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By Exploiting and Mismanaging Public Pensions, Wall Street Has Cost Taxpayers $600 Billion Over Last Decade


#1

By Exploiting and Mismanaging Public Pensions, Wall Street Has Cost Taxpayers $600 Billion Over Last Decade

Jake Johnson, staff writer

In a frenzied bid for higher profits in the decade following the 2008 financial crisis, Wall Street pension fund managers have siphoned as much as $624 billion from Americans' retirement savings—and, as a direct result, taxpayer coffers—through a vicious combination of high fees and foolish investment strategies, according to an analysis published Thursday by Yahoo Finance.


#2

This isn’t really new – same thing with Enron where so much of California’s pension funds
were invested with Enron.

So you bribe a fund manager – and there you go –

and no one thought to look into anything like this after Enron?

And … now that they know when do the investigations for evidence begin?

Where will the lawsuits begin?


#3

Are the pensions of Congress people handled in the same way as the Public Employees? If not--------maybe it’s time to get Congress to care, and you could do that by having their pensions handled just like the public employees.


#4

Is it that policymakers “have no idea”

Or that they want to ensure we don’t?


#5

It should also be noted that trustees of pension funds such as the super-giant Calpers have turned the management of large portions of the funds over to the Wall St. thieves because of their “expertise.” Many on the boards of trustees are union people or representatives of the public. Again, complicity in our own demise.


#6

The headlines across the country in every “news” form should be:
Wall Street Pension Fund Managers STEAL $624 Billion from Americans Retirement Savings

…alas I have yet to see that headline.


#7

And then, the day after those headlines appear, this is front page: “Wallstreet Hedge Fund Managers Given Choice, Surrender All Assets, Or, Electric Chair.”


#8

This doesn’t include how much they stole before 2008, with the fraudulent investment scheme. Anyone who hasn’t seen it yet, please watch the documentary film “Inside Job” by Charles Ferguson, it explains what happened, and how they pulled it off. I found a copy at my public library.
Not every states pension funds are protected by increases from the taxpayers if they fail or are robbed like what happened prior to 2008. My states fund took a 18% hit from the Wall Street thieves, that decrease was passed on to the retired workers.


#9

If someone issues shares in “Old Sparky” they’d probably invest in it before sitting in it.


#10

Where are the politicians of either party that are responsible for protecting our interests? They appear to have failed us completely and are now in the process of enacting even more destructive deregulation. Yet we hear not a peep from the media.


#11

Oh I know, lets gather up some people and wave signs at them. That’ll teach em.


#12

Still not one Banker or CEO crook has been held accountable for grand theft. Until they are, they will continue to steal whatever we have left.


#13

Tarsus –

huh?


#14

Blocker –

Actually, they didn’t “fail us” – they were legislating in the interests of Elites-predatory capitalism, actually.
We haven’t had a free press here since 1943 - See: Operation Mockingbird
If you have time, look at Operation Paperclip and Operation Gladio, companion operations.
You have a CIA/corporate press since the 1950’s.
The difference between us and the Russians is that the Russians knew their news was propaganda/lies.


#15

Sorry, could not resist. Just frustrated that a handful of protests are the most we can expect in response to this travesty, and even that may be too much to hope for.
We all know by now that there exists no regulatory or judicial agencies that has the power to oppose America’s ruling parasites, further more, there are none with any inclination nor incentive to do so.


#16

Tarsus – I think we all share your frustration –
Who even has a pension plan any more – ?

If we don’t react, nature is going to do it for us –

Those in office have only destroyed the planet over the last 50 years or more –
and prevented the citizenry from fully understanding the dangers of Global Warming.
Right now we are only beginning to feel the effects of the harm done up to about 1968 …
thereafter much greater harm has occurred to the environment.
The Chemtrails/geo-engineering which Steven posts about are further complicating Global
Warming effects rather than alleviating. If you’re interested, you’ll find a good bit of info
on geo-engineering of weather on YouTube.


#17

Our situation is indeed dire, in fact it is downright hopeless. We are 7 years into a global extinction with no end in sight. The oceans are heating up and acidifying at a breakneck pace. In addition we have identified 51 positive feedback loops related to climate disruption, any one of which is a potential extinction level event, and none of which we have any idea how to stop.

Thanks in large part to Geoengineeringwatch.org I am aware of Raytheon/America’s geoengineering project, and how it has made all this immeasurably worse.

As an aside it is a good idea to avoid the term “chemtrails” when informing people about the project, as there is an insane amount of disinformation and crackpot theories surrounding the term, leading anyone who researches it to quickly dismiss it all as lunacy.


#18

The ultra-rich don’t steal from each other. It’s not that they respect each other. They just know other rich people have good lawyers too. They know the easy pickings are the working poor. What can they do? Hire a lawyer? Haha. trump is the epitome of this type of greed. He knows immigrants and poor people, especially those of color, are the easiest to exploit.


#19

and it is all legal at Wall Street, what about the companies pension fund managers who put the money with them, or pension fund managers who put the money there?

Further deregulation of banks, the teeth taken out of Consumer Protection Agency and…


#20

“Despite their continued underperformance, “public pension fund managers have thrown increasingly more money at these complex and pricey alternative funds” in pursuit of “higher gains,” Yahoo notes.”

100% the fault of the pension managers who are government employees.