Fat Point Jack
Super Anarchist
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DeSatan news...
- Thread starter billy backstay
- Start date
Florida governor and Republican presidential hopeful Ron DeSantis has been crusading against “woke” investments for allegedly threatening his state employees’ retirement funds. But the most imminent threat to Florida public employees’ retirement dollars appears to be the massive state pension investments that have gone to some of the Republican Party’s Wall Street donors under DeSantis’s watch.
Despite a federal anti-corruption rule designed to prevent donors from receiving pension investments, private equity executives have donated millions to political groups supporting DeSantis, all while the governor oversaw the transfer of more than $1 billion of Florida public employees’ retirement dollars into these donors’ high-fee, high-risk “alternative investments.”
Our review found that had the state pension fund instead been invested in a simple, low-cost index fund, compared to its present mix of holdings, teachers, police officers, and other state employees would have about $10 billion more in their retirement funds.
“From a distance, it sure looks like the pensioners are getting hurt here,” Kathleen Clark, an ethics expert and professor at the Washington University in Saint Louis School of Law, told us. “It certainly seems like it raises the distinct possibility that the decisions that the pension board is making may be serving DeSantis’ political interests and not the pensioners’ interest.”
The low-return, high-fee investment strategy under DeSantis — who serves with two other Republicans on the state pension board — has been harmful for the state’s retirees, who had already been struggling with subpar retirement payouts.
But under DeSantis’s leadership, the state pension fund’s investments have been a boon for financial firms whose executives have delivered huge donations to the Republican Governors Association (RGA), which has pumped $22 million into the Friends of Ron DeSantis, a political committee that supported DeSantis’s gubernatorial campaigns and is expected to finance a super PAC supporting his 2024 presidential bid. Friends of Ron DeSantis was the largest recipient of RGA cash last cycle.
The pension fund’s underperformance comes as Republican legislative leaders in April put the kibosh on restoring annual cost-of-living adjustments for public employees that were cut in the wake of the 2008 financial crisis.
The federal pay-to-play rule — which came into effect in 2011, in the wake of bribery scandals at pension funds across the country — was crafted to halt private equity firms and other investment managers from using campaign contributions to improperly influence pension-fund decision makers. But the financial firms receiving pension money have donated to the RGA rather than directly to DeSantis — and federal officials have declined to enforce the rule’s anti-circumvention provisions.
DeSantis and the RGA did not respond to questions from us.
jacobin.com
Despite a federal anti-corruption rule designed to prevent donors from receiving pension investments, private equity executives have donated millions to political groups supporting DeSantis, all while the governor oversaw the transfer of more than $1 billion of Florida public employees’ retirement dollars into these donors’ high-fee, high-risk “alternative investments.”
Our review found that had the state pension fund instead been invested in a simple, low-cost index fund, compared to its present mix of holdings, teachers, police officers, and other state employees would have about $10 billion more in their retirement funds.
“From a distance, it sure looks like the pensioners are getting hurt here,” Kathleen Clark, an ethics expert and professor at the Washington University in Saint Louis School of Law, told us. “It certainly seems like it raises the distinct possibility that the decisions that the pension board is making may be serving DeSantis’ political interests and not the pensioners’ interest.”
The low-return, high-fee investment strategy under DeSantis — who serves with two other Republicans on the state pension board — has been harmful for the state’s retirees, who had already been struggling with subpar retirement payouts.
But under DeSantis’s leadership, the state pension fund’s investments have been a boon for financial firms whose executives have delivered huge donations to the Republican Governors Association (RGA), which has pumped $22 million into the Friends of Ron DeSantis, a political committee that supported DeSantis’s gubernatorial campaigns and is expected to finance a super PAC supporting his 2024 presidential bid. Friends of Ron DeSantis was the largest recipient of RGA cash last cycle.
The pension fund’s underperformance comes as Republican legislative leaders in April put the kibosh on restoring annual cost-of-living adjustments for public employees that were cut in the wake of the 2008 financial crisis.
The federal pay-to-play rule — which came into effect in 2011, in the wake of bribery scandals at pension funds across the country — was crafted to halt private equity firms and other investment managers from using campaign contributions to improperly influence pension-fund decision makers. But the financial firms receiving pension money have donated to the RGA rather than directly to DeSantis — and federal officials have declined to enforce the rule’s anti-circumvention provisions.
DeSantis and the RGA did not respond to questions from us.
Ron DeSantis Is Giving Away Florida Pension Money to Wall Street Donors
Florida governor Ron DeSantis has been putting huge sums of state retirement money into underperforming private equity firms that have donated to his campaign efforts.
jacobin.com
Snaggletooth
SA's Morrelle Compasse
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Ist no longuere 'when'....... is it?
When is now.
Blue Crab
benthivore
He sounds like a whiner not winner.
Not for nothing
Super Anarchist
Why is Desatan a failure,
He doesn't want our kids to learn.
He wants to have all learn the teachings of an "Leave it to Beaver " world.
and you can only believe in a fake world that doesn't exist. with no diversity ( arts/science/music/books)
But real people are not supposed to live in Florida, trans/gays/...........
You would think after a Navy Vet he would know about the real world good/bad.
Neil D Tyson explains it
scoonews.com
He doesn't want our kids to learn.
He wants to have all learn the teachings of an "Leave it to Beaver " world.
and you can only believe in a fake world that doesn't exist. with no diversity ( arts/science/music/books)
But real people are not supposed to live in Florida, trans/gays/...........
You would think after a Navy Vet he would know about the real world good/bad.
Neil D Tyson explains it
Let Your Curious Child Jump Into That Puddle. Here’s Why!
Neil deGrasse Tyson, an American Astrophysicist & Author, shares about his upbringing and how parents and teachers today can instil curiosity in the young minds of their kids.
scoonews.com
Jules
Super Anarchist
The corruption rarely seen by the voters. Until it's too late.
Now we know why DeFuckhead has such a fat campaign war chest - he sold out state employees.
Who else has he sold out?
Everybody. He has no morals and no shame.
Blue Crab
benthivore
The only good DeSantis is Casey DeSantis.
There is some reporting that suggests she prods him to some of his worst bullshit.
She has the Onasty part down.
Perzackly.
Blue Crab
benthivore
She does. I watched part of that video. She's the pants wearer in that outfit. What I've seen of Ron is wimpy and whiney. His only real shot is dark money.
Not for nothing
Super Anarchist
Jules
Super Anarchist
As DeSantis talked about parents’ rights in education, a woman in the crowd in Lexington, S.C., shouted, “What about the parents’ rights to health care, to their kids’ health care? You’re a fucking fascist.”
Then the snowflake governor really let her have it
“Yeah, well, thank you, thank you,” DeSantis responded as the crowd booed the heckler. “We’re not gonna let you impose an agenda on our kids. We’re gonna stand up for our kids. We’re gonna make sure to do it right.”
“Those people like that in Florida are the people we beat every single day on policy,” he added. “We do not let them win. We win all these battles. We’re not letting them indoctrinate our kids, not on our watch.”
No, he's going to do the indoctrinating.
thehill.com
Then the snowflake governor really let her have it
“Yeah, well, thank you, thank you,” DeSantis responded as the crowd booed the heckler. “We’re not gonna let you impose an agenda on our kids. We’re gonna stand up for our kids. We’re gonna make sure to do it right.”
“Those people like that in Florida are the people we beat every single day on policy,” he added. “We do not let them win. We win all these battles. We’re not letting them indoctrinate our kids, not on our watch.”
No, he's going to do the indoctrinating.
DeSantis shouts down heckler at South Carolina rally
Florida Gov. Ron DeSantis (R) shouted down a heckler who called him a “fascist” at a presidential campaign rally in South Carolina on Friday. As DeSantis talked about parents’ rights in education, …
thehill.com
He did. Thanks to his heavily gerrymandered election maps prior to the last elections, he has puppet legislature.
