A Group of Midwestern Retirees Are Trying to Stop Wall Street’s Abuse of Retirement Funds
Ohio retirees and whistleblowers are on the verge of exposing how hedge funds and private equity firms are abusing workers’ retirement savings.
The Ohio State Teachers Retirement System, a $100 billion pension, has launched billions of dollars of investments into private equity and hedge funds. (STRS Ohio)
In a recent speech to private equity investors, Securities and Exchange Commission (SEC) chairman Gary Gensler said hedge funds and private equity firms must provide far greater transparency about the fees that they are charging their clients.
“More competition and transparency could potentially bring greater efficiencies to this important part of our capital markets,” said Gensler, who formerly worked on Wall Street. “This could raise the returns for the pensions and endowments behind the limited partner investors. This ultimately could help workers preparing for retirement and families paying for their college educations.”
Efforts to increase transparency and expose the widespread abuses by high-flying Wall Street players of the pension funds of teachers, firefighters, cops, and bus drivers could soon be coming to a head in Ohio.
This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.