PART 1

MIGHT THIS BE A LOOP SLUSH FUND????

>>16416 (Original tip from anon)

**I believe that the information I’ve researched probably has nothing to do with the stringer, but the tip motivated the dig and once I started down the rabbit hole….

>>16452 (FDR EO re: RRB)

>>16552 (Based in Chicago)

>>16813 (Loop owns and manages Union Pacific Corporation)

>>16818 (Part 1)

>>16863 (Part 2)

>>17692

>>17888 (Trustees and Portfolio)

Summary: The Railroad Retirement Board is a government agency which was essentially PRIVATIZED in 1939 by FDR. It is an independent agency in the executive branch of the Federal government. It appears that it is only subjected to internal oversight with cursory annual reporting to the Executive Branch. At some point a Trust (NRRIT) was established to oversee the assets of the RRB. Current assets are valued at $26 Billion. This Trust is controlled by 7 Trustees. Three are appointed by unions, three by railroad companies, and one independent.

EXECUTIVE ORDER AUTHORIZING INITIAL APPOINTMENTS TO CERTAIN EXECUTIVE POSITIONS IN THE RAILROAD RETIREMENT BOARD WITHOUT COMPLIANCE WITH THE CIVIL SERVICE RULES - March 7, 1939

By virtue of and pursuant to the authority vested in me by the provisions of paragraph Eighth of subdivision SECOND of section 2 of the Civil Service Act (22 Stat. 403, 404), it is hereby ordered that, subject to the establishment before the Civil Service Commission of the requisite qualifications in each case, initial appointments to each of the following-named executive positions in the Railroad Retirement Board may be effected without compliance with the competitive requirements of the Civil Service Rules:

Controller, Chief of Plans and Procedure, Director of Research, Chief Inspector, Assistant Chief Inspector, Assistant Director, Employment and Claims, Director of Employment Service,

Regional Directors (12)

This order is recommended by the Railroad Retirement Board.

http:// www.presidency.ucsb.edu/ws/index.php?pid=61295 (FDR EO re: RRB)

THE RAILROAD RETIREMENT BOARD

The Railroad Retirement Board (RRB) is an independent agency in the executive branch of the Federal Government. The RRB’s primary function is to administer comprehensive retirement-survivor and unemployment-sickness benefit programs for the nation’s railroad workers and their families, under the Railroad Retirement and Railroad Unemployment Insurance Acts. As part of the retirement program, the RRB also has administrative responsibilities under the Social Security Act for certain benefit payments and railroad workers’ Medicare coverage.

In fiscal year 2017, the RRB paid retirement-survivor benefits of nearly $12.5 billion to about 548,000 beneficiaries. The RRB also paid net unemployment-sickness benefits of $106 million (including recoveries of about $200,000 in expired temporary extended unemployment benefits under the American Recovery and Reinvestment Act of 2009, the Worker, Homeownership, and Business Assistance Act of 2009, and subsequent reauthorizing legislation) to about 28,000 claimants.

PART 2

Financing – Payroll taxes paid by railroad employers and their employees are the primary source of funding for the railroad retirement-survivor benefit programs. Railroad retirement taxes, which have historically been higher than social security taxes, are calculated, like benefit payments, on a two-tier basis. Railroad retirement tier I payroll taxes are coordinated with social security taxes so employees and employers pay tier I taxes at the same rate as social security taxes. In addition, both employees and employers pay tier II taxes to finance railroad retirement benefit payments beyond social security levels. The ratio of certain asset balances to the sum of benefit payments and administrative expenses determines tier II tax rates.

Revenues in excess of benefit payments are invested to provide additional trust fund income. The National Railroad Retirement Investment Trust manages and invests railroad retirement assets. It invests these funds in non-governmental assets, as well as in governmental securities.

Additional trust fund income derives from the financial interchange with the social security trust funds, revenues from Federal income taxes on railroad retirement benefits, and appropriations from general treasury revenues provided after 1974 as part of a phase-out of certain vested dual benefits.

https:// www.rrb.gov (Railroad Retirement Board)

RRB MANAGEMENT

Chairman

The position of Chairman of the Board is currently vacant following the retirement of Michael S. Schwartz on August 31, 2015.

Labor Member of the Board

Walter A. Barrows was appointed Labor Member of the Board by President Obama in 2011 with the unanimous support of national and international rail labor organizations.

Management Member of the Board

Steven J Anthony was appointed Management Member of the Board by President Obama in 2014 upon the recommendation of the Association of American Railroads and the American Short Line and Regional Railroad Association.

INTERNAL OVERSIGHT OF RRB CONDUCTED BY CLINTON APPOINTEE - INSPECTOR GENERAL, MARTIN J. DICKMAN

Martin J. Dickman was appointed by the President and confirmed by the Senate as Inspector General of the U.S. Railroad Retirement Board (RRB) in October 1994. As Inspector General, he is responsible for promoting economy, efficiency, and effectiveness; and for detecting any waste, fraud, or abuse in the programs and operations of the RRB.

Before his appointment as Inspector General, Mr. Dickman served from 1991-94 as a prosecutor for the Cook County, Illinois State's Attorney's Financial and Governmental Crimes Task Force. His responsibilities included the investigation, indictment, and prosecution of criminal cases involving governmental and white collar crimes.

From 1972-91, Mr. Dickman was a member of the Board of Trade of the City of Chicago. At the Board of Trade, he served as the presiding judicial officer at Exchange judicial hearings, and as a Director and Member of the Executive Committee. He established policy, long-range strategic plans, and international development for the multi-million dollar entity. He also developed legal and administrative policies, and approved budgets for over 800 staff employees and 3,000 members.

Mr. Dickman has conducted legal research and assisted in trial preparation as an Associate with the Law Firm of Peter Fitzpatrick and Associates in Chicago, 1973-89; and presided over tax-related disputes as a Hearings Referee for the Illinois Department of Revenue, 1976-80. He has also interpreted and drafted legislation as Legislative Counsel for the minority leadership of the Illinois House of Representatives, 1972-73; and represented the City of Chicago in various aspects of civil litigation as an Assistant Corporation Counsel, 1970-72.

A native of Chicago, Mr. Dickman is a graduate of the University of Illinois (B.S. 1966) and DePaul University College of Law (J.D. 1969). Mr. Dickman is a member of the Council of Inspectors General on Integrity and Efficiency.

PART 3

THE RRB AND THE NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST

The Railroad Retirement and Survivors’ Improvement Act of 2001 established the National Railroad Retirement Investment Trust. The sole purpose of the Trust is to manage and invest railroad retirement assets. The Trust is a tax-exempt entity independent from the Federal Government.

The Act authorizes the Trust to invest the assets of the Railroad Retirement Account in a diversified investment portfolio in the same manner as those of private sector retirement plans. Before the Act, the law limited investment of Railroad Retirement Account assets to U.S. government securities.

The Trust has seven trustees, with railroad labor unions and railroad companies each selecting three. These six trustees then select a seventh, independent trustee. In turn, they hire professional staff to manage investment of the assets. While the Act does not delegate any authority to the RRB with respect to day-to-day activities of the Trust, the Act does provide that the RRB may bring a civil action to enjoin any act or practice of the Trust that violates the provisions of the Act or to enforce any provision of the Act. The Trust has no powers or authority over the administration of benefits under the Railroad Retirement Act.

https:// www.rrb.gov/index.php/OurAgency/AgencyOverview

PORTFOLIO DIVERSIFICATION OF THE TRUST

Over the past fourteen years, the Trust has deployed assets received from the Treasury into a diversified portfolio of US and non-US equity, and US and non-US fixed income securities. Over time, the Trust has furthered that diversification by allocating a percentage of the portfolio to private equity, real assets, commodities, and absolute return investments. As mandated by its statute, the Trust has avoided undue concentration of investment in any asset class, type of security, or market sector.

https:// www.rrb.gov/sites/default/files/2017-06/reportFY2016%5B1%5D.pdf

UNION PACIFIC CORP DEALS

$1.1B 10/26/2015 October 26th, 2015

On October 26, 2015, Loop Capital Markets served as a co-manager in a three-tranche $1.1 billion senior unsecured bond offering of Union Pacific Corporation. The notes are rated A3/A- across 10-year, 30-year and 50-year tenors, with coupons of 3.25%, 4.05% and 4.375%, representing a spread to benchmark treasuries of 95,120 and 170 basis points, respectively. The 10-year notes represent a tap of notes originally issued on 6/16/2015.

Union Pacific plans to use the net proceeds of the offering for general corporate purposes.

https:// www.loopcapital.com/loop-capital-markets-participates-co-manager-11-billion-senior-unsecured-note-offering-union-pacific

$1.3B 02/25/2016 https:// www.loopcapital.com/loop-capital-markets-serves-co-manager-13-billion-senior-unsecured-note-offering-union-pacific-corpo

$1B 03/29/2017 https:// www.loopcapital.com/loop-capital-markets-participates-as-a-co-manager-1-0-billion-senior-unsecured-notes-offering-of

$1B 09/12/2017 https:// www.loopcapital.com/loop-capital-markets-acts-as-co-manager-on-1-0-billion-senior-unsecured-bond-offering-of-union

$3.4B TOTAL

LOOP SEEMS TO BE MANIPULATING SPECULATIVE MARKET OF THE SECTOR…

March 24, 2017

https:// seekingalpha.com/news/3253386-loop-capital-dives-railroads-sector

The firm maintains Buy ratings on Canadian Pacific (CP -0.3%) and Kansas City Southern (KSU +0.1%), while lining up CSX (CSX +0.5%), Norfolk Southern (NSC +0.2%), Canadian National (CNI -0.3%) and Union Pacific (UNP +0.1%) at Hold.

PART 4

I forgot to mention above that one of the Trustees for the NRRIT is a representative from Union Pacific Corporation, the same company in which Loop Capital co-manages more that $3.4B unsecured bond offerings.

>>17841

>>17897

Sorry, I'm tired. That is supposed to be $4.4Billion in unsecured bond offerings.