This piece reports on another scheme that our capitalist masters use to screw workers out of their full retirement pensions. It's essentially a skimming operation very much like racketeers have used in gambling casinos--but then, isn't capitalism itself a racket? The system skims off worker created wealth and puts it into the pockets of owners.
California’s report said $440 million. New Jersey’s said $600 million. In Pennsylvania, the tally is $700 million. Those figures are public worker pension fees being paid annually by taxpayers to Wall Street firms, and they have kicked off an intensifying debate over whether such expenses are necessary. Now, a report from an industry-friendly source says those huge levies represent only a fraction of the true amounts being raked in by Wall Street firms from state and local governments.
In all, CEM Benchmarking concludes that America’s public pension funds are paying billions of dollars in undisclosed fees to private equity firms.
