The Phaserl


Matt Taibbi Goes #OffTheGrid [Part 1] | Jesse Ventura Off The Grid

from VenturaOffGrid:

Award-winning journalist Matt Taibbi joins the Governor for a two-parter on his new book, “The Divide: American Injustice in the Age of the Wealth Gap.” The two talk about the worst wrongs executed by our government, including the fact that our criminal justice system is set-up to incarcerate the poor but not the rich

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2 comments to Matt Taibbi Goes #OffTheGrid [Part 1] | Jesse Ventura Off The Grid


    That is correct, “Statesman Ventura”. We are paying for our demise. Jesse, when do the batteries run out on that shirt??? LOL

  • rich

    RI Treasurer Justifies Hedge Fund Secrecy With Need to “Minimize Attention” Re Pay, Protect Them From Poaching

    These excuses are ludicrous. It is highly unlikely that the names of staff members at hedge funds are a state secret. Similarly, recall the grandiose of private equity funds that the entirely of their contracts with limited partners were trade secrets, when inspection of their agreements shows that it’s hard to find anything of competitive value. Hedge funds are not letting sensitive information relating to current positions into a marketing document nor sharing them with fund consultants. But the really precious excuse is the last one, about letting the dangers of letting the sans culottes know how much hedgies really make. It’s watered-down version of venture capitalist Tom Perkins’ rant that “jealousy of the 0.1% will lead to Kristallnacht.”

    Note that a large body of academic literature has found that investing in more asset classes does not increase returns, but does reduce risk.

    However, hedge funds in recent years have struggled to meet stock market returns, raising doubt about their allure of outperformance. Moreover, as we saw in the crisis, formerly weakly correlated investments moved together when markets got rocky and investors ran from risk. In other words, Raimundo’s claim that hedge funds are an indispensable investment don’t hold up to scrutiny, particularly when you consider that a recent study found that investing in a mix of 5 Vanguard funds would produce better returns than those realized by 90% of public pension funds.

    But anyone with an ounce of objectivity knows that the reliance on these gatekeepers is much more an exercise in liability avoidance than return maximization. The very fact that the SEC found widespread shortcomings in contractual protections for investors and in oversight mechanisms in private equity funds is as much an indictment of these gatekeepers as of the limited partners.

    So why is Raimundo being so recalcitrant? Sirota has some ideas:

    According to the Journal, some of those fees from the $7.7 billion Rhode Island pension system are paid to Point Judith, a financial firm created by Raimondo that Rhode Island invested in under the previous treasurer, Frank Caprio (D). Raimondo’s personal blind trust fund still periodically earns income from its Point Judith holdings. Raimondo’s spokesperson told IBTimes that the Treasurer has taken all “recommended steps to assure that potential conflicts of interest would be avoided during her administration.”
    Still, the confluence of new investments, increased fees, below-average returns for Rhode Island taxpayers and Wall Street campaign contributions inevitably raised questions.

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