Wall Street is Taking Over America's Pension Plans

Murtaza Hussain
The Intercept
November 25, 2014

Coverage of the midterm elections has, understandably, focused on the shift in political power from Democrats toward Republicans. But behind the scenes, another major story has been playing out. Wall Street spent upwards of $300M to influence the election results. And a key part of its agenda has been a plan to move more and more of the $3 trillion dollars in unguarded government pension funds into privately managed, high-fee investments — a shift that may well constitute the biggest financial story of our generation that you’ve never heard of.

Illinois, Massachusetts, and Rhode Island all recently elected governors who were previously executives and directors at firms which managed investments on behalf of state pension funds. These firms are now, consequently, in position to obtain even more of these public funds. This alone represents a huge payoff on that $300M investment made by the financial industry, and is likely to result in more pension money going into investments which offer great benefits for Wall Street but do little for the broader economy.

Click here to read more at The Intercept.

Get Advice Join TDU Donate

Recent News

Landslide Victory in Des Moines Local 90

Members in Des Moines Local 90 have voted for new leadership and a new direction. Teamsters for Action activists campaigned for change at worksites across Iowa. They built a rank-and-file movement and today they won election with 80 percent of the vote. 

Join the TDU Builder's Club!

TDU members helped win new leadership in the Teamsters—and we're not done yet! We're launching a campaign to build TDU to meet the challenges ahead.

View More News Posts