Green Energy
Here’s how it came up: Early in the face-off, Obama scoffed at Mitt Romney’s pledge to crack down on unfair trading practices by China, saying Romney is currently invested in companies "that are building surveillance equipment for China to spy on its own folks."
Romney later explained that, yes, he understands that his blind trust has invested in foreign firms, including companies in China. Then he confronted Obama.
Romney: "Mr. President, have you looked at your pension? Have you looked at your pension?"
Obama: "You know, I don’t look at my pension. It’s not as big as yours so it doesn’t take as long. I don’t check it that often."
Romney: "Let me give you some advice. Look at your pension. You also have investments in Chinese companies. You also have investments outside the United States. You also have investments through a Caymans trust."
The exchange was a role reversal: An Obama campaign ad in July 2012 claimed Romney had millions in the Cayman Islands, among other "tax havens." We rated that True, noting that nothing illegal or improper about the investments through his blind trust.
We also reviewed an Obama claim from an ad in September 2012 that said, "Even today part of Romney’s fortune is invested in China."
We rated that Mostly True, noting that Romney had money invested in funds that owned shares in two Chinese firms, but that Obama’s claim suggested Romney had more to do with the investment decision than is the case. (We further noted that the New York Times reportedthat one of the funds had invested in a Chinese video surveillance company that supplies cameras to police for watching public spaces.)
Okay, so what about Romney’s debate description of Obama’s pension investments?
The Romney campaign told us it was referring to investments made by the Illinois State Board of Investment on behalf of the state employees’ retirement system there.
Obama, you may recall, was an Illinois state senator from 1997 to 2004 before winning election to the U.S. Senate. He is a participant in the General Assembly Retirement System in Illinois, said William Atwood, executive director of the Board of Investment, who confirmed that for us.
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Green Energy
When life beats fiction... Obama's pension out of Cayman's and BIGGER THAN ROMNEY'S
One of the many tense moments in the second presidential debate turned on a new topic in the race: President Barack Obama’s pension account.Romney says Obama also has investments in Chinese companies and through a Cayman Islands trust
Here’s how it came up: Early in the face-off, Obama scoffed at Mitt Romney’s pledge to crack down on unfair trading practices by China, saying Romney is currently invested in companies "that are building surveillance equipment for China to spy on its own folks."
Romney later explained that, yes, he understands that his blind trust has invested in foreign firms, including companies in China. Then he confronted Obama.
Romney: "Mr. President, have you looked at your pension? Have you looked at your pension?"
Obama: "You know, I don’t look at my pension. It’s not as big as yours so it doesn’t take as long. I don’t check it that often."
Romney: "Let me give you some advice. Look at your pension. You also have investments in Chinese companies. You also have investments outside the United States. You also have investments through a Caymans trust."
The exchange was a role reversal: An Obama campaign ad in July 2012 claimed Romney had millions in the Cayman Islands, among other "tax havens." We rated that True, noting that nothing illegal or improper about the investments through his blind trust.
We also reviewed an Obama claim from an ad in September 2012 that said, "Even today part of Romney’s fortune is invested in China."
We rated that Mostly True, noting that Romney had money invested in funds that owned shares in two Chinese firms, but that Obama’s claim suggested Romney had more to do with the investment decision than is the case. (We further noted that the New York Times reportedthat one of the funds had invested in a Chinese video surveillance company that supplies cameras to police for watching public spaces.)
Okay, so what about Romney’s debate description of Obama’s pension investments?
The Romney campaign told us it was referring to investments made by the Illinois State Board of Investment on behalf of the state employees’ retirement system there.
Obama, you may recall, was an Illinois state senator from 1997 to 2004 before winning election to the U.S. Senate. He is a participant in the General Assembly Retirement System in Illinois, said William Atwood, executive director of the Board of Investment, who confirmed that for us.
The Romney campaign pointed us to that pension fund’s holding in an entity that is part of Advent International. Advent has described itself as "one of the world’s most global private equity firms" and has buyout offices in 16 countries.CNBC:
Pension Envy: Who Has More—Obama or Romney?When it comes to the presidential candidates' pensions, size matters in more ways than one.Many public pension funds have a diversified foreign investment portfolio that includes China. For instance, the California Public Employees Retirement System, or CalPERS, recently announced a $530 million investment in two real estate funds that target China.
Most other public pension funds have directed increasing allocations to emerging markets and alternative investment classes to generate returns and bridge exploding funding gaps.
As far as size?
From the standpoint of a public pension, Obama is well-heeled.
As president, he will receive $191,300 annually for life — win or lose in next month's election — and receives a travel allotment as well as mailing privileges. Should Obama lose, his presidential pension kicks in immediately after leaving office.
Given that the president enjoys a normal life span, the pension allotment would be worth upwards of $6 million.
The federal budget spends about $3 million annually for the four living ex-presidents. Obama also will get Secret Service protection.In addition, Obama may be due a nice pension for the eight years he served in the Illinois Legislature as a state senator.
Illinois is infamous for its lavish pension planfor former lawmakers. A Freedom of Information Act request for Obama's pension amount submitted Wednesday to the General Assembly Retirement System of Illinois was not immediately answered, nor was a call to the Obama campaign.
But what about Romney?
It's extensively documented that Romney is, well, a rich guy. He earned untold millions —though famously circumspect about releasing tax returns — while leading private equity giant Bain Capital and has a substantial retirement plan.
His Individual Retirement Account could be worth in the neighborhood of $87 million, as documented in an extensive report from the Washington Post.
But as for a strictly public pension? Zip, zero.
Romney only served one term as governor of the Bay State and did not take a salary, so he is eligible for nothing.
So while Romney appears headed for a happier retirement financially, he'll be footing his own bill — unless, of course, he wins next month. In that case, his nest egg will be even that much bigger than Obama's.
UPDATE: PolitiFact, the fact-checking arm of the Milwaukee Journal Sentinel, has confirmed that Obama does participate in the Illinois pension fund, which was organized in the Cayman Islands and has interests in China.
- Only 79% Of Obama Voters Would Vote For Him Again
The Honey Boo Boos Are Restless This post has been changed to reflect the retraction and repost at Washington Examiner. Thanks to Reliapundit for tipping me off. The numbers were NOT 71% of "Democrats", but instead, 71% of all Obama voters who now regret...
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"CHANGE" - US Treasury secretary says he has begun tapping federal retiree pension fund to avoid defaultFrom Will at THE OTHER NEWS: "CHANGE" - US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default.(StarTribune)....
- The Key Moment Of The Debate Last Night Is A Perfect Illustration Of Why Obama Has Failed
President Obama, last night, in an agitated, certain fashion, and with a determined almost beatific attitude called Mitt Romney on his highly distorted call to let GM go through a managed bankruptcy, thus being uncaring about ‘avg Americans’.Mr....
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No hungerNo thrillsNo stands, except the ones that go back and forthNo excitementNo confronting ideas and practicalitiesThese are all the perceptions quoted to me about Mr Romney, who having come from an equity preservation management firm, is UNDOUBTEDLY...