Goldman-Sachs and Northern Trust ?charged the Teamsters Union $41 million in fees for handling the beleaguered Central States Pension Fund. The same pension fund where 400,000 retirees are facing drastic cuts.
What did the fund managers do to earn their millions? They put the fund in unnecessary danger through risky investments.
While part of the Teamsters issues have to do with a declining union workforce — resulting in fewer employers contributing into the fund — Smith says the financial market collapse and the riskier-than-average investments made by the fund contributed to losses.
Or as Warren put it.
Goldman Sachs & Northern Trust got $41M to manage workers’ pension funds, & they recklessly gambled it on junk bonds & toxic mortgages.
— Elizabeth Warren (@SenWarren) April 20, 2016
http://feeds.dailykos.com/~r/dailykos/index/~3/vL8fF-16pLs/-Elizabeth-Warren-busts-Goldman-Sachs-for-handling-of-union-pensions
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