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AFJP - Balance of 14 years (Note 3)


The scam century. Conclusion and proposals
by Mario Cafiero and Llorens Javier

The above figures absolutely guarantee the conclusion is anticipated in the title. The massive embezzlement to the treasury, the huge hoax made to contributors, and the lacerating fraud that is performed to future retirees, makes the adventure of the administrators created by Menem and Cavallo behest of the IMF and World Bank in scam of the century.

In this sense, the maintenance of a mixed system, with a purported private pillar and another state, it was a compromise, or to save an obstacle constitutional. Was how to disguise the extremely harmful effects of that scam.

Just as the repeal of the laws of obedience and end point, and labor flexibility (Banelco law), the law of abrogation of the administrators not only a matter of great convenience, but a moral imperative, since creation of them should never available, and its cancellation had to be prepared for a long time.

other hand it is also clear that the government's plan is politically unbalanced. Not only for his improvisation, which is evidence of very poor intellectual level of the message accompanying the bill. But that in light of the unconstitutional Decree 897/07, which delegates the management of the Funds to the second line of the Executive Branch obviously can not blithely that huge mass transfer of securities to a government that has failed to account for the funds of Santa Cruz. Neither of the Skanska case bribes. Or suspicions about the bullet train. Or the affair of the passing of Resolution 125, which in practice operates the exclusive benefit of the export of grain, for at least a couple of billions of dollars.

And unless a government that has nourished the trusts ANSES surplus, a vile instrument of predation of parental contractor. That vision and patience throughout the world, manages the bidding enormous public surcharges, and have their accounts swollen bill trout, which are the accounting of the consideration paid huge bribes.

is not at all to choose between financial homeland (the Pension Funds and banks) and the home contractor (Jaime and De Vido) who want to get their hands on these funds to continue to "politics and business." This is not a choice between a mob and another. Since the first was actually deadly for Argentina's economy, and the second is a pillar of mob corruption, undermines the state itself.

not the situation allows calculations or petty electoral tactics if the government will have or will have no "box" enfrentar las próximas elecciones. Y en tal caso tratar de impedírselo de cualquiera manera, a riesgo incluso de permitir la continuidad del inmoral y ruinoso sistema de las AFJP.

No se trata en manera alguna que un estafador despoje a otro estafador, o de neutralizar por conveniencia táctica esa sustitución de estafadores y estafas. Por contrario, totalmente alejada de estas especulación subsidiaras, la reparación del gravísimo e inadmisible “error criminal” –remedando los dichos de Macri— de creación de las AFJP, debe ser especialmente cuidadosa y eficaz; dado que el cese de una enorme estafa, no autoriza en manera alguna a cometer o comenzar con otras.

Es la oportunidad to realize full reparation. Which is to fully comply with the Constitution in that pension funds should be "managed by stakeholders with state ownership." And to reverse harmful policies such as the flattening of the pyramid of the pension benefits, also seeking a genuine movement of them, in addition to canceling the pension debt recognized by judicial decisions.

is time also to maintain the individual accounts of pension contributions to prevent abuses to the solidarity system. Who has served for live forever "solidarity begins at home", made huge and early retirement with minimal contributions by retirement schemes "special."

is also the time to stop the theft of revenue sharing to the provinces. And as the Constitution mandates enact the new tax-sharing regime. A new tax regime should be discussed within a new system of social benefits from the provinces, where they should be prioritized childhood and adolescence. The National State, the individual provinces and municipalities must agree on a Comprehensive Plan for the Protection of Children and Adolescents, and will not have to discuss whether to lower the age of accountability.

increase pensions in the whole pyramid and a comprehensive plan of social protection, are also measures that can mitigate the effects of a global economic crisis, whose death throes are coming to our country.

is also time to end the fiction of the debt. And writing off debt with FJP State in exchange for a commitment from the state to resolve any deficits in future, as all serious countries in the world.

Finally it is time to retrace other harmful decisions that were made referring to retirees. As the Law 24,145, enacted shortly before the 24,241, entitled "Privatization YPF. Funding for the Social Security System. " And now there is about a specific and unusual opportunity.

There is a public price of action accepted by Repsol YPF, which bought the group Eskenazi, with large financial facilities. And there will be funds to cover the purchasing of all of the shares, the portfolio will recover from the AFJPs, which can convert. Therefore, with proper pre-audit, it would be financially able to renationalise YPF, as an essential first chapter of the re-nationalization of strategic resources of our country. Be reversed and genuine interest in the country, the operation of "Trojan horse" displayed by REPSOL, selling minority shares to the group Eskenazi "expert on regulated markets, to operate as a lobbyist for the interests of Repsol, whose consequences are now in the permanent price increase internal fuels.

It's time for acts of greatness and unity for the sake of the country. It's time to think about the next generations, not the next election.

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AFJP - Balance of 14 years (Note 2)


(click to enlarge)

The core of the fraud of the administrators
by Mario Cafiero and Llorens Javier

Encouraging selfishness as the antithesis of the solidarity system, quarterly AFJPs make them reach their contributors have summarized the share of senior Update your funds. We also advertise on their high yields, currently showing on the record, through UNION AFJPs, cumulatively they reach 14% annual nominal and real annual rate of 7%.

What is not clear to their members-and here lies the fraud, is that these returns are calculated, not on the contributions made by the member, but on the net AFJP finally credited to your account, after having kept commissions, insurance, etc.

If one takes into account the contributions actually carried out, not borrowers, and the combined price index, the results change dramatically, becoming earnings losses, as seen in Table 1 .

it is noted that the nominal yield is halved, going from 12 to 6%. But at the time the real yield, which is the determinant becomes negative 5% a year, with a loss of -27% on contributions made, obtaining similar results in U.S. (-5%, -29%).

calculation even worse if one takes into account the financial effort made by the contributor, who by reason of the de-funding of the creation ANSES Private Pension Funds in the year 1995, he was recharged three points of VAT, from 18 to 21%. Like most workers consume their wages in full, this means that instead of providing a theoretical 11% of their salary actually spent to provide 14% of it. Considering the existence of these 'total contributions "by the insured, the loss (as noted at the beginning) climbs to -45% of the funds, with a negative return of -9% per annum, yielding a similar number in the equivalent U.S. dollars (-46%, -9%).

balance reveals the character of a partner with the lion's share with the AFJPs to their members. Commissions AFJPs on the net proceeds credited to the members, arrived at 14 years of the enormity of no less that 46% of these, like a demented gabela contributions imposed on employees. The

TABLE 2 can visually see the final results in pesos and indexed pesos which have led to the adventure of Desadministradoras Pension Fund.

The supposed freedom of choice that would legitimize the scam

lucid minds that are supposed to argue that the regime of the administrators should continue, that would have been freely chosen by their intended beneficiaries. However, these were first forced into the corral of the AFJP. And then they were given the option to leave it. Or do it later. Logically, the majority chose to leave were those who were closer to retirement, not being an issue for others within their sphere of interest in those moments, with the option to opt out even later.

This disclaimer of opinion, had they been made after joining the force, it has been taken as a kind of democratic ratification of the administrators. Something like saying that all those who abstain from voting on the government, have voted for him because they have not stopped winning.

But this absurd logic of a sophist itself is not the worst. The most serious is that the vast majority of contributors to Pension Funds, entirely unaware of the nature of the regime of the administrators. Which in its 14 years of its existence seem to be particularly concerned that the same is not known in all its dimensions. The free choice is a conscious awareness of what is decided. If this does not exist, there is no free choice, but deception and fraud.

The evil nature of the pseudo-retirement of the administrators

The system of the administrators stated:

• The income required of the employee (this is the only thing that has changed now.)

• Contributions defined by the same (11 % Of salary). • Accreditation net

indefinite, by subtracting fees and insurance to be collected free by the AFJP (this has been corrected now with a "solidarity" to deal with disability and death of the contributor, of dubious management) .

• Benefits indefinite, with all the financial risks and existence by the member, who must also pay for life insurance and disability insurance.

• Finally, obtaining a pseudo-retirement, retirement or a trout, with the scheduled withdrawal of their savings, and until they are exhausted, and after "kaput." Taking Charge in the meantime the retired financial risks, existence, and the consequent payment of monthly fees. If you live more than what the tables say longevity (80 years male, 82 years female) run out of pseudo-retirement of the administrators. If AFJP funds down, low retirement. If AFJP funds evaporate, runs out of retirement

• Alternatively the member is left with the hiring of an insurance annuity, holed in this way to the affiliate AFPJ a related insurance company, where insured must bear the cost of financial risk premium to exist, thus decreasing even more their pitiful retirement. So

AFJPs are in any way retirement. Are just a forced savings system, with all the risks by the contributor in the future to buy a pension. And criminals are left entirely open in the law and outside the supervision specified, the two ends of the business.

entries in the business: the commissions to be set free, and life insurance contracts supervised by the Superintendencia de Seguros. In

out of business: to collect monthly fees for the retirement program, the insurance or annuity supervised by the Superintendencia de Seguros.
The essence of the administrators: a formidable business finance and insurance

AFJP The essence of financial business is a formidable zero risk, and a huge insurance business. Financial, in order to synergistically enhance the power and financial affairs of the big banks, by exercising the parallel control of a huge flow of money, sweet and soft, no risk for him to transfer all risks to the affiliate. And a huge insurance business, where the member is holed obligations in the related insurance companies, being responsible for all risk premiums.

is a perverse form part of the administrators to circumvent and split the risk. Instead of a "private retirement" is a forced savings by employee, that bears all the risk taken by the administrator. Then comes a return on savings shares, simulating retirement. That is not so, because the retiree is assured, neither the amount nor the existence of there for the rest of his life, and their family members entitled to pension.

If the newly retired wishes to avoid this uncertainty about the duration and consistency of its assets, after running with the risks and losses incurred during 30 to 45 years, have to hire a pension insurance for life, or income lifetime, which again should bear the cost or risk premium. Those who even after 2001 they were tried pesified, despite being contracted in dollars.

is particularly repugnant to the capitalist system, whose right to the income is presumably based on the remuneration of the resources used, and the assumption of risk which have been ordered AFJP absolutely not to make any payment of funds that holds .

And do not assume any financial risk, to collect their huge fees in full in advance, to opt out entirely in practice the development of funds other than a symbolic guarantee fund, and to endorse the risks of existence to a policy insurance contract with a related company, whose prize is entirely raw by the affiliate.

24,241 law that created the AFJP, another disgrace of the Congress of the Nation
In the annals of the degradation of the National Congress, marked by laws such as the Due Obedience and final point, Cavallo superpowers, labor flexibility The intangibility of deposits, the zero deficit law should also include the 24,241 who created the Pension Funds.

The "Title III funded scheme" of that law is only a glossary of terms establishing a comprehensive legal framework for that, all over him, the preying AFJP aspiring to retire someday, which were obligatorily trapped in it. The spirit of it is absolute freedom in the jungle, in the purest style of social Darwinism, or wild financial capitalism, the results today have worldwide.

is notable that the crucial aspects of the law, were not regulated by the executive branch, but, as expressly provided by law, were charged with the Superintendencia de AFJPs. The review body also became the regulatory body of the substance of the law, by Resolution and "Instructions" full of abstruse mathematics and differential calculations, whose understanding is only available to actuaries, mathematicians or experts.

formulas Resolution 125 of the former minister Lousteau, are strokes of first grade next to these hieroglyphics. This is the engineering of deception underlying the law. Who knows where hidden factor, coma, ratio or subtrahend is the intricacies that legalizes AFJP excessive profits. The same applies to the closed insurance business by the Superintendency of Insurance. Already said the superintendent of insurance was then the former chief of staff Alberto Fernandez. An example is attached at Annex the current resolution regulating the art 102 of the Act, based on the pseudo-retirement of programmed withdrawals.

The text of the law is full of traps. For example provides the commission for accreditation of contributions is calculated "on the tax base that gave rise to." Example 3.3% on wages. That actually is 3,3 / 11 of the contribution made by the member. That is nothing less that 30% of the amount contributed, which have been submitted and to society, would be disqualified from entering the system.
The little information that exists about the true extent of the law, evidence estafatorio his mind, which is a ruse or deception to deprive eligible people. The ruse was so effective that few seem to have realized the deception. Despite their authors, Domingo Cavallo, Horacio Liendo, Walter Schultess, Felipe Murolo, perpetrated later in 2001 other enormous crimes, for which at present must be held accountable before the law.

So while members remain passive in the AFJP as compared with fleeces taxpayers, are honest and progressive legislators now hold positions, which in practice conducive to the continuation of this absurd law.

The underfunding of the provinces as a result of the administrators

AFJP The regime not only caused a chronic deficit and the national state debt, but also the financial crisis moved the provincial States. From covenants, simple laws, DNUs, simple decrees, etc., the National replaced own resources from the Social Security System, who took over for co-participation resources to the provinces. Replaced

personal contributions were diverted to the AFJPs, and employer contributions were reduced or eliminated, with resources that were stolen in the estate tax co-participation with the provinces. This situation led to the primary distribution established by the Federal Revenue Sharing Act is amended 23,548 Nr continuously and become a real radio units from successive precoparticipación processes while maintaining the legitimate distribution coefficients, but generating a progressive reduction mass partner.

The amounts transferred by the provinces in the period 1993/2004 amounted to 74 billion of pesos, equivalent to 58 billion dollars at current exchange rate. Only in 2007 was estimated at 20 billion pesos in the provinces resigned partnership to fund social security. As an example, the province of Buenos Aires in 2007 gave the sum of 4.4 billion pesos, equivalent to its current and pressing deficit.

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AFJP - Balance of 14 years (Note 1) Payment


The scam
century by Mario Cafiero and Llorens Javier

This report makes a preliminary assessment of the 14 years since the creation of the administrators. These days they say many controversial words about it, but generally accompanied by a few numbers. But on economic issues, the most eloquent arguments given numbers.

What honest and tell us aggregate numbers?

• That in the fourteen years of existence of the administrators, from 1994 to 2008, diverting money that would correspond to ANSES, including their financial burden by 170 billion pesos, equivalent to 89 billion dollars.

• That the Retirement and Pension Funds (FJP) accumulated to last June were 99 billion pesos, but given that government securities has overvalued the real value of these funds was 84 billion. So that in particular the dissolution of the administrators, ANSES only recover less than half of the money that he stole.

• The financial effort made by the contributors, adjusted for the combined price index (CER + Wholesale Price) - climbed in June to 158 billion pesos. This amount includes the 3-point increase in VAT, ready in 1995 to refinance the ANSES, before the de-funding of the body caused by the creation of the administrators.

· Regarding Fund 84 billion pesos, which is to rescue, this represents for contributors a loss of -46% effort, with a negative return of no less than -9% annually. If the figure is expressed in dollars, 27 billion dollars from the Fund, against U.S. $ 51 billion incurred by the contributors (computed in the same way), account for such a loss of -46% in dollars, with a negative rate of -9% annually.

• If you do a projection from historical results, future retirees men of the administrators, charged by the retirement of the administrators of between 13% and 18% of their last having, as they have paid contributions for 30 or 45. Far from 82% mobile aspiring law. In For women, to retire at 60 years, the results are even more painful. Charge between 8% and 11% of their last having, as they have made contributions for 30 or 45 years.

• These figures disastrous as the historical background, do not improve much if half projected an optimistic scenario, assuming correct the worst excesses in the Pension Funds incurred, the full view of governments. The numbers say that retired men would retreat to charge between 18% and 27% of their last having, as they made 30 or 45 years. And women will go to receive between 12% and 16% for the same range of years.

• Maintenance means those optimistic assumptions, the funds of the administrators would have to achieve a sustained yield over 30 to 45 years of 12% and 8% respectively, with no hard currency inflation, to retired men can achieve a 82% withdrawal of its last credit. And for his part in the case of retired women, the yield would rise to 15 and 10% per annum for the same purpose.

Greed is good says AFJP UNION

Obviously the latter is impossible. From a financial utopia. As the bubble of subprime mortgages that has just exploded on Wall Street. And sexist, for gender discrimination involved. These rates would only be feasible to obtain with speculative investments in junk bonds, they are expressly forbidden to interim funding, which prioritizes safety over performance.

also can not be sustained on a continuing basis over time, and would represent a speculative gymnastics over 30 to 45, own not a pension fund, but a vulture fund. Jumping frantically from one investment to another with constant profit taking, with a high risk of default. A continuing financial raffle, assuming not only the risk of not getting any profit, but to bear heavy losses.

However, this is the "new" output given by the camera that brings together the AFJP, UNION AFJPs, without noticing the moral and conceptual rave that this represents, if it focuses on systemic issues. "If we all steal, not everyone will be richer," said Keynes. And of course in this raffle zero-sum financial market, some funds of retirees and others will win ... shorn. Leaving

definitely the solidarity system, the selfish funded system would become so anti-solidarity system, under the motto "greed is good", although this just failed spectacularly on Wall Street.

commissions are also very good ... for AFJP

respect to the fees charged by AFJPs, its amount since 1994 amounts to 19 billion of pesos, equivalent to 37 billion pesos at today's value, and 31.5% of revenue. Measured in dollars that we AFJP pocketed 12 billion dollars for this concept, in its 14 year existence. This represents almost half of the existing fund to date in dollar terms, u $ s 27 billion. This ratio of almost one for AFJP, against two for retirees, shows the scale of the fraud perpetrated by the Pension Funds.

To justify this abuse say AFJP an important part of the commission was for payment of disability and death of members. They do not tell the AFJP insurance companies they hire are exclusively linked to business groups.

is devastating to the report of the Planning Unit, Regulatory and Communication SAFJP February 2001: "All AFJP hired the group insurance to disability and death related companies." And the same goes for annuity insurance to obtain retirement.

Apart from funds from the latter, the AFJP diverted them to their death and disability insurance in an amount close to 20 billion pesos current value. It is unfortunate that during the long years of the regime of the administrators and over the years that Alberto Fernandez is the holder of the Superintendent of Insurance and then Chief of Staff, did not do anything to stop this negotiation.