The hedge fund capture of pension capital is almost complete
Way back in the 1950’s and 60’s, almost none of the capital in local and state pension funds was controlled by Wall St. But man oh man how times have changed. Despite crappy investment returns and the worst excesses of what many call “casino capitalism,” pension fund managers are increasingly relying on the same people that crashed the global economy in 2008 for so-called “financial services.” See the June/July issue of American Police Beat for more on this. We have a cover story about how poor returns from the private equity gamble will inevitably lead to the end of the deferred option retirement program in a matter of months.