...Pro Quo

[Virgil Showlion]

With Ms. Clinton's election in 2016 all but assured, it's time to start scaring you Yankees with some of the "pro quo" you're on the hook for in exchange for the unprecedented "quid" flowing into Ms. Clinton's campaign coffers.

Enter Tony James, the "Hillblazer" who may soon be managing your treasury department (bold by me):

David Sirota just penned a very important and interesting article zeroing in on how Wall Street is maneuvering to propose and implement a new retirement tax on Americans under a Hillary Clinton Administration.

Leading the charge is billionaire financial oligarch Tony James, who is COO of private equity giant Blackstone. Mr. James is a generous contributor to Hillary Clinton’s Presidential run, and is listed as a “Hillblazer” by her campaign for having raised at least $100,000 toward her candidacy.

While many Americans already know that much, most of you will be totally unaware of his aggressive plan to force a 3% payroll tax on the public which will be immediately funneled to Wall Street management firms, including “alternative managers” such as hedge funds and private equity. It seems like a very bizarre time to initiate such a proposal considering many public pension funds are actively ditching alternative managers after realizing they’ve been paying extraordinarily high fees for pitiful performance. In other words, they’ve been ripped off.

...

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.

...

Rather than funneling the hundreds of billions of dollars of new tax revenue into expanding Social Security benefits, as many Democratic lawmakers have called for, James proposed something different: A decade after George W. Bush’s failed attempt to divert Social Security revenue into private retirement accounts, the Blackstone president outlined a plan to create individual retirement accounts, some of whose assets would be managed by private financial firms.

In the blueprint of the plan, James lamented that 401(k) systems “don’t invest in longer-term, illiquid alternatives such as hedge funds, private equity and real estate,” and said the new program could invest in “high-yielding and risk-reducing alternative asset classes.”

So there you go, America. Too much boring Social Security, not enough mandatory investment in illiquid alternatives such as hedge funds, private equity and real estate. And not nearly enough money being ripped of- ... *ahem* managed by big Wall Street execs who would never play fast and loose with your retirement funds.

What is all of this going to cost? Why, a few piddling million. (ibid.):

The Wall Street Journal reported that James held a $33,400-a-person fundraiser for the Hillary Victory Fund at his Manhattan home in December 2015. Blackstone and James also held a lavish reception at the Democratic National Convention in July 2016, and James held another fundraiser for Clinton at his home last month, raising $1.5 million, according to the Associated Press.

Blackstone employees have given a total of more than $107,000 to Clinton’s campaign, according to data compiled by the nonpartisan Center for Responsive Politics (CRP). David Jones and Richard Sullivan, who until 2015 were listed as Blackstone lobbyists, have been among Clinton’s largest fundraising bundlers.

Alas, we'll probably have to wait a few months to find out what Goldman Sachs, JP Morgan, AIG, BoA, and dozens of other major Wall Street backers get for their quid. (Spoiler alert: Those carbon credits exchanges won't run themselves.)

In conclusion, I leave you all secure in the knowledge that your retirement funds are soon to be in the capable hands of the most honest, accountable public servants of all: Wall Street investment bankers.

Have a nice weekend.

[Opti]

Do you ever think happy thoughts and post about them?

 Do you need help with a Trump possession? Presidents don't get what they want all that often, and donors even more so. Tell the Trump spirit to be gone, and that there are 100 senators and even more Congress people that are involved in passing laws.

[Deleted]

Wouldn't surprise me in the slightest.

[OldCoyote]

Oct 21, 2016 18:23:06 GMT -5 Opti said:

Do you ever think happy thoughts and post about them?

 Do you need help with a Trump possession? Presidents don't get what they want all that often, and donors even more so. Tell the Trump spirit to be gone, and that there are 100 senators and even more Congress people that are involved in passing laws.

ACA comes to mind, how well that has worked,   President and others wishes granted!

[MN-Investor]

The Republicans have been trying to scare their base for years on how the Democrats are going to do _______ (fill in the blank) to their 401(k)s or IRAs.

They conveniently forget that the Democrats in office also have constituents who 1) have 401(k)s and IRAs and 2) vote.

So NO, nothing drastic is going to happen to 401(k)s or IRAs. They won't be nationalized. They won't be confiscated. They won't put under someone else's control.

Those are just scare tactics with no basis in reality. Lots of folks may recommend changes to 401(k)s and IRAs, but really, really think about their probabilities of being passed by Congress - you know... those folks who really, really want to be re-elected.

[tallguy]

"Enter Tony James" near the top is the link.

[Deleted]

Oct 22, 2016 10:23:02 GMT -5 deminmaine said:

Ahem.

First of all, if there is a link to this article, I missed it.

Secondly, it is rubbish.  Absolute rubbish. 

IF the Democrats are so fortunate as to gain a majority in Congress as well as the White House you may see Social Security reforms.  That would be IF they could even get their act together to do that.

As far as private pension plans like this go, the most draconian proposal out there has been this: If a company offers IRA plans they would have to automatically enroll new employees in them unless the new employee opts out.  This is shown to increase employee participation when it is how these plans are set up.  However the employee may certainly opt out, and in any event the choice of investment vehicles is up to the employee/ employer.  Blackstone, whose COO is Hamilton James, is not involved.

But will they pass it first so that they can THEN read it?

[djAdvocate]

Oct 21, 2016 22:53:41 GMT -5 OldCoyote said:

Oct 21, 2016 18:23:06 GMT -5 Opti said:

Do you ever think happy thoughts and post about them?

 Do you need help with a Trump possession? Presidents don't get what they want all that often, and donors even more so. Tell the Trump spirit to be gone, and that there are 100 senators and even more Congress people that are involved in passing laws.

ACA comes to mind, how well that has worked,   President and others wishes granted!

it's working better than Medicare Part B.

[dezailoooooo]

Oct 21, 2016 18:14:34 GMT -5 Virgil Showlion said:

With Ms. Clinton's election in 2016 all but assured, it's time to start scaring you Yankees with some of the "pro quo" you're on the hook for in exchange for the unprecedented "quid" flowing into Ms. Clinton's campaign coffers.

Enter Tony James, the "Hillblazer" who may soon be managing your treasury department (bold by me):

David Sirota just penned a very important and interesting article zeroing in on how Wall Street is maneuvering to propose and implement a new retirement tax on Americans under a Hillary Clinton Administration.

Leading the charge is billionaire financial oligarch Tony James, who is COO of private equity giant Blackstone. Mr. James is a generous contributor to Hillary Clinton’s Presidential run, and is listed as a “Hillblazer” by her campaign for having raised at least $100,000 toward her candidacy.

While many Americans already know that much, most of you will be totally unaware of his aggressive plan to force a 3% payroll tax on the public which will be immediately funneled to Wall Street management firms, including “alternative managers” such as hedge funds and private equity. It seems like a very bizarre time to initiate such a proposal considering many public pension funds are actively ditching alternative managers after realizing they’ve been paying extraordinarily high fees for pitiful performance. In other words, they’ve been ripped off.

...

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.

...

Rather than funneling the hundreds of billions of dollars of new tax revenue into expanding Social Security benefits, as many Democratic lawmakers have called for, James proposed something different: A decade after George W. Bush’s failed attempt to divert Social Security revenue into private retirement accounts, the Blackstone president outlined a plan to create individual retirement accounts, some of whose assets would be managed by private financial firms.

In the blueprint of the plan, James lamented that 401(k) systems “don’t invest in longer-term, illiquid alternatives such as hedge funds, private equity and real estate,” and said the new program could invest in “high-yielding and risk-reducing alternative asset classes.”

So there you go, America. Too much boring Social Security, not enough mandatory investment in illiquid alternatives such as hedge funds, private equity and real estate. And not nearly enough money being ripped of- ... *ahem* managed by big Wall Street execs who would never play fast and loose with your retirement funds.

What is all of this going to cost? Why, a few piddling million. (ibid.):

The Wall Street Journal reported that James held a $33,400-a-person fundraiser for the Hillary Victory Fund at his Manhattan home in December 2015. Blackstone and James also held a lavish reception at the Democratic National Convention in July 2016, and James held another fundraiser for Clinton at his home last month, raising $1.5 million, according to the Associated Press.

Blackstone employees have given a total of more than $107,000 to Clinton’s campaign, according to data compiled by the nonpartisan Center for Responsive Politics (CRP). David Jones and Richard Sullivan, who until 2015 were listed as Blackstone lobbyists, have been among Clinton’s largest fundraising bundlers.

Alas, we'll probably have to wait a few months to find out what Goldman Sachs, JP Morgan, AIG, BoA, and dozens of other major Wall Street backers get for their quid. (Spoiler alert: Those carbon credits exchanges won't run themselves.)

In conclusion, I leave you all secure in the knowledge that your retirement funds are soon to be in the capable hands of the most honest, accountable public servants of all: Wall Street investment bankers.

Have a nice weekend.

I have a hard time getting excited about blackstone  employees giving a bit more then a $100,000 to Clintons campaign..while a nice contribution..it's how these politicians get the $ to run...I get hit constantly , to the point I shut them out and disregard...but in the big picture, believe the dems..the hillery..may spend a billion or close..the Donald not so much but it all is just out of control..

I feel the SCOTUS did make a mistake  agreeing that corporate unlimited giving was kosher and allowable..hopefully down the line that will be reversed but lets face it , the whole thing of how much is raised and spent is obcened..I just hope that when decision are made governmentally and some investigator can show the decision made was do to a hugh contribution..that is reported and guilty folks are then open to whatever folks decide..

[Virgil Showlion]

Oct 22, 2016 20:27:48 GMT -5 dezailoooooo said:

Oct 21, 2016 18:14:34 GMT -5 Virgil Showlion said:

With Ms. Clinton's election in 2016 all but assured, it's time to start scaring you Yankees with some of the "pro quo" you're on the hook for in exchange for the unprecedented "quid" flowing into Ms. Clinton's campaign coffers.

Enter Tony James, the "Hillblazer" who may soon be managing your treasury department (bold by me):

David Sirota just penned a very important and interesting article zeroing in on how Wall Street is maneuvering to propose and implement a new retirement tax on Americans under a Hillary Clinton Administration.

Leading the charge is billionaire financial oligarch Tony James, who is COO of private equity giant Blackstone. Mr. James is a generous contributor to Hillary Clinton’s Presidential run, and is listed as a “Hillblazer” by her campaign for having raised at least $100,000 toward her candidacy.

While many Americans already know that much, most of you will be totally unaware of his aggressive plan to force a 3% payroll tax on the public which will be immediately funneled to Wall Street management firms, including “alternative managers” such as hedge funds and private equity. It seems like a very bizarre time to initiate such a proposal considering many public pension funds are actively ditching alternative managers after realizing they’ve been paying extraordinarily high fees for pitiful performance. In other words, they’ve been ripped off.

...

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.

...

Rather than funneling the hundreds of billions of dollars of new tax revenue into expanding Social Security benefits, as many Democratic lawmakers have called for, James proposed something different: A decade after George W. Bush’s failed attempt to divert Social Security revenue into private retirement accounts, the Blackstone president outlined a plan to create individual retirement accounts, some of whose assets would be managed by private financial firms.

In the blueprint of the plan, James lamented that 401(k) systems “don’t invest in longer-term, illiquid alternatives such as hedge funds, private equity and real estate,” and said the new program could invest in “high-yielding and risk-reducing alternative asset classes.”

So there you go, America. Too much boring Social Security, not enough mandatory investment in illiquid alternatives such as hedge funds, private equity and real estate. And not nearly enough money being ripped of- ... *ahem* managed by big Wall Street execs who would never play fast and loose with your retirement funds.

What is all of this going to cost? Why, a few piddling million. (ibid.):

The Wall Street Journal reported that James held a $33,400-a-person fundraiser for the Hillary Victory Fund at his Manhattan home in December 2015. Blackstone and James also held a lavish reception at the Democratic National Convention in July 2016, and James held another fundraiser for Clinton at his home last month, raising $1.5 million, according to the Associated Press.

Blackstone employees have given a total of more than $107,000 to Clinton’s campaign, according to data compiled by the nonpartisan Center for Responsive Politics (CRP). David Jones and Richard Sullivan, who until 2015 were listed as Blackstone lobbyists, have been among Clinton’s largest fundraising bundlers.

Alas, we'll probably have to wait a few months to find out what Goldman Sachs, JP Morgan, AIG, BoA, and dozens of other major Wall Street backers get for their quid. (Spoiler alert: Those carbon credits exchanges won't run themselves.)

In conclusion, I leave you all secure in the knowledge that your retirement funds are soon to be in the capable hands of the most honest, accountable public servants of all: Wall Street investment bankers.

Have a nice weekend.

I have a hard time getting excited about blackstone  employees giving a bit more then a $100,000 to Clintons campaign..while a nice contribution..it's how these politicians get the $ to run...I get hit constantly , to the point I shut them out and disregard...but in the big picture, believe the dems..the hillery..may spend a billion or close..the Donald not so much but it all is just out of control..

I feel the SCOTUS did make a mistake  agreeing that corporate unlimited giving was kosher and allowable..hopefully down the line that will be reversed but lets face it , the whole thing of how much is raised and spent is obcened..I just hope that when decision are made governmentally and some investigator can show the decision made was do to a hugh contribution..that is reported and guilty folks are then open to whatever folks decide..

You're missing the part where Mr. James personally raised at least $1.5M for her campaign (who knows how much more at the first two fundraisers), and where two Blackstone lobbyists have been among her largest fundraising bundlers.

Maybe they're all doing it out of the goodness of their hearts, or, as deminmaine suggests, they're tragically mistaken that their retirement tax might just become the law of the land.

Personally I don't think either of you is rational when it comes to Ms. Clinton.

I'm hoping it's just fear over a Trump presidency and that you'll get over it once Ms. Clinton is in office.