reply to post by Vitchilo
This display of "outrage" against Wall Street by the NY Transit Workers is an absolute joke. Here are a few facts about the NY Transit Worker's
The union runs a portfolio of just over $40 billion dollars. The union is a major player in the institutional investing space, as are all large
unions. On that asset base they generated just under $7bn in investment returns. Pretty nice return. You don't get a return that large in this
market without investing on the edge of the risk profile.
To run that portfolio, they hire the very people they are protesting. The NY Transit Workers Union paid $178Million in fees in 2010 to investment
managers to run this portfolio. A sampling of the folks the union paid to run their money:
just to name a few of the most offensive firms to the "hate the bankers" crowd. In the Private Equity markets, they hire 100 private equity
investment managers - you know those guys, they are the ones who really make money and paid them annual fees of $58.7M in 2010.
Hundreds of other of Wall Steet's "criminals" are being paid by the union:
The evil, anti-labor corporations that exploit the working man? The union is heavily invested in them. A sample of the equities and corporate bond
holdings held by the Transit Workers include:
- Exon Mobile (those despoilers of the environment)
- Boeing (those terrible folks trying to kill union jobs by moving to South Carolina)
- Walmart (those folks who keep people's hours under the minimum to qualify them for benefits)
- GE (those folks who pay no taxes on $billions of revenue and who are shipping thousands of jobs to China)
- Bank of America (those folks who screwed tens of thousands of folks out of their homes)
- JP Morgan (the biggest and badest financial services firm in the US and perhaps the world)
- Chevron (another environmental disaster)
- Goldman Sachs (no need for comment here)
If the company provides a reasonable return, the hell with their position on labor - the union invests with them.
What exactly are these folks protesting? They LOVE Wall Street. If they didn't, they would not be shelling out the money for them to invest their
cash - they would be managing it themselves.
They hate Wall Street? They absolutely love Wall Street. When a sanitation worker, who has spent 25 years driving a truck and retires on a healthy
pension to his condo in Florida, who does he have to thank? Wall Street. When a woman who's husband has been in the union dies and she collects
the death benefits and is able to send her kids to college, who does she have to thank? Wall Street.
If the unions had an ounce of integrity, they would run their money themselves. If they had integrity they would invest in labor friendly companies
- something that they could easily do by telling their investment managers to use screens on their portfolio. If they had any integrity they would
admit that they not only need Wall Street, they want Wall Street.
This entire business of the union, this union or any other union railing against the "evil bankers" is an absolute farce.
If what the folks on Wall Street is criminal, as the protesters and leftists argue, then are'nt the folks in the union guilty of criminal conspiracy?
If not, why not?