|Won't get fooled again! Wanna bet?|
|Won't get fooled again! Wanna bet?|
|Written by Mark Nichols|
People like to talk about the “crime of the century.” Was it the Lufthansa heist? The Gardner Museum robbery? Maybe it was Capone’s $2 billion made off prohibition. While those scores are all impressive in their own way, they’re actually small potatoes. The crime of the century, for which not a solitary soul has been sent to jail, was the fleecing of public pension funds by Wall Street money men. Not only did the bad guys get away clean, they’re about to do it again.
That’s the advantage of being a player like Pete Peterson, John Arnold or Dick Army. You know you’re above the law- an untouchable master of the universe.
editor's note: this article contains excerpts from Matt Taibbi's recent Rllong Stone article "Looting the Pension Funds." To read the entire article click here:
The only question that remains is whether or not the people that manage your retirement money will get played for suckers again by the same folks that talked retirement systems into heavily investing in the subprime mortgage market.
If you want to know what’s happening with the NSA you should read Jeremy Scahill and Glenn Greenwald.
If you want to understand how and why you will have less to live on after the job than you were promised you can’t do any better than Rolling Stone contributor Matt Taibbi.
One of the big problems with awareness about private interests robbing the public coffers is that the details are complicated, bureaucratic and lack any of the sexy stuff Americans are used to when it
The perps are ivy leaguers in $5,000 suits. There are no tactical teams storming housing projects or trailer parks. And odds are that most of the DOJ lawyers are far more interested in going to work for the people they’re supposed to be investigating than doing their jobs.
Attorney General Eric Holder is a classic example. He used to work at Covington and Burling- a high-powered D.C. law firm that represents the very people that wrecked the economy, got bailed and then complained about criticism. Dollars to donuts he’ll be right back there when Obama leaves office. Makes one wonder about who was calling the shots during recent meetings about JP Morgan's fines- Jamie Dimon or ther Attorney General of the United States.
Cops aren’t the most educated or financially sophisticated bunch. That might be why Miami cops have seen 20 percent reductions in compensation while Mitt Romney’s net worth increased by the same amount in the first eight months of 2013 alone.
And that’s where Matt comes in. He’s funny and makes things a little easier for folks that didn’t graduate Harvard Business School to understand. Largely it’s just a matter of cutting through the bullshit language used by the folks that want to take your money.
When you hear brands like “entitlement reform,” “pension reform,” you can just tune out- you’re being lied to.
Taibbi on the other hand is a straight shooter and uses language that confirms it:
“Here's what this game comes down to. Politicians run for office, promising to deliver law and order, safe and clean streets, and good schools. Then they get elected, and instead of paying for the cops, garbagemen, teachers and firefighters they only just 10 minutes ago promised voters, they intercept taxpayer money allocated for those workers and blow it on other stuff. It's the governmental equivalent of stealing from your kids' college fund to buy lap dances. In Rhode Island, some cities have underfunded pensions for decades. In certain years zero required dollars were contributed to the municipal pension fund. "We'd be fine if they had made all of their contributions," says Stephen T. Day, retired president of the Providence firefighters union. "Instead, after they took all that money, they're saying we're broke. Are you fucking kidding me?"
Apologies to the delicate flowers that have a tough time with cursing but if there was ever a time to curse it’s now.
If you haven’t read Taibbi’s recent article entitled “Looting the Pensions,” don’t expect anyone to feel sorry for you when your retirement money gets stolen- again. If you want the crash course on the financial class read his excellent book Griftopia.
Hopefully a few people will be enticed by some excerpts and actually read the thing. It’s one thing to be ignorant when there’s no good information with which to educate one’s self. But Taibbi’s got the thing sewn up with research, excellent writing and moral authority so there’s no excuse to remain in the dark as to what’s happening to your money. Hopefully the focus this time around will be on the players, Wall St. Hedge Funds and billionaire social engineers as opposed to the poor dupes that they hustled.
The Rolling Stone article is free online and perhaps it’s most valuable service is in identifying one of the new kids on the block looking to take your money- John Arnold.
This kid’s a real winner. He’s one of those caring souls so worried about future generations of Americans that he’s willing to make tough choices about your retirement. It's just a coincidence that those touch chopices will make him even richer and the working class even poorer.
“In 2011, Pew began to align itself with a figure who was decidedly neither centrist nor nonpartisan: 39-year-old John Arnold, whom CNN/Money described (erroneously) as the "second-youngest self-made billionaire in America," after Mark Zuckerberg. Though similar in wealth and youth, Arnold presented the stylistic opposite of Zuckerberg's signature nerd chic: He's a lipless, eager little jerk with the jug-eared face of a Division III women's basketball coach, exactly what you'd expect a former Enron commodities trader to look like. Anyone who has seen the Oscar-winning documentary The Smartest Guys in the Room and remembers those tapes of Enron traders cackling about rigging energy prices on "Grandma Millie" and jamming electricity rates "right up her ass for fucking $250 a megawatt hour" will have a sense of exactly what Arnold's work environment was like.”
So here we have a situation where an Enron hustler, in league with massive and anti-worker outfits like the Pew Charitable Trusts is funding ballot initiatives to kill the very pensions people like him suckered in the first place.
The really sick part is not only is it working, no one’s even talking about it. You know a society is in real trouble when individuals who will soon rely on a fixed income can’t be bothered to find out why they might have to sign on as a greeter at Target at age 72.
Sometimes maybe it’s a good idea to put last things first. With that in mind here’s the last paragraph of the Taibbi article:
“Now, though, states all over the country are claiming they not only need to abrogate legally binding contracts with state workers but also should seize retirement money from widows to finance years of illegal loans, giant fees to billionaires like Dan Loeb and billions in tax breaks to the Curt Schillings of the world. It ain't right. If someone has to tighten a belt or two, let's start there. If we've still got a problem after squaring those assholes away, that's something that can be discussed. But asking cops, firefighters and teachers to take the first hit for a crisis caused by reckless pols and thieves on Wall Street is low, even by American standards.”
One thing you can never say is that you haven’t been told. Ignore Matt Taibbi at your peril.
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