Friday, February 18, 2011

Wisconsin Governor Uses Police State Tactics (Literally) on Democratic Senators

Wisconsin Governor Uses Police State Tactics (Literally) on Democratic Senators (Updated)  naked capitalism




It’s bad enough that the “make the workers suffer” push is misguided (any budgetary pain should be shared, not dumped on a single target group). According to David Cay Johnson of Tax.com, the average Wisconsin pension is $24,500 a year, which is hardly lavish. But what is stunning is that 15% of the money contributed to the fund each year is going to Wall Street in fees. Thus the blame for any shortfall should go in very large measure to ... rank incompetence in the state’s dealing with the financial services industry and the impact of the financial crisis on state revenues.
15% of contributions per year goes to fees?! That's obscene. But, you can't just blame "Wall Street" for that; as the article points out, that's rank incompetence -- or worse -- on the part of whoever awarded that business to the company running the fund.

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