Article: The Dark Money Secretly Bankrolling Activist Short- Sellers — and the Insiders Trying to Expose It

Article - Media

The Dark Money Secretly Bankrolling Activist Short-Sellers — and the Insiders Trying to Expose It

Michelle Celarier

Institutional Investor, 30 November 2020

More than a dozen short-sellers interviewed by Institutional Investor in an effort to penetrate this murky terrain say there are numerous players and various permutations of the model that may involve the sharing of ideas and research along with either a cut of the gains on the short trade or a set fee. In fact, some short-sellers believe that almost all of the activists have such backing — even those running small hedge funds themselves.

Article: Looting the Pension Funds All across America, Wall Street is grabbing money meant for public workers

Article - Media

Looting the Pension Funds

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

Matt Taibbi

Rolling Stone, 10 October 2013

Raimondo’s strategy for saving money involved handing more than $1 billion – 14 percent of the state fund – to hedge funds, including a trio of well-known New York-based funds: Dan Loeb’s Third Point Capital was given $66 million, Ken Garschina’s Mason Capital got $64 million and $70 million went to Paul Singer’s Elliott Management.

The state’s workers, in other words, were being forced to subsidize their own political disenfranchisement, coughing up at least $200 million to members of a group that had supported anti-labor laws.

This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era.

Baker reported that, had public pension funds not been invested in the stock market and exposed to mortgage-backed securities, there would be no shortfall at all.

It’s a scam of almost unmatchable balls and cruelty, accomplished with the aid of some singularly spineless politicians. And it hasn’t happened overnight. This has been in the works for decades, and the fighting has been dirty all the way.

Union leaders all over the country have started to figure out the perils of hiring a bunch of overpriced Wall Street wizards to manage the public’s money.

Read full article.