AFT Report Highlights Hedge Fund Managers Who Secretely Work to Undermine Pensions
AFT President Randi WeingartenA new report from the American Federation of Teachers (AFT) lists 34 executives at hedge funds and investment firms who help make contributions to or are leaders of organizations with a negative view on traditional pensions. In naming these executives the union is hoping to persuade other unions to stop investing the flow of pension funds to groups with close ties to those who want to radically change pensions.
Among the more notable figures listed is “financial whiz” Dan Loeb. Loeb is currently being accused of playing both sides of the teacher pensions game, courting pension systems while simultaneously being involved with Students First, an extreme anti-union group. Now, unions want action in stopping this vicious cycle of greed.
Michael Powell, an assistant to AFT President Randi Weingarten told the Wall Street Journal:
“Does the American Federation of Teachers think they should divest [from firms named in the report?] The answer would be yes.”
The combined assets of the American Federation of Teachers nationwide is around $800 million. Pension