A century ago, there were only seven countries in the world that were more prosperous than Argentina (Belgium, Switzerland, Britain and four former English colonies including the United States)… In 1909, per capita income in Argentina was 50 percent higher than in Italy, 180 percent higher than Japan, and almost five times higher than in neighboring Brazil. Over the course of the 20th century, Argentina’s relative standing in world incomes fell sharply. By 2000, Argentina’s income was less than half that of Italy or Japan.
Archive for the ‘Italy’ Category
From wiscoDude at Pension Bubble, a great article about the behavior that has created California’s public employee pension nightmare:
The poster boy for those calling to revamp California public pensions is Bruce Malkenhorst Sr., who for 32 years was city administrator, clerk, finance director, treasurer and redevelopment agency secretary for the city of Vernon — California’s smallest city (with a population of just 95, according to the latest state Department of Finance estimates) — and chief executive of the city’s utility, Vernon Light and Power.
Vernon — a 5-square-mile industrial area with only a few homes and apartments and no schools, clinics or grocery stores — paid Malkenhorst $600,000 a year, about twice that of Los Angeles’ mayor, according to a 2007 Forbes magazine article.
While Malkenhorst awaits trial on an indictment claiming he charged $60,000 to Vernon for golf trips, massages and political contributions, he collects a $499,674 annual pension, the highest of anybody on CFFR’s lists.
If you are going to steal, I suppose you might as well not be shy.