“Corporate Tax Deserters”: Shirking Their Responsibility To Pay For What They Get
Corporations love to wrap themselves in the flag with sun-drenched TV commercials that proclaim a deep devotion to American workers and communities. But when it comes to actually taking responsibility for supporting the workers and communities that create the conditions for corporate profits, a record number of big businesses are deserting America.
Burger King is the latest corporation to announce it is moving to Canada — at least on paper — where it will pay lower taxes. In the past three years alone, at least 21 companies have completed or announced mergers with foreign corporations to avoid taxes in an operation known as “inversion.” That compares with 75 over the past 30 years. These only-on-paper moves will gouge a $20 billion tax loophole over the next decade.
These companies may be moving their taxes overseas, but they’re not ending their reliance on the U.S. government to operate profitably. They are just shirking their responsibility to pay for what they get. The companies still make money in the United States, where they hire workers educated by public schools, ship their goods on public roads, are kept safe by local police officers and firefighters, and protect their patents in America’s courts.
Of course, small businesses and American families can’t play the same traitorous game. We can’t hire lawyers and accountants to pretend to ship our homes and our income overseas. And most of us wouldn’t do that if we could.
We understand that paying taxes is part of our basic obligation as citizens and essential to building strong communities.
What we do resent about taxes is that the current system is upside down — big corporations and the wealthy game the system so they pay a smaller share of their income in taxes than working families and small business. The share of profits corporations spend on taxes stands at a record low. And those profits are reaching record highs.
It’s time to turn the tax system right side up by closing the tax loopholes that allow billionaires and huge corporations to escape paying their fair share to support the country that made them rich.
The Obama administration just took a major step to do that. Tiring of Republican objections to closing the corporate tax deserter loophole, Treasury Secretary Jack Lew announced he was issuing new regulations aimed at making it much harder for companies to reap tax benefits from an offshore move.
This step may curb some corporate desertion. In the long run, it would be best if Congress took action. Two bills (S2360 and HR4679) would end the current practice of treating corporate deserters as foreign companies when they are still really based right here.
Consumers can play a role too. In August, Walgreens — which bills itself as “America’s drugstore” — abandoned its plan to dodge $4 billion in taxes in the next five years by changing its corporate address to Switzerland. Walgreens reversed course when outraged consumers protested at its stores and on the Internet.
This nation faces huge challenges in building an economy that works for all of us. If we plan to build a better future for our children, we must insist that corporations be held accountable for their responsibilities to our families and communities.
By: Richard Kirsch, Senior Fellow at the Roosevelt Institute; The National Memo, September 26, 2014
“Dole, Nazis, And Desperation In Kansas”: Pat Roberts’ Oblique-But-Clear Hitler Comparison
Weren’t politicians supposed to agree that invoking Hitler is usually a bad idea? Somebody better remind Pat Roberts, the Kansas senator on whom the GOP’s hopes of taking over the Senate increasingly depend, that that’s the general bargain. Because lately, the evermore desperate incumbent is going around the Jayhawk State saying things like this:
“There’s a palpable fear among Kansans all across the state that the America that we love and cherish will not be the same America for our kids and grandkids, and that’s wrong. One of the reasons that I’m running is to change that. There’s an easy way to do it. I’ll let you figure it out. But at any rate, we have to change course because our country is headed for national socialism. That’s not right. It’s changing our culture. It’s changing what we’re all about.”
All right, no explicit Hitler mention. But…national socialism? We’ve all heard Obama equals socialism until it’s coming out our ears. But national socialism? That’s Nazism. The National Socialist Democratic Workers’ Party, in case you’d forgotten. And there was only one. Benito Mussolini came out of the more straightforwardly named National Fascist Party. Japan had something called the Imperial Rule Assistance Association.
But only Hitler’s Germany had a national socialist party (well, also certain successor offshoots, as in Hungary). So it’s pretty clear what Roberts is saying here. He would deny it, of course, if Kansas reporters tried to ask him. But denying it would be like giving a speech that makes reference to gruesome murders by repeated stabbing and using victims’ blood to write “Helter Skelter” on the walls and then saying goodness no, whatever gave you the idea that I was referring to Charles Manson?
This is not okay. But I would suspect Roberts is going to get away with it, because Greg Orman, the independent challenger who is lately running ahead of him, is not going to stand up in the state of Kansas a few weeks before Election Day and defend Barack Obama on anything, even an oblique-but-clear Hitler comparison.
The more one studies Roberts, the more one concludes that he is the kind of fellow that former Nebraska Senator Roman Hruska had in mind when he famously quipped that mediocre people are entitled to a little representation, too. Mediocre at best, malevolent at worst. It interests me that he’s lately trotted out old Bob Dole to campaign with him. Dole, coming as he does from an earlier time and now a defanged nonagenarian, represents a degree of old-school moderation at this point in his life, so by appearing with Dole while making references to national socialism, Roberts can cleverly have it both ways. But I hope enough Kansans remember what Roberts did to Dole when the latter was counting on him most.
Dole, who suffered a crippling injury in the Big War, had been one of the leading sponsors of the Americans With Disabilities Act in 1990. He always called it a proud moment. Fast-forward to late 2012, when the Senate was considering approval of an international treaty designed to spur other nations to emulate the United States’ groundbreaking law. Dole was its most famous spokesman. On December 4, 2012, the now-wheelchair-bound ex-senator rolled himself onto the floor of the old chamber to pigeonhole his former colleagues. A heart-rending scene. How could he lose?
Well, one way he could lose was for his old friend Roberts, who was in the House while Dole was in the Senate, to vote against him, which Roberts did. In fact both Kansas senators did—Jerry Moran’s betrayal was even worse, since Moran had committed to the measure publicly, which Roberts hadn’t. The right-wing lobbying machinery got cranked up and warned God-fearing Americans that approval of this treaty would give the United Nations the power to end home-schooling, or something like that. And so the world’s greatest deliberative body voted down a treaty inspired by our own good example because, you know, one-worldism, Obama, national socialism, and so on. And Roberts and Moran were the prime profiles in cowardice.
The only other time in his career that Washington took much notice of Roberts came during the Iraq War, when he walked point for the Bushies in bottling up for more than two years a report on how the administration misused pre-war intelligence. If you followed such things at the time, perhaps the phrase “Phase II report” will snap a synapse or two. Roberts made repeated promises early on that he would release the report, that there was nothing to fear and that he certainly wanted the truth. Then the weasel words crept in and he started to say things like: “I’m perfectly willing to do it, and that’s what we agreed to do, and that door is still open. And I don’t want to quarrel with Jay [Rockefeller], because we both agreed that we would get it done.” He reversed himself and danced all over the floor. The report was eventually released, but long after it would have had any dramatic political impact, which was of course why Roberts delayed in the first place.
So this is the career Roberts is seeking to salvage by dragooning the man he once betrayed into last-minute service and by raising the specter of America’s Nazi future. Roberts is behind right now, and GOP Governor Sam Brownback looks like he’s going to lose, meaning perhaps the top two Republicans in deep-red Kansas might go down in flames. And it would be nice to think that the right-wing extremism of the Obama era would come back to bite them in, of all places, the Koch brothers’ backyard.
UPDATE: I see from Greg Sargent that Roberts was asked about this quote by a reporter yesterday. He said: “I believe that the direction he is heading the country is more like a European socialistic state, yes. You can’t tell me anything that he has not tried to nationalize.” Great. So a United States senator has no idea what “national socialism” means. I guess in this case that qualifies as reassuring.
By: Michael Tomasky, The Daily Beast, September 26, 2014
“Meaningful Change”: Eric Holder Transformed The Attorney General Into An Advocate For The Poor
On September 25, Attorney General Eric Holder announced his resignation. He made history as the nation’s first African American attorney general and will most likely be remembered for his vigorous enforcement of the nation’s civil rights laws. He deserves equal accolades for his leadership in working to reform the nation’s broken criminal justice system. Since his appointment as attorney general, he has consistently criticized the draconian federal sentencing laws that require lengthy mandatory minimum sentences in nonviolent drug cases and has decried the unwarranted racial disparities in the criminal justice system, calling the phenomenon “a civil rights issue … that I’m determined to confront as long as I’m attorney general.” And he certainly kept that promise.
Before becoming the nation’s top law enforcement officer, there was no indication that Eric Holder would ultimately become an advocate for poor people incarcerated in our nation’s prisons and jails. After all, Eric Holder spent most of his professional career as a criminal prosecutor. He started out as a prosecutor in the Justice Department’s Public Integrity Section where for 12 years he worked to put away corrupt public officials. During his five years as a judge in the Superior Court of the District of Columbia, he earned a reputation as a tough sentencer, locking up countless young African American men for long periods of time.
Eric Holder left the bench to become the first African American United States Attorney for the District of Columbia. When Holder was appointed to be D.C.’s chief prosecutor, I was the city’s chief defender. As Director of the Public Defender for the District of Columbia, my interactions with Holder’s predecessors were very adversarial. Holder was determined to change that. Soon after his appointment, he visited my office and promised a change in policies and practices. Although he instituted a number of programs in his office, he did not make efforts to reduce the prison population or address racial disparities. He was more polite than his predecessors, but there was absolutely no indication that he would ultimately lead the charge to reverse the nation’s shameful record of incarcerating more of its citizens than any western nation in the world.
In 1997, Holder continued his career as a prosecutor when he became the nation’s first African American deputy attorney general under Janet Reno during the Clinton administration. As second in charge at the Justice Department, Holder supported and championed Reno’s positions on criminal justice issues. At that time, sentencing laws required judges to sentence those in possession of five grams of crack cocaine to a mandatory minimum of five years in prison while that harsh sentence could only be imposed in cases involving powder cocaine when the amount was 500 grams. The enforcement of these laws resulted in much harsher sentences for African Americans. Although Reno was in favor of narrowing the disparity, she strongly opposed eliminating it, and, as her deputy, so did Holder.
At the end of Clinton’s second term, Holder went into private practice before returning to lead the Justice Department that he’d worked in for most of his career. From the beginning of his term as attorney general in 2009, Eric Holder began to champion vigorous reform of the criminal justice system. The vast majority of criminal cases are prosecuted in state courts, and the Attorney General has no supervisory power over state and local cases. However, Holder consistently used his bully pulpit to advocate for criminal justice reform and took direct action to order reforms in the federal system throughout his tenure as attorney general.
As early as June 2009, Holder spoke at a symposium on reforming federal sentencing policy sponsored by the Congressional Black Caucus. In his remarks, Holder announced that he had ordered a review of the department’s charging and sentencing policies, consideration of alternatives to incarceration, and an examination of other unwarranted disparities in federal sentencing. He stated that “the disparity between crack and powder cocaine must be eliminated and must be addressed by this congress this year.”
The following year, Holder gave remarks at the Justice Department’s National Symposium on Indigent Defense, where he spoke passionately about how the Sixth Amendment right to counsel was not being fulfilled for poor people charged with crimes. He pledged his commitment to improving indigent defense, stating that he had “asked the entire Department of Justice … to focus on indigent defense issues with a sense of urgency and a commitment to developing and implementing the solutions we need.” And he fulfilled that pledge. In October 2013, the Justice Department awarded a total of $6.7 million to state and local criminal and civil legal services organizations that provide defense serves for the poor. Most recently, Holder filed a statement of interest expressing his support for a lawsuit against the state of New York that challenges the deficiencies in New York’s public defender system.
Holder’s most comprehensive criminal justice reform efforts were announced in a speech he gave at the American Bar Association’s Annual meeting in 2013. In these remarks, Holder said, “Too many people go to too many prisons for far too long and for no truly good law-enforcement reason.” He also decried the unwarranted racial disparities, stating that “people of color often face harsher punishments than their peers. … [b]lack male offenders have received sentences nearly 20 percent longer than those imposed on white males convicted of similar crimes. This isn’t just unacceptable—it is shameful.” Holder then went on to announce sweeping reforms, including ordering federal prosecutors to refrain from charging low level nonviolent drug offenders with offenses that impose harsh mandatory minimum sentences; a compassionate release program to consider the release of nonviolent, elderly, and/or ill prisoners; the increased use of alternatives to incarceration; and the review and reconsideration of statutes and regulations that impose harsh collateral consequences (such as loss of housing and employment) on people with criminal convictions.
We have yet to witness the positive effects of Holder’s criminal justice legacy, and some may suggest that he didn’t go far enough. But few will disagree that his efforts surpass those of any previous attorney general. Did Holder’s views on criminal justice evolve over time? Or did he always believe that the system was broken and in need of reform? Perhaps both statements are true. What matters is that at the end of the day, when he was in a position to effect meaningful change in our criminal justice system, this former prosecutor became a champion of liberty. And for that, this former public defender will forever be grateful.
By: Angela Davis, Professor of Law at American University Washington College of Law; The New Republic, September 27, 2014
“Covert Religious Supremacist Agendas”: The $1-Billion-A-Year Right-Wing Conspiracy You Haven’t Heard Of
Have you heard of the $1,750-per-person “Gathering,” which starts Thursday in Orlando, Florida?
Probably not. But if you’re female, gay, non-Christian, or otherwise interested in the separation of church and state, your life has been affected by it.
The Gathering is a conference of hard-right Christian organizations and, perhaps more important, funders. Most of them are not household names, at least if your household isn’t evangelical. But that’s the point: The Gathering is a hub of Christian Right organizing, and the people in attendance have led the campaigns to privatize public schools, redefine “religious liberty” (as in the Hobby Lobby case), fight same-sex marriage, fight evolution, and, well, you know the rest. They’re probably behind that, too.
Featured speakers have included many of the usual suspects: Alliance Defending Freedom President and CEO Alan Sears (2013), Focus on the Family President Jim Daly (2011), and Family Research Council head Tony Perkins (2006). This year, however, they are joined by David Brooks of The New York Times and Michael Gerson of The Washington Post. What’s going on? Has The Gathering gone mainstream?
Hardly, says Bruce Wilson, director of the advocacy group Truth Wins Out’s Center Against Religious Extremism and a leading researcher on The Gathering. The selection of this year’s speakers, he says, is just the latest in a long line of misdirections and canards.
To be sure, untangling webs of funders, organizations, and campaigns can often feel like conspiracy-mongering. Your brain begins to resemble one of those bulletin boards from A Beautiful Mind or Se7en, full of paranoid-seeming Post-Its and strings. Wilson has been untangling these webs for years, and sometimes it shows. His many publications and his emails to me are long-winded, occasionally exaggerated, and sometimes hard to follow.
But often he’s dead on. And beneath the hyperbole, The Gathering is as close to a “vast right-wing conspiracy” as you’re likely to find. So with this year’s conference about to get under way, Wilson gave The Daily Beast an exclusive interview over email—heavily redacted here—about this shadowy, powerful network of hard-right funders.
Let’s start with the basics. What is The Gathering?
The Gathering is an annual event at which many of the wealthiest conservative to hard-right evangelical philanthropists in America—representatives of the families DeVos, Coors, Prince, Green, Maclellan, Ahmanson, Friess, plus top leaders of the National Christian Foundation—meet with evangelical innovators with fresh ideas on how to evangelize the globe. The Gathering promotes “family values” agenda: opposition to gay rights and reproductive rights, for example, and also a global vision that involves the eventual eradication of all competing belief systems that might compete with The Gathering’s hard-right version of Christianity. Last year, for example, The Gathering 2013 brought together key funders, litigants, and plaintiffs of the Hobby Lobby case, including three generations of the Green family.
The Gathering was conceived in 1985 by a small band of friends at the Arlington, Virginia, retreat center known as The Cedars, which is run by the evangelical network that hosts the annual National Prayer Breakfast. This stealthy network is known as The Family or The Fellowship. Jeff Sharlet’s book The Family: The Secret Fundamentalism at the Heart of American Power described it in great detail.
How much money are we talking about here?
The evangelical right financial dynasties and foundations that meet each year at The Gathering dispense upwards of $1 billion a year in grants. But even that is overshadowed by the bigger sums that The Family and The Gathering have managed to route from the federal and state government to fund their movement via the Faith-Based Initiative program, USAID, PEPFAR and other multibillion-dollar programs.
You mentioned the National Christian Foundation. I bet most of our readers haven’t heard of that, either. Can you tell us a bit about it?
The NCF was created, back in 1982 or so, to maximize hard right-wing evangelical Christian philanthropic giving. It was so novel and complex, the architects got a special ruling from the IRS, to make sure it was legal. The NCF has multiple overlapping legal entities and holding companies, but at the core is a huge donor-advised fund. The NCF is now the 12th biggest charitable foundation in America that raises money from private sources.
Since its founding, the NCF has given away over $4.3 billion, $2.5 billion of it in the last three years. The NCF gave away $601,841,675 in 2012—and is estimated to have given out $670 million in 2013.
One reason the NCF, a donor-advised fund, has been so successful is that it ensures anonymity for its philanthropists. Many of these individuals may fear a backlash, given the controversial causes that they support.
But we do know about the NCF’s leadership. Two of the NCF co-founders were tied to Campus Crusade for Christ, and the late Larry Burkett, a NCF co-founder, was also one of the co-founders of the Alliance Defense Fund/Alliance Defending Freedom, now the religious right’s preeminent umbrella legal defense fund. NCF’s other co-founder, Atlanta tax lawyer Terrence Parker, sits on the board of directors of the Family Research Council, and also The Gathering Foundation, which puts on The Gathering.
From 2001-12, the NCF gave $163,384,998 to leading anti-LGBT organizations. These include Focus on the Family, the Family Research Council, the American Family Association, the Alliance Defending Freedom (formerly Alliance Defense Fund), Campus Crusade for Christ (aka CRU), the National Organization for Marriage, and the Alliance for Marriage. They fund ex-gay ministries like Exodus International, exporters of homophobia like Advocates International, you name it.
The NCF is just getting started, though. The Green family—who were at The Gathering in 2008 and 2013—have said they intend to leave much of their fortune to it. And in 2009, Hobby Lobby-related contributions were the No. 1 source of NCF funding (about $54 million), which we know because Eli Clifton, funded by The Nation Institute, somehow got hold of an NCF 2009 990 Schedule B form, which shows NCF’s top funders that year (Hobby Lobby was No. 1, Maclellan Foundation No. 2).
On another note, Chick-fil-A’s VP and CFO, James “Buck” McCabe, is on the board of the NCF, and in 1999 no less than three of Chick-fil-A’s top leaders spoke at The Gathering (S. Truett Cathy, Dan Cathy, and Don “Bubba” Cathy).
Having worked in philanthropy myself, I can say that these figures are astounding. The leading private funder of LGBT issues gives out about $16 million a year. Which other funders will be there?
Other major players include the John Templeton Foundation ($104,863,836 in 2012 grants), the Barnaby Foundation ($39,939,489), the Christian Community Foundation (an NCF “spinoff”), and the family foundations of the DeVos families (including Rich DeVos, one of the original funders of the Christian Right), Howard & Roberta Ahmanson (operating as Fieldstead & Company—and among the most notorious right-wing funders in America), Adolph Coors, and many others.
Interestingly, some more secular right-wing funders—Scaife, Olin, Bradley—are not known to attend The Gathering.
And yet The Gathering also has some mainstream figures on the schedule, including David Brooks of The New York Times and Michael Gerson of The Washington Post.
Well, there are two possibilities. One, Brooks knows a bit about the underlying politics of The Gathering but doesn’t care, which is to say he’s on board with that political agenda to the extent he’s willing to lend his reputation to the event. Two, he’s relatively clueless. He’s been conned. Which would raise questions about his political acumen.
I’m very suspicious that Brooks’ planned appearance at The Gathering was an outgrowth of his heavy participation in the Faith Angle Forum of frequent The Gathering participant Michael Cromartie, who advises elite secular media on the culture wars, which he is also helping to wage. In 2008 Cromartie talked to The Gathering about the need to “infiltrate” secular media. His Faith Angle Forum was created to bring together elite journalists who covered religion and politics with “experts.” And experts they are—but they’re all picked by Cromartie, and many of them have been speakers at The Gathering, as well.
A lot of these issues are pretty unsurprising: fight the gays, fight abortion. But your research also shows that these Christian Right funders are behind a lot of climate denial.
Yup. Over the last decade, he NCF has pumped over $140 million into groups that oppose action to curb climate change and portray concern over global warming as part of a satanic conspiracy to impose a tyrannical “One World Order” or “New World Order.”
Michael Cromartie, whom I just mentioned, will be one of the presenters at The Gathering 2014. He is a signatory to the positions of the Cornwall Alliance, a rump religious coalition opposing action to curb human-caused climate change. The Cornwall Alliance was itself masterminded by E. Calvin Beisner, who helped coin many of the most popular arguments of the global warming denialist/inaction crowd, in a late 1980s-early 1990s book series project led and financed by Howard Ahmanson and his Fieldstead & Co.
Most of the major players in the Christian Right signed the Cornwell Alliance papers. The Ethics and Public Policy Center (NCF gave it $115,000 over 1- years), Chuck Colson’s Prison Fellowship ($12,768,852), Focus on the Family ($44,754,804), Campus Crusade for Christ ($55,233,717), Family Research Council ($17,707,343), Concerned Women for America ($160,163), American Family Association ($2,024,033), and others.
This is exhausting, depressing stuff. What keeps you going?
First, endless exposure to the politicized religious right renders the disturbing nature of the subject banal. So at one level, it becomes just another job specialization. Most days, I might as well be studying some obscure species of sea snail.
But I think the story of the politicized religious right is one of the biggest untold stories of our time. It’s the story of how a covert political movement, driven by a well-organized, -funded, and committed minority, has perturbed the political arc of the biggest, wealthiest, and most powerful nation on Earth—and how it has subverted the national dialogue.
I’m annoyed at the basic dishonesty of religio/political phenomena such as The Gathering that lay claim to the Christian tradition but ignore its underlying mandate of truth-telling. The semi-covert movement represented by The Gathering may not be able to conquer America and its “7 mountains” (Loren Cunningham, co-originator of the 7M motivational mantra, addressed The Gathering in 2001), but it nonetheless exerts considerable force on international politics, and not in an especially honest manner.
The world needs better. There are many problems to address. And I think world religions can become part of the solutions that guide us toward a better outcome in coming decades, but only insofar as they put aside covert, religious supremacist agendas and work for the common good of all. And workable solutions will require honesty—not currently a hallmark of The Gathering.
By: Jay Michaelson, The Daily Beast, September 25, 2014
“A Pension Jackpot For Wall Street”: A Vicious Cycle Whereby The Financial Industry Wins And Taxpayers, Once Again, Lose
Most consumers understand that when you pay an above-market premium, you shouldn’t expect to get a below-average product. Why, then, is this principle often ignored when it comes to managing billions of dollars in public pension systems?
This is one of the most significant questions facing states and cities as they struggle to meet their contractual obligations to public employees. In recent years, public officials have shifted more of those workers’ pension money into private equity, hedge funds, venture capital and other so-called “alternative investments.” In all, the National Association of State Retirement Administrators reports that roughly a quarter of all pension funds are now in these “alternative investments” — a tripling in just 12 years.
Those investments are managed by private financial firms, which charge special fees that pension systems do not pay when they invest in stock index funds and bonds. The idea is that paying those fees — which can cost hundreds of millions of dollars a year — will be worth it, because the alternative investments will supposedly deliver higher returns than low-fee stock index funds like the S&P 500.
Unfortunately, while these alternative investments have delivered a fee jackpot to Wall Street firms, they have often delivered poor returns, meaning the public is paying a premium for a subpar product.
In New Jersey, for example, the state’s alternative investment portfolio has trailed the stock market in seven out of the last eight years, while costing taxpayers almost $400 million a year in fees. Had the state followed the advice of investors like Warren Buffett and instead invested its alternative portfolio in a low-fee S&P 500 index fund, New Jersey would have had more than $5 billion more in its pension fund. In all, as New Jersey plowed more pension money into alternatives, its pension returns have routinely trailed median returns for all public pension systems.
It is the same story in other states that have been increasing their alternative investments.
In Rhode Island, Democratic state treasurer Gina Raimondo’s shift of pension money into alternatives has coincided with the pension system trailing median returns. Had the state generated median returns, it would have had $372 million more in its pension system.
Likewise, a Maryland Public Policy Institute study shows that returns from that state’s $40 billion pension system have trailed the median for the last decade. Had the state met the median, it would have $3.2 billion more in its pension system — an amount the study’s authors note is enough to “award 80,000 poor children with $40,000 four-year college scholarships.”
It is a similar tale in North Carolina, Kentucky and many other locales. In short, public officials are spending more and more pension money on high-fee alternative investments, and those investments are generating worse returns than other low-fee investment vehicles.
That brings back the original question: Why are pension funds pursuing such an investment strategy? Some of the answer may have to do with the same psychology that encourages the gambler to try to big-bet his way out of deficits. But it also may have to do with campaign contributions. After all, many of the politicians who have been pushing the alternative investments just so happen to benefit from Wall Street’s campaign contributions.
That spotlights a pernicious dynamic that may be at work: The more public money that goes into alternative investments, the more fees alternative investment firms generate, the more campaign contributions are made by those firms, and thus the more money politicians devote to alternative investments, even as those investments deliver poor results for pensioners. It is a vicious cycle whereby the financial industry wins and taxpayers, once again, lose.
By: David Sirota, Senior Writer at the International Business Times; The National Memo, September 26, 2014
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