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WTF CALPERS and Private Equity?!

Rainbow Girl's picture

The mammoth public pension fund has raised the level of its allowed investments in private equity from 10% to 15%. (PEU Report)

So millions upon millions more of hard earned wage-worker dollars are - Voila - funneled to Blackstone, Carlyle and Apollo, mammoth players of the Gargantuan Wage-Looting Scheme private equity (formerly more accurately known as "asset stripping").

And this is after Yves Smith's reporting at Naked Capitalism on how CalPERS has played happy host to the blood-sucking parasites of the Private Equity Sector, and then busy hiding the numbers on its real returns on those sucker-investments. See, e.g., "CalPERS Rescinds $700 Million Investment With Private Equity Fund Headed By Doctor With No Private Equity Experience."

Well, this is just another ongoing massive transfer of earned-wage-dollar GDP to the leeches who have never done an honest day's work and wouldn't know an "income" tax if it hit them in the head. Because for them it's just "carried interest" which is basically a no-tax-due loophole for the giant squid parasites of private equity.

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