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Or you can now use TapaTalk again!TSP board to limit interfund transfers
- Thread starter caymanbrac12
- Start date
wv-girl
Analyst
- Reaction score
- 12
"For example, Ray said on Oct. 19, about 2,000 participants moved $295 million into the I Fund’s international stocks. Those 2,000 participants then shifted their money out of the I Fund five days later. Most of the daily trading involves the I Fund, Ray said."
Nnutt,
Is Barclay's really doing the trades at the end of day? For any of the funds? Seems if we watch the charts at the bottom of our home page the volume spikes often occur around 2 or so. Could Barclays be making more $ on us than they let on? Just wondering??
oreo
Investor
- Reaction score
- 2
Also, how do they know it's the same 2,000 (or was it 3,000?) people shifted their funds five days later. Are they monitoring the participants by name or SS# without their knowledge? Is that legal?
James48843
TSP Talk Royalty
- Reaction score
- 538
Yes. They are the government. And they are here to protect you against yourself.
I remember when the Americans were the good guys, didn't ever start wars, protected individual privacy rights, and stood up for freedom against governments who monitored what their citizens were doing.
Do you remember?
James48843
TSP Talk Royalty
- Reaction score
- 538
There is a much easier, simpler solution. They just haven't thought of it yet.
The problem is basically this: They take orders until noon. BY 2:30 each day, they know how many shares they must buy or sell. Period. For the C fund, the G fund, and the F fund, no problem. Barclays recevies the order and then goes out on the open market, and buys or sells what they need to cover the orders in the last hour or so of trading. The only thing they CAN'T do is buy and sell shares in markets that are not open. (I fund).
Then the markets in North America close at 4:00 pm. Barclays estimates what they THINK the shares will cost in overseas markets overnight, and quotes a price back to the TSP people about the expected price. (the old FV thingy).
Problem one: Then TSP publishes the share exchange prices at around 7 p.m.
and then the computer updates all the prices and share values overnight, actually in about a one hour period, ending around 6 a.m., when it is double checked, the computers are backed up again, and then the new data is available to shareholders first thing the next morning, usually by 7 a.m. Joe snuffy can sit down around 8.am. eastern time, and see what his account is worth. Now, remember that it USED to take all night for the slow computers to run the updates through a million accounts. It now takes less than an hour.
Why does TSP publish the share prices at 7 pm.?
Because they've always done it that way. Since back when they only had the "C" fund as the only option, TSP has run the thrift line (before computers) and had the prices of C, G and F set by 7 p.m. each night.
Now, Japan opens about 7 pm. eastern time. And then by midnight, all of Asia, the middle east, and Austrailia has begun trading. Around 5 a.m. eastern time the first European markets open up, and trades begin. London is well underway at 6 a.m. By 6 a.m. Barclays knows full well what the share price needs to be, and whether or not the FV forecasted the day before was correct, or way off.
the solution is simple.
Don't set the price of the "I" fund until 6.a.m. the next morning. By delaying the publication of the price by just 11 hours, they eliminate the need to use "fair value estimates". they STILL have time to enter the correct prices, and run the hour long update. And then Joe Snuffy can STILL see what his account is worth when he logs in at 8 A.M. Or, should there be a short delay for some reason, he can still see it well before the noon cutoff time.
This is the solution we need to push. Just don't publish an "I" fund price until 6 or 7 a.m. the next morning, and you eliminate that $25 million cost that the TSP Board is talking about.
But that would mean changing their thinking. Make them think OUTSIDE the norm of "but that is the way we have always done it".
And THAT is the thing we have to overcome.Andrew Saul is the Chairman of the TSP board.
He is also the on the board of Cache inc. Cache has lost 41% YTD and had a slight dead cat bounce the day after Thanksgiving, the stock shows a definite head and shoulders last December, January. This is a good time to disinvest holdings in this company due to an apparent credit bubble burst and market conditions not conducive to businesses dependent on discretionary consumer spending.
.
Seasons Greetings.
http://finance.google.com/finance?client=news&q=cache
Frankly, that looks like a "pump and dump" stock (ala PALM) that I try NOT to own. I consider myself more of a value investor, and try to buy good stocks that are out of favor. I'm buying PFE right now. The spectre of HilllaryCare is killing big Pharma right now. Alas, we can't trade individual stocks in our plan, unlike the Chrysler Plan.
James48843
TSP Talk Royalty
- Reaction score
- 538
Dear TSP Board:
Here is a way to eliminate the $25 million cost you cite in your desire to protect us from ourselves.
Just price the "I" fund and 7 a.m. (the followign day) instead of 7 p.m. the day of trading.
A 12 hour delay in annoucing the price will have absolutely no adverse affect on account holders, will save $25 million or more the first year, and protects the right of the individual to move his assets as he/she sees best for their own situation.
Sincerely,
A concerned TSP holder.My dad was the Merrill Lynch broker who designed Chrysler's retirement plan. Participants can buy any product Merrill Lynch sells at a reasonable commission.
http://www.careers.chrysler-group.com/ overview
https://www28.benefits.ml.com/login/login.aspx for a demo
I think we need to get Merrill Lynch to bid for a Chrysler-type plan for our TSP business.Last edited:
James48843
TSP Talk Royalty
- Reaction score
- 538
gwert:
Here is another thread that this WSJ article would probably more properly be categorized into.
http://www.tsptalk.com/mb/showpost.php?p=134061&postcount=1
Can you move it there?
This thread is for TSP NEWS- Board to limit IFT's, and I think I'd like to try and keep that theme going here- we can't move our money out until retirement.
thanks in advance for your consideration.
nnuut
Moderator | TSP Talk Royalty
- Reaction score
- 210
I think they estimate the FV for the "I" fund, it is reflected in your TSP account about 19:30. The problem evidently is miscalculations and WE are charged for the mistakes. I think this has NOTHING to do with the Members they need to correct the system, not punish US for an inadequate system.
The individual "I" fund members are charging more for the transfers Like, Nikkei 300 etc.
Hey, I'm no expert on the workings of the FV and the "I" fund, just the way I see it!Last edited:
Talltimber
Market Tracker
- Reaction score
- 1
Well it appears he was having professional relations with commercial entities as AＮ ＭＴＡ board member while also accepting money from them as a candidate. I am curious what dirty money his financial investment Company has on the books. They work with a lot of companies. TSP works with a lot of companies. It is very likely his company has financial affairs with companies TSP has affairs with. There is very positive possibility of a conflict of interest.
Having performed more than my fair share of farm labor I can say with some authority, it is best to start the harvest with the low hanging fruit.
Talltimber
Market Tracker
- Reaction score
- 1
Some old news:
oreo
Investor
- Reaction score
- 2
I think there is one thing we have to remember and that is:
"the Thrift Savings Plan - the equivalent of a 401(k) plan for members of Congress and other government employees - is one of the best retirement plans around."
Source: http://money.cnn.com/magazines/moneymag/moneymag_archive/2006/12/01/8395180/index.htm
I think we need to remind Congress that if we get hurt in our TSP, they get hurt too. Personally, IMHO, I think this is one of the reasons this was quietly shoved out while Congress was in recess. It was hoped that this would be too far gone in the implementation phase by the time they got wind of it.
M.T.A. Executive Gets Political Donation From Bidders on Railyards
By WILLIAM NEUMAN
Published: November 17, 2007
A vice chairman of the Metropolitan Transportation Authority who is running for Congress in New York’s northern suburbs has taken political donations from two developers bidding for the right to build a mammoth residential and commercial complex over the authority’s West Side railyards, according to federal election filings.
Hmmm, withdraws Nov 20th?
That's fine, but not my point. I'm trying to look at the bigger picture. Why is everyone so concerned with a few federal "daytraders?" Because 2-3000 feds subscribe to services that promote pension maximization? If you look at the date of this article, it is 2004. It's taken them a few years, but they've finally come after our "401K." ML, Citicorp, BA are writing off trillions. Can anybody say "Resolution Trust Corp.?" Here's a freebie for all you traders: Get to the G fund ASAP!
Talltimber
Market Tracker
- Reaction score
- 1
You are cracking me up. "Pump and dump" The only pump and dump we have around here is the septic system servicing people. Thought we had an issue this week but it turned out to be a water softening issue.
That Cache(NYSE:ｃａｃｈ） INC thing Saul owns kinda reeks a bit, looks like a pump and dump Company.
This strikes me that Saul is way to busy to be the mastermind of the TSP lockdown. I'm guessing he's more of a patsy, and that he's just rubberstamped this deal for somebody else. Heck, read his resume of his Thrift Board service, it's so inflated Al Sharpton could destroy him in a debate. Nope, there's something bigger going on here. I'm looking to a Barclays, ML, Citicorp, Goldman cabal.
Talltimber
Market Tracker
- Reaction score
- 1
On March 19, Chairman Andrew M. Saul announced the selection of Gregory T. Long as Executive Director of the Federal Retirement Thrift Investment Board. The Board members had convened yesterday for their monthly meeting. The Executive Director of the Board serves as the Chief Executive Officer and managing fiduciary of the Thrift Savings Plan (TSP) for Federal employees. For the past year, Long has been the Director of Product Development for the TSP, serving as the Agency’s chief research officer and principal advisor for all product development and related policy matters. Before joining the TSP, Long spent seven years with CitiStreet where he served as Director of Marketing for the American Bar Association Retirement Funds.
James48843
TSP Talk Royalty
- Reaction score
- 538
Advice-
Disregard Saul. He's got his own problems right now.
Griffin and I are going to work on a fact-sheet- straight and simple, under two pages, outlining what the FV problem is, and how TSP Boards solution could make the matter worse, and how our solution (just change the time of day the I fund value is announced) can save the $25 million without having to restrict trades. The whole problem is the use of FV rather than actual value, and can be solved simply by moving the time the price is annouced from 7 p.m. to 7 a.m. the next morning. If they do that, they still have enough time to update all accounts, and it eliminates the possibility of a bad FV guess and a charge. No bad guesses, no charges. Simple. Clean. Easy.
Then we can post the fact sheet here, and start having conversations around it. We're going to work on it tomorrow. When we have consesus over what it will say, then we can start talking about how we are going to strategically get it into the hands of the right people.
Remember these words:
"This is the lesson: never give in, never give in, never, never, never, never—in nothing, great or small, large or petty—never give in except to convictions of honour and good sense. Never yield to force; never yield to the apparently overwhelming might of the enemy." Sir Winston Churchill, address to Harrow School, 29 October, 1941
Gotta go.
Good night.Last edited:Similar threads
