Suckers born every minute
If you’re a member of PubSec Alliance, or even one of our many free-riders, you may have read that Calpers and the AZ Public Safety Personnel Retirement System have wisely decided to play it safe when it comes to investing their members’ money and stay the hell away from the banksters that prey on retirees and the pension funds that manage their retirement income. But in San Francisco and New Jersey officials are going the other way. San Francisco officials are set to vote on a proposal that could divert billions of dollars of the city’s pension portfolio from safe bets like S&P 500 stocks and bonds to large hedge funds that charge huge fees and promise massive returns. And here’s the kicker- the folks pulling the strings on the deal might have a slight conflict of interest.