There is one common thread here: The banksters and financial crooks after all public monies, such as
Social Security, education, pensions, etc. They want all those monies to flow through their private
pipes, giving rise to the law Janet Cowell proposed which would leave us totally blind. We just
give them money, close eyes, ask no questions - and poof, win or lose, and in any case they
get more fees, and more fees, and more fees.
Looting the Pension Funds - Taibbi
Dueling bills address transparency of NC pension fund investments
Pensiongate? Christie Campaign Donors Won Huge Contracts
Is New Jersey Fudging Its Pension Fund Results to Defuse a Christie Scandal?
Related to the ongoing saga of NC public employee pensions is the simple fact that a number of folks are
working hard, very hard to strip those public funds and place them with hedge funds, under cover of
contractual agreements of non-disclosure. The first cite above, from Rolling Stone by Matt Tabbi is
instructive. The Rhode Island Treasurer has taken funds and given them to her buddies in the private
banking/hedge fund industry, whose goal is to capture all the public funds currently in public hands,
effectively privatizing these funds.
The New Jersey saga is continuing, but it is safe to say that in addition to not funding retirement accounts,
Christie's buddies on Wall Street have lost money - and in an "up market".
Janet Cowell's excuse (forget reasons) for going with hedge funds and private bankers, and all the concealment
they demand, and to which Cowell wants to concede, is that she has to do this to get returns. Hmmm - we are
in the middle of the greatest "up" market in living memory. So, does she want to
If you want a major example of this "asset stripping", look at Detroit, where public assets are handed
wholesale to predatory financiers, political hacks and billionaires. This is not just a GOP issue, enough
Democrats are involved to choke a horse. But, no one is discussing this, and how it is happening.
The model is simple: Take public funds and assets and give them to private industry, either to profit
from these resources or take ownership! Like privatizing toll roads - something DOT is considering.
It appears to me that petty inter and intra party bickering is insane in light of the assaults of the banking
and finance sector, which only 20 years ago constituted 7% of the GDP and now controls around
50%. And, that with growing inequality which the right considers normal - wake the hell up.
Oh, and yes, there are some very rich people trying very hard to totally privatize education - here and
around the US, channeling public education funds into private pockets.