Wall Street has long been playing a shell game with the American people and the American people haven't know it. You see, every janitor, sanitation worker, teacher, public bus driver, civil servant, and general city, state, or county worker pays into a pension fund. That fund is a whole lot of money. In New York City it's 140 Billion dollars alone. Just in case you didn't know that's $140,000,000,000. That's a whole lot of zeros. In Wisconsin it's $500,000,000,000. The list goes on and on ... times 50.
Normally what happens is that these funds give their money to slick talking Wall Street guys who take the money, promise mega returns and take a 6% fee. Now six percent doesn't sound like much but that's sixty-million dollars per one hundred billion. Multiply that across fifty states (not to mention sovereign wealth funds, i.e. China, Russia, Saudi Arabia - think of all that oil money) and you've got a fee fit for a room full of kings.
All this money would go to the Mitt Romney's of the world. They'd take this money and do the worst thing imaginable with it. They'd use the pensions of the average government employee Joe to basically screw the average private employee Joe. So the city workers money would be used to screw the guy who worked at the local steel mill or paper factory or manufacturing plant. Both guys were working class guys (and girls) and without them even knowing it they were killing each other just by saving for their pensions. The Wall Street guys would then often bankrupt the pension funds of the private workers, take their funds, give them the minimum possible, and return a paltry return to the local government.
The result: Wall Street 3. The People: 0.
The guy above, his name is Leo de Bever. He's Canadian, our good ole neighbor to the North. He works for the pension fund in Canada and he's part of a group of pension fund managers who are basically saying, we think we can do better by ourselves.
They're forming partnerships with other pension funds and making their own investments and since they're not complete mavericks, since they are public servants, maybe, just maybe, they'll invest with an eye on what happens to the average guy working on the line.
Look, I don't know if their strategy will work out. I don't know if it'll last. But what I do know is that if one working woman's money isn't screwing another working guy (or woman), government sector or private sector, I can only think that's a good thing. You go get 'um Leo de Bever. America's with you on this one.
Normally what happens is that these funds give their money to slick talking Wall Street guys who take the money, promise mega returns and take a 6% fee. Now six percent doesn't sound like much but that's sixty-million dollars per one hundred billion. Multiply that across fifty states (not to mention sovereign wealth funds, i.e. China, Russia, Saudi Arabia - think of all that oil money) and you've got a fee fit for a room full of kings.
All this money would go to the Mitt Romney's of the world. They'd take this money and do the worst thing imaginable with it. They'd use the pensions of the average government employee Joe to basically screw the average private employee Joe. So the city workers money would be used to screw the guy who worked at the local steel mill or paper factory or manufacturing plant. Both guys were working class guys (and girls) and without them even knowing it they were killing each other just by saving for their pensions. The Wall Street guys would then often bankrupt the pension funds of the private workers, take their funds, give them the minimum possible, and return a paltry return to the local government.
The result: Wall Street 3. The People: 0.
They're forming partnerships with other pension funds and making their own investments and since they're not complete mavericks, since they are public servants, maybe, just maybe, they'll invest with an eye on what happens to the average guy working on the line.
Look, I don't know if their strategy will work out. I don't know if it'll last. But what I do know is that if one working woman's money isn't screwing another working guy (or woman), government sector or private sector, I can only think that's a good thing. You go get 'um Leo de Bever. America's with you on this one.
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