Are Hedge Funds
Screwing Over Pensioners?
Boom Bu$t .. Rolling Stone's Matt Taibbi discusses whether hedge funds are screwing over pensioners - see our recent posting from below also .. 1/2 hr but you can scroll to save time From Our Archives:
Looting The Pension Funds
"Wall Street Going After The Last
Great Unguarded Piles Of Money"
Rolling Stone's Matt Taibbi essay about how all across America, Wall Street is now grabbing money meant for public workers: "The same Wall Street crowd that caused the crash is not merely rolling in money again, but aggressively counterattacking on the public-relations front. The battle increasingly centers around public funds like state and municipal pensions. This war isn't just about money. Crucially, in ways invisible to most Americans, it's also about blame." .. from the video reference below: "States are in fiscal crises or having trouble paying out their obligations to workers. One of the reasons is that at least 14 states have not been making their annual required contributions to the pension fund for years and years and years .. The solution that a lot of sort of Wall Street funded think tanks are coming up with now is to get higher returns by putting these funds into alternative investments like hedge funds. In a lot of cases what I'm finding is that the fees that states are paying for these new hedge funds and these new types of alternative investments are actually roughly equal to the cuts that they are taking from workers .. So essentially it is a wealth transfer from teachers, cops, and firemen to billionaire hedge-funders .. Pension funds are one of the last great, unguarded piles of money in this country and there are going to be all sort of operators that are trying to get their hands on that money."
LINK HERE to the essayLINK HERE to download the referenced think tank study 
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