New frontiers in Transparency
We know we live in the world of perverse transparency: governments,
which are effectively shielded from having to provide information have
the right to get intimate information about our lives. I think this
is supposed to be called transparency.
In the case of pensions, they are woefully underfunded. The only hope
they have of staying afloat while meeting their obligations is to
treat their finance as a form of what is known in the football world
as a series of hail Mary passes in order to gamble on getting
extraordinarily high returns.
The largest pension fund is California’s Public Employees Retirement
System, which recently announced that it would be withdrawing its
investments from hedge funds, but left unsaid that it would continue
investing with private equity operations.
Here we encounter a sad irony. The Mitt Romney campaign increase
public awareness of the damage that private equity does to workers.
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