Pension fund investors more concerned with pleasing Wall St. than anything else
What do you mean “confidential?” You’re telling me you’re not allowed to tell me how much of my retirement money was lost on service charges and crappy stocks?
If you read Matt Taibbi and David Sirota, you already know that public pension funds are considered prime targets for the financial services sector. You don’t have to look too hard in terms of how many toxic mortgage bundles and other worthless “financial instruments,” the money men successfully dumped on funds like Calpers and the Texas Teacher’s Fund to see this is in fact the case. But it gets worse. Not only do public pension fund managers get routinely hustled by Wall St. hustlers, they’re actively working on behalf of the firms that sell them garbage to keep pensioners in the dark about everything from fees the funds pay the financial companies to the piss-poor results in terms of returns on investments.
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