Read the whole article if you want. High finance is beyond my ken. I just know that where there’s money to be bilked from public funds, a way will be carved to bilk it. And besides, $660 billion of public money now under private management? I thought ultimately all money was under private management, considering that the Fed is not public.Wall Street spent upwards of $300M to influence the [midterm] election results. And a key part of its agenda has been a plan to move more and more of the $3 trillion dollars in unguarded government pension funds into privately managed, high-fee investments — a shift that may well constitute the biggest financial story of our generation that you’ve never heard of.
[...]
It has been fighting to turn public pensions into private profits for quite some time, steering retirement nest eggs into investments that are complex, charge hefty fees, and that generate big profits for management firms. And it has been succeeding. Of the $3 trillion in public assets currently in pension funds throughout the country, almost a quarter of that has already found its way into so-called “alternative investments” like hedge funds, private equity and real estate. That translates to roughly $660 billion of public money now under private management, invested in assets that are often arcane and opaque but that offer high management and placement fees to Wall Street financiers.
The Intercept
...but hey, do what you want...you will anyway.
No comments:
Post a Comment