After several years of being made to seem like another crazy “conspiracy theory” by corporate media coverage of teacher pension theft, the pension theft pattern has emerged into the open. There can no longer be a conspiracy (secret plan of destruction) theory when corporations and pension raiders have had laws passed to protect them from the open theft of our pensions via undisclosed fees for undisclosed investments to undisclosed sources.
Today the manner of theft is out in the open. Who has stolen how much? That is a (now) a legally protected “trade secret.”
The New York Times reports that New York City’s pensions are “hanging by a thread.”
Why? “Trade secrets.”
Fred Klonsky and David Sirota explain New York City’s and Illinois’ latest “trade secrets” that rip us off and endanger the length, size and existence of our pensions. Undisclosed fees – win or lose. High risk hedge and venture funds. With our money.
Fred says this about Illinois pensions.
“What percentage of Illinois public pensions are invested in the same kind of high risk, alternative investment plans as New York?
Nobody seems to be able or willing to say.
Are there hidden fees?
David says this about Illinois, Rhode Island and Kentucky’s teacher pension systems.
“Investors like Warren Buffett are saying public pension systems shouldn’t be plowing retirement savings into hedge funds, private equity and other so-called ‘alternative investments.’ That is an especially powerful argument when such investments keep allowing the financial industry to charge ever-higher fees in near-total secrecy.”
The main thing to keep in mind is that teachers paid money, from every paycheck, as legislators in hidden/open/secret agreements either never paid the allotted money into the funds or shoveled the undisclosed “trade secret” fee monies to the same people who contributed to their re-elections and their revolving door employment deals. Fraud!
In straightforward terms, legislators and fund managers are stealing our hard earned money which was our life savings to be repaid as a form of an annuity. The money did not disappear. Mistakes were not made. Natural disasters did not occur. Thieves are stealing our deferred income.
How can we stop these thieves before we end up old, homeless and destitute? That is the multi-billion dollar question.