Why are we ignoring the massive ($100 billion) wage theft that is happening right now? Active and retired teachers are the main targets. Specific funds are targeted by specific billionaires and financial service industry investors.
Active teachers seem to accept paying into funds that are guaranteed to make money for fund managers while nearly guaranteeing massive losses for teachers. Retirees seem to be in denial. Non-teachers don’t want to believe they will be next. Where is the rage? Where are the vast crowds opposing this grand theft?
CCSS, school closings, teacher evaluations linked to tests designed to fail children, rigged pension theft, media parrots, Pearson, Gates, Koch, Broad, Walton and corporate elected puppets (Democrapublicans) are lined up for a coup unlike anything seen in American history. It’s all about the money and power.
David Sirota reports in Salon, Wall Street’s dispiriting new victory at your retirement’s expense.
“From Illinois to Massachusetts, voters effectively placed more than $100 billion worth of public pension investments under the control of executives-turned-politicians whose firms profit by managing state pension money.”
“In Illinois, Democratic incumbent Pat Quinn was defeated by Republican challenger Bruce Rauner, who made his fortune as an executive at a financial firm called GTCR, which rakes in fees from pension investments. Rauner — who retains an ownership stake in at least 15 separate GTCR entities… will now be fully in charge of his state’s pension system.”
“In Rhode Island, venture capitalist Gina Raimondo, a Democrat, defeated Republican Allan Fung. Raimondo retains an ownership stake in a firm that manages funds from Rhode Island’s $7 billion pension system.”
“In New York, Gov. Andrew Cuomo, a Democrat, handily defeated his Republican opponent, Rob Astorino, after raising millions of dollars from the finance industry. The New York legislature is set to send Cuomo a bill that would permit the New York state and city pension funds to move an additional $7 billion into hedge funds, private equity and other high-fee “alternative” investments.”
“In Massachusetts, Republican Charlie Baker appeared early Wednesday to have secured a narrow victory over Massachusetts Attorney General Martha Coakley. Baker was on the board of mutual funds managed by a financial firm that has also managed funds from Massachusetts’ $53 billion pension system.”
“’Why have all pension reform candidates concluded that workers’ retirement benefits must be harshly cut, but, on the other hand, fees to Wall Street be exponentially increased?’ said (Former Securities and Exchange Commission attorney Edward) Siedle, who has published a series of forensic reports critical of politicians shifting ever more pension money to Wall Street. ‘The answer, of course, is that more money than ever is being spent by billionaires to support a public pension Wall Street feeding frenzy.’”
WHERE IS THE RAGE?