"The reason is as simple as it is galling: while great private fortunes, such as that of Blackstone’s Stephen Schwarzman (net worth: $17.5 billion and Apollo’s Leon Black ($7.5 billion), have been made from private equity’s march through the world, its losses, to a remarkable degree, will belong to all of us. That’s because some of the major investors in private-equity funds are public pension plans; at Blackstone, roughly one-third of the firm’s money comes from retirement plans set up to provide for over 30 million working-class Americans, according to someone with knowledge of its portfolio. So if Blackstone’s investments crater, the teachers, firefighters, and health care workers who are counting on those investments to generate the returns necessary to pay their pensions will suffer. Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail."
its losses, to a remarkable degree, will belong to all of us.
its losses, to a remarkable degree, will belong to all of us.
its losses, to a remarkable degree, will belong to all of us.
One of the misconceptions that my students often have, as well as many adults, is that the people in their government are working to help. In a few cases, that's possible. However, it is more probable that they are trying to figure out how to feel the least amount of pain, or benefit from the crisis.
In other words, the people who are 'guiding' us through the Novel Coronavirus Era are going to capitalize on the crisis. It is either a question of power or money, depending upon the person or department. They've already made a killing via stock trades, why do you think that's changed? When Obamacare was passed, I asked people on Facebook if Obamacare was so fantastic, why did Congress exempt itself?
No one cared. Obama was one of the good guys. He was magic.
They're doing the same thing now. When you and I get 35 cents on the dollar for our pension, don't say I didn't tell you so.
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