Peter Schweizer has a very revealing expose of a pension fund that Bill Clinton is senior advisor to.
Betsy's Page
<<< Sen. Hillary Rodham Clinton — a member of the Senate Health, Education, Labor & Pensions Committee — has bashed corporations for their failure to live up to their pension obligations.
Yet, as the senior adviser to two investment funds managing public pension funds, Bill Clinton has himself promoted an investment fund that promises to put money into "lower-income urban and rural communities" — but instead devotes its cash to Al Gore's upstart cable channel and his wife's financial supporters. >>>
It sounds like a noble venture - invest in minority businesses and ones that will help needy communities. But, in reality, they've been putting their money elsewhere. Read the details.
<<< Meanwhile, the workers whose pensions have been invested in Yucaipa are getting a terrible deal. According to CALSTARS, California teachers have already committed $61.9 million of the $150 million that they promised Yucaipa. As of last March 31, three years after the venture started, they'd seen a grand total of $837 come back to them. Overall, the rate of return since the funds launched have been a loss of 12.1 percent.
CALPERS has not done much better. After pouring more than $116 million into various Yucaipa ventures since 2002, it's seen a return of $55,963.
At the same time, Yucaipa is also collecting hefty fees for managing the pension funds' investments — more than $3 million a year from CALPERS, and $3.5 million a year from the New York Common Retirement Fund. How much of this ends up in Bill Clinton's pocket is anybody's guess. He's not disclosing his fees. And why is Sen. Hillary Clinton, who appears to be so concerned about the state of our pension systems, silent about this?
Hypocrisy is not confined to one party or the other. But the coverage of it is partisan. The national media seem very interested in what Sen. Bill Frist might have done with money from his private trust. Why are they ignoring what Bill Clinton and Yucaipa are doing with hundreds of millions in pension money? >>>
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