David Sirota: How Wall Street CASHES IN On Workers’ Retirement Money

David Sirota, founder of The Daily Poster, discusses a new Jacobin piece that claims workers' retirement savings are being taken by finance industry executives.

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[tessaburkhamer]

Brilliant 👏 I'm so pumped to finally here that more & more people are blowing their whistles & getting this vital information out to the public.

[Mr.Boring_Man]

Essentially, we're being steered in the stock market, annuities and 401K's which all benefit Wallstreet. They like it this way so we all have buy-in so when it crashes, we'll have to be ok with any bailout that "stabilizes" the market. To save your $80K, you'll have to save the billionaires. The long game is Social Security... keep nipping at it until Wallstreet seems like the only game in town.

[tradeprosper]

If pension funds invest in alternative investments, then their benefits should be on the line, not the taxpayer. Currently, taxpayers (mostly) have to make it up if these funds get ripped off.

[carloscience]

This is incredibly important in relation to pensions but the headline thumbnail has a picture of 401k plans and Sirota has already said that Vanguard indexes, which are part of 401k plans, not pensions are better investments than pension plans because of high fees vs. competitive rates

[Cmz]

My aunt went to check her retirement fund from a job she left after working there for 25 years. Her account was short almost $200, 000.00 thats a lot of money for someone to take that kind of money!!! And how are they doing it? She end up getting it returned to her. And I'm glad all the money in that account if for our family's children's college. She has worked hard her entire life. And makes darn good money. But that doesn't mean investor's can use her money at will. I don't understand how it works

[cminor]

does this include fed contract unions?

[mjfm]

Pension funds can ask at anytime for a sched of investments. They can be blocked from any investments that do not fit their agenda. If a teachers retirement fund does not want exposure to gun manufacturers, a hedge fund can set up this blocker. That type of customization attracts pensions and non profits.

[NoJersey]

What if workers could invest their own pension

[KonigGustavAdolph]

It will be interesting if this develops. But Public Sector union pension funds can be a huge scam for the public.

[guillermorivas]

The alternative is invest your money in stocks, cryptocurrencies, personal IRA, and buying up properties.

California does have a good pension called CalPERS even though they owe a lot. It is considered to the best.