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.