2aguy
Diamond Member
- Jul 19, 2014
- 112,365
- 52,610
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Yes.....GRAs....Guaranteed Retirement Accounts.......that is government speak for taking your 401k and giving it to the government to run for you.......well.....giving it to the Wall Street guys hilary is going to pay back.....
Will Clinton Let Wall Street Control Retirement Savings?
In the face of these challenges, James’ proposal could provide a government-mandated flow of money from workers’ paychecks into the high-fee alternative investment industry.
“This new plan depends on sweeping government mandates, the appropriation of trillions of dollars from the private sector that is then handed over to zillionaire investment managers who make no guarantees about rates of returns or discounted fees,” said South Carolina Treasurer Curtis Loftis, a Republican who serves on his state’s pension investment council, which contracts with Blackstone.
“The only guaranteed benefit I see in this plan is one for wealthy money managers and their cronies. Wall Streeters reading this plan will understand, without having specifically been told, that having Hillary Clinton and the federal government use its power to aggregate the existing and future retirement funds of working Americans and entrust it to them is the Holy Grail of finance.”
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Chris Tobe, a Democrat who advises institutional investors and who served on Kentucky’s pension board, put it just as bluntly:
“James’ plan is a deliberate attempt to get around federal protections for retirees because alternative investments are not generally allowed in the 401(k) world. This is about making Blackstone and other private equity firms even richer than they already are.”
Will Clinton Let Wall Street Control Retirement Savings?
In the face of these challenges, James’ proposal could provide a government-mandated flow of money from workers’ paychecks into the high-fee alternative investment industry.
“This new plan depends on sweeping government mandates, the appropriation of trillions of dollars from the private sector that is then handed over to zillionaire investment managers who make no guarantees about rates of returns or discounted fees,” said South Carolina Treasurer Curtis Loftis, a Republican who serves on his state’s pension investment council, which contracts with Blackstone.
“The only guaranteed benefit I see in this plan is one for wealthy money managers and their cronies. Wall Streeters reading this plan will understand, without having specifically been told, that having Hillary Clinton and the federal government use its power to aggregate the existing and future retirement funds of working Americans and entrust it to them is the Holy Grail of finance.”
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Chris Tobe, a Democrat who advises institutional investors and who served on Kentucky’s pension board, put it just as bluntly:
“James’ plan is a deliberate attempt to get around federal protections for retirees because alternative investments are not generally allowed in the 401(k) world. This is about making Blackstone and other private equity firms even richer than they already are.”
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