of the city of Chicago.
Mile what are my law school professor as one time told me it's better to be thought a fool than open -- multi remove all doubt I don't know the intricacies of the pension system.
Do I support net daily yes he was president of the United States conference of mayors and which had the -- of so many -- across this country to get a -- he did a great job Chicago.
I don't know up with a system is like in Illinois business just broke this morning and haven't had a chance to look at it but I can't tell you.
That if their system well allow him to do what he did.
That he didn't do waiting -- -- criminal he just took advantage of a system that was there yeah you think that it's a bad system wanted to change the law yeah that's true that that is -- -- did nothing.
Illegal whether he's Oracle and others not a story talking it was not illegal he took advantage of the rules that -- in -- -- looks correct Chicago's bankrupt -- -- they'll 25 billion dollars of unfunded pension liability.
And as most cities do yes indeed but mr.
Daley is walking away with 50000 dollars each and every you.
Just because he paid into a one pension plan for one month.
Now back yeah that that's borderline unethical.
Itself well -- when these kids that just if you look at the money back that you think she's -- -- Even -- I don't know.
I don't know how -- she is or how -- his but I do know one thing.
That would he did was was probably take advantage of -- system back I think it was 1991.
He did know he was gonna be mayor of Chicago for five terms.
But so we -- -- I can stay in the in the state pension system I don't know how long that would be made the city of Chicago listen that's it looked bad -- -- After he's out of office but you know the fact of the matter is that that he took advantage of assistant assistant was there and whether he gives the money back -- -- -- his decision.
His own conscience and that his -- -- Chicago taught and if he thinks they deserves it -- he should keep.
All right let's move on to Providence, Rhode Island vote actually bankrupt.
UN to present use of time for racketeering and conspiracy I believe you know what one judge Stewart I was acquitted of 27 judges and I was convicted of -- of conspiracy to commit a crime that was found not guilty okay.
Would you believe would you tell it on yourself and that's in that's in that spot and it's okay within that look.
Do you think that corruption.
In the city of Providence, Rhode Island played a role in -- imminent bankruptcy.
Absolutely not no did that no absolutely not what course the bad the situation in the city of Providence.
In its unfunded liability were few things number one actuarial assumptions being way off.
When actuarial assumptions were that this pension system's gonna -- 89%.
A year that's just unrealistic.
Number two people were living longer and number three the city's -- inability to fund.
Consistent lead the kinds of things they should not -- and what -- what let me finish what -- this was the fact that the previous may have who's now congressman.
Had a 110 million dollar deficit when the economic downturn came eighty kept it secret -- off the internal order this from.
I -- I want it doesn't want second this is Charles playing.
What I'm hearing you say is that people keep taking advantage of the system do we not elect people.
To represent us and to fix a system not take advantage of it but Texans so that it's smarter and better for everybody they represented -- I think I think you're absolutely correct and I also think that when you look at the pension system.
You look originally when people.
Join Citi service -- me jobs didn't pay a lot of money but the benefits with the -- and then as each succeeding administration came along that will more benefits that would give an out and -- increased and people live longer.
And the actual assumptions -- take what would what given that were run realistic.
And so the city of province as many other cities find themselves in a situation where with the economic downturn.
That was a big deficit.
And now the net present mayor has close that deficit pretty much study and I'm I'm sorry I'm I'm I'm flat at a talk about look I do want to thank you.
What its hands and I want to thank you because you've told us the other side of the story and we appreciate that there is another side to be told when you've -- -- -- -- as -- we appreciate it.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Cut -- uncle Sam's on.
