Tag Archives: Pension funds

Looting the Pension Funds

Looting the Pension Funds
In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, Gina Raimondo – an ostentatiously ambitious 42-year-old Rhodes scholar and former venture capitalist – the state declared war ... Read more

How did our financial system become so undemocratic?

How did our financial system become so undemocratic?
Our financial destiny does not have to be governed solely by the interests of Wall Street. As we limp from crisis to crisis spurred on by the logic of “high risk, high reward” and the technocratic jargon of modern portfolio theory, it would serve us well to remember that, in addition to building wealth for the working class through pension plans, organized labor was also able to direct the power of finance through democratic means. Not ... Read more