The Phaserl


ASK NOT FOR WHOM THE BELL TOLLS: Wall Street is Taking Over America’s Pension Plans

by Murtaza Hussain, The Intercept:

Coverage of the midterm elections has, understandably, focused on the shift in political power from Democrats toward Republicans. But behind the scenes, another major story has been playing out. Wall Street spent upwards of $300M to influence the 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.

Illinois, Massachusetts, and Rhode Island all recently elected governors who were previously executives and directors at firms which managed investments on behalf of state pension funds. These firms are now, consequently, in position to obtain even more of these public funds. This alone represents a huge payoff on that $300M investment made by the financial industry, and is likely to result in more pension money going into investments which offer great benefits for Wall Street but do little for the broader economy.

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1 comment to ASK NOT FOR WHOM THE BELL TOLLS: Wall Street is Taking Over America’s Pension Plans

  • Angel

    Fascism is alive and well, is it not? Well, not to worry, the feds haven’t given up on the idea of nationalizing Americans’ retirements accounts and pensions by converting them to treasuries, thereby coming the “rescue” of both the people and the nation’s economy.

    Wall Street’s influence over the recent elections in order to transfer the management of those $3 Trillion dollar state pensions funds directly into their own laps may very well be another excuse used by the feds to intervene, i.e., to pillage and plunder our pensions and retirement accounts by assuming all control of them.

    I could already hear Rebecca Davis (Pension Rights Center) and other liberal sock puppets begging the government to intervene. After all, they’ve been hard at work for years promoting the nationalization of our pensions and retirement accounts, so it wouldn’t take much to imagine them capitalizing on this latest news.

    Problem/reaction/solution, is all it would be, as Joe American keeps right on getting passed around to the financial blood suckers like the defenseless prison punk that he is.

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