STEALING RETIREMENT MONEY BY HEDGE FUND RICH GUYS! Teachers, Firefighters and Police Retirement funds being stolen

MATT TAIBBI: Sure, there is a huge corruption case that just broke open [on September 26].  What I would say about that, is what did Willie Sutton say about why he robbed banks? That’s where the money is. Look, pension funds are sort of the last great big unguarded piles of money in this country and there are going to be all sorts of operators who trying to get their hands on that money. During the crisis era, it was Wall Street banks who were essentially looting these funds by selling them toxic, fraudulent mortgage backed securities. In Detroit, it was the workers themselves who were taking the money. They’re giving themselves what they called 13th checks, taking advances of their own money. But across the country the more typical narrative is not some worker who is making $19,000 who is really making out in this kind of corruption. It is the hedge fund who is making $50 and $60 million in fees managing state funds. That is the much more typical narrative.

http://www.alternet.org/corporate-accountability-and-workplace/taibbi-his-latest-expose-how-wall-street-hedge-funds-are?akid=10978.294211.U2Xj9P&rd=1&src=newsletter901960&t=7