Daily Archives: October 19, 2016

Strange Bedfellows Explained

Hillary's Plan to Loot Your 401k Account

tony-james-blackstone-groupInternational Business Times and Yahoo Finance just posted headline stories on the plan created by Hillary’s Wall Street masters to loot your future retirement savings. Today’s voluntary 401k savings plans will be replaced by mandatory retirement taxes on all private sector workers – and their employers – which would be turned over to Wall Street hedge funds for investment:

Hillary Clinton And Wall Street: Financial Industry May Control Retirement Savings In A Clinton Administration
By David Sirota and Avi Asher-Schapiro, IBT, 10/19/16 at 12:50 AM

While Hillary Clinton has spent the presidential campaign saying as little as possible about her ties to Wall Street, the executive who some observers say could be her Treasury Secretary has been openly promoting a plan to give financial firms control of hundreds of billions of dollars in retirement savings. The executive is Tony James, president of the Blackstone Group.

It is a plan that proponents say could help millions of Americans — but could also enrich another constituency: the hedge fund and private equity industries that Blackstone dominates and that have donated millions to support Clinton’s presidential bid.

The proposal would require workers and employers to put a percentage of payroll into individual retirement accounts “to be invested well in pooled plans run by professional investment managers,” as James put it. In other words, individual voluntary 401(k)s would be replaced by a single national system, and much of the mandated savings would flow to Wall Street, where companies like Blackstone could earn big fees off the assets. And because of a gap in federal anti-corruption rules, there would be little to prevent the biggest investment contracts from being awarded to the biggest presidential campaign donors.

You Betcha! (13)Nuh Uh.(1)

Not Her Brightest Day

Michigan republicans have a bad habit of making national news for all the wrong reasons.

According to Article IV, Section G, Paragraph 1 of the Bylaws of the Michigan Republican State Committee, “The Chairman shall have the power to declare vacant the seat of any officer who refuses to support the Republican nominee for any office within the State of Michigan.” That’s the language, and it’s straightforward. If you’re one of the officers specified in Article IV, Section A of those same bylaws, then you support the republican nominees, up and down the ticket, or else risk immediate termination . . . end of discussion.

That paragraph is something that a certain lady, whom I still consider a friend, should have considered before shooting her mouth off, knowing the cameras were rolling, last Friday.

You Betcha! (14)Nuh Uh.(5)