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Letter: Consumer relief

Reference the article of July 15, 2014, Page C5 regarding “Citigroup to pay $7B in subprime mortgages probe” and the associated sidebar “Mass. gets $47M share of settlement.” How wonderful that Massachusetts was one of five states that entered into the agreement and will receive a direct cash payment of $45.7 million. It seems fair and appropriate that more than $15 million will go to direct consumer relief but please explain why $6.5 million of this settlement is going to help offset losses in the state’s pension fund? Why should a select group of Massachusetts employees receive a share in a settlement that should benefit all Massachusetts residents? I had losses in my own individual IRA as well as in my employer’s 401K plan and will not receive anything to help offset my losses. And where is the other $24.2 million going? Our legislators should re-evaluate this situation and look at utilizing the entire settlement for direct consumer relief for all Massachusetts residents rather than unfairly compensating a pension system that probably fared no worse than those of us working outside the state employment system and investing in our company or individual retirement plans.



Mr. Fiske, I was thinking the same thing !! where is all that extra money going? Why is it going to offset the state's pension fund? Seems the citizens of Ma. should be questioning this..

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