Tag Archives: Taxpayers

Leaked docs show how a Wall Street giant is guaranteed huge fees from taxpayers

Leaked docs show how a Wall Street giant is guaranteed huge fees from taxpayers
When you think of the term “public pension fund,” you probably imagine hyper-cautious investment strategies kept in check by no-nonsense fiduciary laws. But you probably shouldn’t. An increasing number of those pension funds are being stealthily diverted into high-fee, high-risk “alternative investments” that deliver spectacular rewards for the Wall Street firms paid to manage them – but not such great returns for pensioners and taxpayers. Read more

The Global Banking Game Is Rigged and the FDIC Is Suing

The Global Banking Game Is Rigged and the FDIC Is Suing
Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. It is not just that local governments, universities and pension funds made a bad bet on these swaps. The game itself was rigged, as explained below. The FDIC is now suing in civil court for ... Read more