W's SS to hedge fund swap was DOA. Sooo,GOP Statehouses like PA are swaping teacher & police pensions to hedge funds

George W. couldn’t give our Social Security over to his credit default swap Wall Street & Swiss HSBC money laundering for terrorists banker pals. But PA Republicans are making up for it by passing teachers & police pensions to hedge fund managers. 

Whenever something with cash in it is “reformed” by Republicans you know there’s a lot of stealing going on.

"In the video clip, the Senator described the pension overhaul as a:A reform the was praised by the two largest chambers of commerce in Pennsylvania.  Praised by national organizations like Pew Foundation and ALEC, a conservative organization. 

After he claims that the bill was supported by the organizations, Corman takes shots at public sector unions for killing the bill, even though more than half of Republicans voted against it. 

In 2013, the Pew Foundation released a FAQ on “Why Pew Works with States on Pension Reform,” and in the questionnaire, the organization states why they are “parenting with the Laura and John Arnold Foundation.  At the time, the organization stated: 

We share the goal to help states design and adopt retirement systems that are fair, affordable and fiscally sustainable—while at the same time preserving governments’ ability to recruit and retain a talented public-sector workforce. We realize there is no one-size-fits all solution so we offer policymakers information that can help them offer retirement security to public workers,  protect taxpayers and maintain the state’s ability to deliver important public services. 

Around that same time, Matt Taibbi from the Rolling Stone exposed John Arnold for being a hedge fund manager who has profited off of state and municipal pension overhauls.  A few months later, Philadelphia native and investigative journalist David Sirota reported that the “Pew Center on the States, without mentioning that Arnold is financing Pew’s pension research with a $4.8 million grant 

A month after State Senator Jake Corman admitted that the Pew Foundation and ALEC both praised Pennsylvania for it’s approach on pension reforms, State Senator Jake Corman appeared on WITF Smart Talk, a local National Public Radio and Public Radio International affiliate, and cited ALEC for calling Pennsylvania “the leader in pension reform.” 

Take a listen to the audio below.  Disclaimer, State Senator Jake Corman was choking back the word “ALEC” but eventually came around to calling the organization by it’s proper name.  The American Legislative Exchange Council. 

MORE AT: 

#PABudget: Senate Majority Leader Jake Corman Admits Why ALEC and Hedge Fund Managers Want Pension Reform 

Posted on January 6, 2016 by Sean Kitchen in Front Page, January 2016

ALSO SEE:

Looting the Pension Funds

All across America, Wall Street is grabbing money meant for public workers

By Matt Taibbi September 26, 2013