The great $660 billion public pension rip-off
Edward Siedle is president of Benchmark Financial Services and is a former investigator with the Security and Exchange Commission's Division of Investment Management. He writes in Sunday's New York Times:
Nearly a quarter of all state and local public pension assets have disappeared -- $660 billion in state workers’ retirement savings taken off the radar and swept into high-cost hedge, private equity, venture and real estate funds with little or no public oversight.
Kickbacks, bribery, self-dealing, fraud, tax evasion and outright theft have been protected as confidential “trade secrets” or “proprietary business information” exempt from disclosure to the public under Schooling in the Ownership Society: The great $660 billion public pension rip-off:
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