Florida’s “populist” governor takes from public employee pension funds and gives to the politically connected money managers, writes Andrew Warren.
’ political campaigns. That sounds like the usual swamp-dealing, you-scratch-my-back-I’ll-scratch-yours arrangement that ordinary folks often describe as “corruption.”
As with just about any large retirement fund, the Pension Plan invests in a variety of assets, including U.S. stocks, foreign stocks, real estate, fixed income, and cash. The SBA’s Annual Report goes into considerable detail—nearly 30 dense pages filled with small font text and colorful graphs—explaining the Pension Plan’s investment strategy, risk analysis, returns, and allocation of assets, including all the different money managers who have pieces of the $180 billion portfolio.
The article concludes that the SBA’s decision to invest in “donors’ high-fee, high-risk” investments cost state employees about $10 billion in returns. It quotes Kathleen Clark, an ethics expert and professor at Washington University in St. Louis School of Law: “From a distance, it sure looks like the pensioners are getting hurt here.
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