Despite a federal anti-corruption rule designed to prevent donors from receiving pension investments, private equity executives have donated millions to political groups supporting DeSantis, all while the governor oversaw the transfer of more than $1 billion of Florida public employees’ retirement dollars into these donors’ high-fee, high-risk “alternative investments.”
A Lever review found that had the state pension fund instead been invested in a simple, low-cost index fund, compared to its present mix of holdings, teachers, police officers, and other state employees would have about $10 billion more in their retirement funds.
It's a cute little scheme. DeSantis steered pension funds to Wall Street fund managers who run high-fee investments. Those fund managers then made donations to the Republican Governors' Association which, in turn, donates to Desantis's campaign fund.
DeSantis gets his campaign money, his donors make a shitload of money and the only people who get screwed are the state employees.
Didn't this kind of corruption happen in the rust belt killing the pension funds?
ReplyDeleteEck!
This is what they want to do to Social Security; lrt the sharks of Wall Street bleed it dry.
ReplyDeleteHe owns the state. Il Douche. L'etat c'est moi. All hail the Sun King.
ReplyDeleteAs for bleeding Medicare, that's what Medicare Disadvantage is about