Looting the Pension Funds of Public Workers - Matt Taibbi On Wall Street Hedge Funds - Video
Illustration by Victor Juhasz
Published on Sep 26, 2013
http://www.democracynow.org – In his latest article for Rolling Stone, Matt Taibbi reports that Wall Street firms are now making millions in profits off of public pension funds nationwide. “Essentially it is a wealth transfer from teachers, cops and firemen to billionaire hedge funders,” Taibbi says. “Pension funds are one of the last great, unguarded piles of money in this country and there are going to be all sort of operators that are trying to get their hands on that money.”
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Whistler Blowers, Insiders
“average” pension fund payouts ala the Detroit example are useless stats. a graph of payouts stratified by 10 % increments would be more telling.
Public employees are grossly overpaid, overbenefited, and overpensioned. Nobody can afford them. They’re bankrupting cities, counties and states.
The author should read about Detroit’s epic mismanagement that goes into the billions worth of payments that weren’t necessary.