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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAs Public Pensions Shift to Risky Wall Street, Local Politicians Rake in Political Cash
From "DemocracyNow!"
We look at a Wall Street scandal that has generated little attention but impacts millions of American public workers. In recent years, cities and states have been increasingly investing worker pensions in risky hedge funds, private equity and other so-called "alternative investments." Many of the investments are being done in secret while politically connected Wall Streets firms including Blackstone, the Carlyle Group and Elliott Management earn millions in investment fees from taxpayers. Denver-based journalist David Sirota recently revealed Chicago Mayor Rahm Emanuel, who once served as President Obamas chief of staff, received more than $600,000 in campaign contributions from executives at investment firms that manage Chicago pension funds. Sirota also revealed the head of a New Jersey board that determines how the state invests its $80 billion pension fund was in direct contact with top political and campaign fundraising aides for New Jersey Gov. Chris Christie during his re-election bid. Meanwhile, some states, including Illinois, Kentucky and Rhode Island, have faced criticism for blocking the release of information about how their pension funds are being handled. We speak with David Sirota, senior writer at the International Business Times, who authored the 2013 report, "The Plot Against Pensions," published by the Institute for Americas Future.
Please check back later for full transcript.
Please check back later for full transcript.
http://www.democracynow.org/2015/2/13/as_public_pensions_shift_to_risky
These high-fee investments result in lower returns than the no-fee stock market!
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As Public Pensions Shift to Risky Wall Street, Local Politicians Rake in Political Cash (Original Post)
KansDem
Feb 2015
OP
Not new, no, but what IS new is tactics like this considered bribery elsewhere are now legal.
closeupready
Feb 2015
#2
Man from Pickens
(1,713 posts)1. banks paying politicians to loot public money
nothing new at all
closeupready
(29,503 posts)2. Not new, no, but what IS new is tactics like this considered bribery elsewhere are now legal.
ND-Dem
(4,571 posts)3. k&r: waiting for the next failure scandal, and it's gonna happen