What’s gotten ignored in the debate about public employee unions is the billions of dollars lost by pension funds when Wall Street investment banks sold fund administrators the very same toxic derivatives that the banks simultaneously bet against with their own bank funds. California’s public employee pension fund, CalPERS, the nation’s largest pension fund, lost more than $100 billion as a result of Wall Street’s shenanigans. Notice who got bailed out and was made whole? Sure wasn’t pension funds, homeowners, small businesses or laid-off workers.

Read full article [here].
by Carol Benham, The Lompoc Record.

Posted: March 13th, 2011, by: admin. Categories: . Awaiting Comments.