Under Chris Christie Fees To Wall Street Have Tripled

By: Thursday August 28, 2014 9:25 am

According to a report by David Sirota for the International Business Times, fees paid out to Wall Street by the State of New Jersey have tripled under the administration of Governor Chris Christie, costing the taxpayers $3.8 billion. Governor Christie was already under scrutiny for the way he managed the pension system when it was [...]

Former CEO Of California Pension System Pleads Guilty To Fraud And Bribery

By: Friday July 18, 2014 8:20 am

Fred Buenrostro, a former CEO of the California Public Employees’ Retirement System (CalPERS), plead guilty in federal court last week to conspiracy to commit bribery and fraud. Buenrostro was the CEO of CalPERs from 2002 to 2008 and admitted to engaging in numerous corrupt and illegal activities while managing the second largest pension fund in [...]

Study: Hedge Funds Taking Over Pension Fund Investments, Increasing Risk

By: Wednesday June 4, 2014 9:47 am

Recently Pando Daily broke a story about Governor Christie’s Administration violating pay to play laws by rewarding political donors with New Jersey Pension Fund contracts. The gist being that after General Catalyst employee Charles Baker donated money to the NJ GOP, General Catalyst received roughly $15 million to invest on behalf of retirees. While the [...]

SEC Deregulates Hedge Funds

By: Thursday July 11, 2013 10:23 am

The SEC is back to its old tricks, putting aside the public interest for private concerns. The latest maneuver involves lifting the ban on allowing highly risky investment vehicles known as hedge funds to advertise publicly for the first time. Yes, even in the bubblemania of the 1990s this was not done for fear people [...]

NYT Reports on Investor Purchases of Foreclosed Homes for Rental Conversion

By: Tuesday December 11, 2012 9:15 am

I touched on this before, but this New York Times piece exposing the next bubble, the bulk purchase of foreclosed homes by private equity firms and hedge funds for rental units, is really critical. Basically the same people who were present at the creation of the original bubble are driving the boat in this second [...]

Death By Twinkie: What the Hostess Liquidation Says About Labor and the Economy

By: Friday November 16, 2012 12:45 pm

In good news for people who don’t want to die prematurely because of their diet, Hostess Foods, makers of Twinkies, Ding Dongs, Sno Balls and other inedible confectionaries, will liquidate the company, which is currently suffering through a labor strike. In a statement, Hostess said its bakery operations have been suspended at all plants and [...]

Hedge Fund Blackstone Buying $100 Million in Foreclosed Homes Every Week

By: Thursday November 15, 2012 9:15 am

Speaking of housing, we’re supposed to forget about the fact that the banks committed the largest consumer fraud in history and then paid the meager penalties for it with other people’s money, because we’re in a housing “recovery” now. Let’s forget the past, and look forward, and check out this housing boom, ay? It’s tiring [...]

GOP Campaign Manager, Hedge Fund Employee Responsible for Rumor-Mongering Pranks During NYC Storm

By: Tuesday October 30, 2012 1:09 pm

So here’s an early contender for jerk of the year – a guy blatantly pushing out false Twitter notices of various catastrophes during last night’s Hurricane Sandy storm in New York City. During the storm last night, user @comfortablysmug was the source of a load of frightening but false information about conditions in New York [...]

Romney Profited From Auto Bailout

By: Thursday October 18, 2012 8:30 am

Greg Palast has a new story out about Mitt Romney’s profit from Delphi Automotive, an auto parts subsidiary of GM, during the auto rescue. No bailout of GM—or Chrysler, for that matter—could have been successful without saving Delphi. So, in addition to making massive loans to automakers in 2009, the federal government sent, directly or [...]

Investor Purchases of Foreclosed Properties Continue

By: Wednesday October 3, 2012 11:00 am

Yestreday, Fannie Mae sold off another chunk of its foreclosed properties as part of a pilot program to process bulk sales to investors who will rent them out in the short term. The beneficiary was a private equity firm. The Cogsville Group, a New York-based firm led by former professional soccer player Donald Cogsville, reached [...]

The Piteous Billionaire: A Ploy to Work the Political Class

By: Monday October 1, 2012 11:57 am

Chrystia Freeland, who has been hanging around billionaires and relaying some of their most embarrassing commentary for a while, does this again for the New Yorker, and basically we hear the same thing we always hear; the fee-fees of the rich and powerful were vewwy vewwy hurt by that mean old Mr. Barack, who called [...]

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