thread has no arguments just vibes

capitalize on deez nuts

ayo.... uhhh.... wait a second

In other words: all of the money pulled out of Pennsylvania public workers’ paychecks in the last four years that was supposed to go to their retirement savings was instead used to pay Wall Street firms’ fees — and in exchange, workers were given investment returns that did not beat a low-fee stock index fund.

Next door, in Ohio, a new forensic investigation by former Securities and Exchange Commission attorney Ted Siedle estimates that the state teachers’ pension fund is paying more than $460 million in fees every year, and alternative investments have wildly underperformed compared to their projections. Those fees are more than twice the amount the state saved in 2017 when Ohio officials halted cost-of-living increases that would allow pension benefits to keep up with inflation.

Even more shocking: Siedle reports that the pension fund is likely paying big fees to private equity firms on uncommitted capital — which is money set aside to be invested but not yet deployed. He estimates that Ohio pensioners are annually forking over $143 million of such fees for investments that haven’t even been made. That’s enough to restore most of the cost-of-living cuts, but it is instead being used to pay investment firms. As Siedle puts it, the state is effectively “paying managers for doing nothing.”

jacobinmag.com/2021/07/public-pension-private-equity-investment

the system in action

At the corporate level, much of pensioners’ savings is flooding into private equity and real estate partnerships, which are avoiding $75 billion a year in taxes by not reporting income to tax officials, according to one study recently cited by the New York Times. And those fees skimmed from workers then fund Wall Street’s political apparatus, which has successfully preserved the special tax loopholes, created the secrecy laws, and secured the Supreme Court rulings that fortify the financial industry’s vast architecture of theft.

Meanwhile, fine print in investment agreements allows Wall Street firms to use investors’ money — read: pension money — to fund their lavish lifestyles, including their private jet travel.

At the individual level, the wages of firefighters, sanitation workers, and other government employees are directly inflating the pay of the richest people on the planet. Billionaire private equity moguls skim fees off government workers’ investment earnings, and then use the infamous carried-interest tax loophole to classify their vig as capital gains rather than as regular income subject to higher tax rates.

Taken together, workers’ retirement money is being leveraged to enrich oligarchs and fund their war on workers — and get this: very soon, government employees’ pension savings could be the capital that funds the privatization of whatever is left of America’s crumbling public infrastructure.

(same source)

Ancap

The ultimate contradiction

I’m sure you had some insightful stuff in there but we’re worried about vibes in this thread and such a post doesn’t fit the mold

NO

meme ideology

i like it

essentially the vibes are totally cool, wall street siphoning off people’s retirement/pension funds because i mean duh of those retirees are too dumb to realize what’s going on they deserve to have their money used for such purposes lmao am i right :crine:

anyway i’ll let y’all have your congregation ITT

So what Capital has everyone recently accumulated ITT?

not enough

No one had to do it :) you seem like a weirdo

Did you think carti looked cute in the picture of him you made your avatar?

hope you not

how was everyone's weekend?