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Workers Petition Congress: Protect Our Pensions

Workers Petition Congress: Protect Our Pensions

Leo Gerard

The total number of workers at risk is 1.2 million. In my union, the United Steelworkers (USW), 100,000 are threatened. Daryl A. Bugbee of Olivet, Michigan, is one of them. He wrote Congress’ Joint Select Committee on Multiemployer Pensions on August 8:

“I am the father of a special needs child who will always need assistance. Without my pension, I will not be able to help meet his needs.”

For folks whose pensions are invested with TIAA-CREF - you might want to check on the abuses facilitated by BILLIONS invested in MATOPIBA in Brazil.

If you want a clear conscience,

Our pensions are holding our consciences hostage to the tune of billions of $$
GRAIN | 13 November 2018

The global farmland grab by pension funds needs to stop

Money from pension funds has fueled the financial sector’s massive move into farmland investing over the past decade. The number of pension funds involved in farmland investment and the amount of money they are deploying into it is increasing, under the radar. This unprecedented take-over of farmland by financial companies has major implications for rural communities and food systems, and must be challenged. Leaving it to the companies to police themselves with their own voluntary guidelines is a recipe for disaster.

Just a few of the footnote links in the article:

The Pew Charitable Trusts, “State Public Pension Funds Increase Use of Complex Investments,” April 2017: https://www.pewtrusts.org/~/media/assets/2017/04/psrs_state_public_pension_funds_increase_use_of_complex_investments.pdf

Global AgInvesting, “Japan’s Nippon Life makes a US$92.5 million offshore farmland investment” 16 April 2018: http://www.globalaginvesting.com/japans-nippon-life-makes-us92-5m-offshore-farmland-investment/

Jonathan Watts, “Almost four environmental defenders a week killed in 2017,” Guardian, 2 February 2018: https://www.theguardian.com/environment/2018/feb/02/almost-four-environmental-defenders-a-week-killed-in-2017

For more on Harvard’s farmland deals see: GRAIN and Rede Social de Justiça e Direitos Humanos, “Harvard’s billion-dollar farmland fiasco,” 6 September 2018: https://www.grain.org/article/entries/6006-harvard-s-billion-dollar-farmland-fiasco. The new company formed by Harvard’s ex-farmland investment managers is Folium Capital, which has received investments from the New Mexico Educational Retirement Board. See: Real Assets, “New Mexico Educational invests in Folium and Stonepeak funds,” August 2017: https://realassets.ipe.com/news/investors/new-mexico-educational-invests-in-folium-and-stonepeak-funds/realassets.ipe.com/news/investors/new-mexico-educational-invests-in-folium-and-stonepeak-funds/10020384.fullarticle

Hilton Shone and Loni Prinsloo, "PIC buys into Africa’s biggest feedlot in $365 million deal, "Bloomberg, 23 October 2018: https://www.bloomberg.com/news/articles/2018-10-23/south-africa-s-pic-pelo-buy-majority-stake-in-karan-beef

“Forces that couldn’t be predicted”, the new spin on the 2008 crash excuse that “nobody could have seen this coming” would be laughable if so many people were not being devastated by these failures.