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OzoneTom
OzoneTom

This just in — photographic proof of Joe Biden’s participation in the Civil Rights movement:

For any doubting that Joe Biden was on the front lines of Civil Rights from WayOfTheBern

OzoneTom
OzoneTom

Hmm, I am only seeing a link in that embed, here is the actual image.

JoeBidenCivilRights1963.png
Aint Supposed to Die A Natural Death
Aint Supposed to Die A Natural Death

lolol…

orlbucfan

😂😂🤮

polarbear4
polarbear4

“If politics is the art of the sleight of hand, then Donald Trump is one of the deftest magicians of all time — a master of creating mesmerizing spectacles, while his minions quietly rob everything in sight. This David Copperfield routine has become so mundane we are practically numb to it, but the trick Trump just pulled off for his billionaire pals was something particularly special — it could end up being one of the single biggest financial heists in history.

As news cycles were consumed by Trump deliberately inflaming social unrest and threatening a domestic military invasion, the president’s political appointees were approving a regulatory change that could transfer hundreds of billions of dollars of Americans’ retirement savings to private equity firms. Those are the Gordon Gekko–run outlets that have become famous for fleecing investors, laying off workers, gutting local economies, strip-mining media outlets and creating public health and environmental disasters — all while minting Wall Street billionaires.

The Trump administration’s new directive came just a few months after private equity billionaire Stephen Schwarzman — who had been pushing for the change — poured $3 million into a super PAC backing Trump’s reelection bid.

“A Windfall of $435 Billion”

To the casual onlooker, the information letter from the Employee Benefits Security Administration reads like every other impenetrable passage of stereo instructions that fills the Federal Register — but this was no routine piece of paperwork. The guidance to Switzerland-based investment firm Partners Group effectively changed the enforcement of federal law protecting workers’ retirement savings.

While long-standing worker-protection regulations have prevented 401(k) plans from investing in high-risk private equity firms, the letter now permits corporations to funnel that money to those firms, which charge notoriously giant fees.

Trump’s administration argued that workers should feel fortunate and thankful that the administration will now let employers turn their savings over to private equity barons.

“This information letter will help Americans saving for retirement gain access to alternative investments that often provide strong returns,” labor secretary Eugene Scalia said in a statement announcing the new policy. “The letter helps level the playing field for ordinary investors and is another step by the department to ensure that ordinary people investing for retirement have the opportunities they need for a secure retirement.”

Scalia previously represented Wall Street banks and investment firms at the law firm Gibson Dunn, including Goldman Sachs, which has been working to raise more money for its private equity funds.

In practice, private equity firms will now be allowed to access — and skim fees off of — the $9 trillion in 100 million workers’ 401(k) plans and IRAs.

“If just 5 percent of the money in these retirement funds were available to private equity, it would be a windfall of $435 billion — real money even to private equity millionaires and billionaires,” wrote Eileen Appelbaum of the Center for Economic and Policy Research (CEPR).”

more at
https://jacobinmag.com/2020/06/trump-just-fulfilled-his-billionaire-pals-dream

polarbear4
polarbear4

“Unlike a share of publicly traded stock whose price is the same for all investors, a private equity investment’s fees can vary widely from investor to investor. Private equity firms are therefore always eager to find investors willing to accept the highest possible fees. “Dumb money” refers to such investors — entities like pension funds, 401(k) plans, and university endowments that are pools of other people’s money directed by officials with no personal skin in the investment decisions.

Wall Street sees these funds as “dumb” — and particularly lucrative — because the officials negotiating on retirees’ or universities’ behalf may not drive as hard a bargain on fees and terms as, say, an individual billionaire or an insurance company trying to protect its cash reserves.

This wiggle room with dumb money can be enormously lucrative for private equity firms: a recent study by Stanford and Harvard researchers found that had public pensions all received the same private equity fee rates, they “would have earned nearly $45 billion more on their investments.”

In other words: that is $45 billion of earnings that could have gone to retirees, but instead went to private equity firms and other wealthy investors because pension fund managers didn’t secure better fees and terms.

That part about “other unobserved investors” is key — private equity firms explicitly say in their SEC filings that they can and will offer different investors different fees and terms on the exact same investments. It is a situation that has caused some retirees to wonder whether their dumb money is being used to pad the profits of smarter, politically connected investors who negotiate better terms in the same private equity investments.”

orlbucfan

Yves Smith, the financial/banking expert who launched NC, absolutely despises private equity. I can understand why. They are the worse of all the robber barons. 🤮😡

wi62

Crooks,Thieves to say the least.

polarbear4
polarbear4

polarbear4
polarbear4

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