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How Trump Hurts Workers and Wins Their Votes

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A common future scene when retirees examine their pension savings
A common future scene when retirees examine their pension savings
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- A new deregulation gift from the Trump administration to Wall Street will hurt workers and increase their support for Trump

- Now private equity funds can prey on average citizens planning for retirement.

- A decade ago Warren Buffett exposed the con used by money managers to exploit clients, now confirmed by an Oxford University study

It got little attention in the media, probably because it seems such a boring and inconsequential move. Just another deregulation of a consumer protection rule following a Trump executive order. Previously, pension funds were prohibited from investing in private equity funds; now the Department of Labor says anyone can buy shares in equity funds for their 401(k). David Pear, a former investment banker, tells me the financial advisors are really pushing these for 401(k)'s now.

Yet Another Rapid Upward Transfer of Wealth

Yes, it's a big deal.

These private equity funds are already billionaire making factories for the managers.

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Jan D. Weir is a lawyer who has advised international corporations, banks and accounting firms. He has taught business law at the University of Toronto, and is the co-author of The Critical Concepts of Canadian Business Law (6e) Pearson. Follow him for updates on laws that affect inequality  (more...)
 

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