California's Democratic Governor Jerry Brown repeatedly vetoed universal
healthcare after the state legislature voted it through; Democratic state majorities in NY, CT and NJ refused to enact legislation to close the "carried interest" tax loophole that makes billions for hedge-fund managers; Rhode Island Democrats went on a slashing spree, taking down pensions for teachers, firefighters and other public servants while the finance-affiliated state treasurer funneled the pension funds into her pals' underperforming hedge funds; Democrats in NJ gutted the tax bill to give millionaires an easy ride; New York Democrat Governor Andrew Cuomo shut down the state anti-corruption commission, only to have his top aide busted for being horrifically corrupt.
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When Donald Trump announced that he would "drain the swamp" by filling his cabinet with lobbyists, billionaires, and political operators, we all braced for an onslaught of rules that benefited the fattest of cats at the expense of everyone else, but Gary Cohn outdid himself.
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Ten years ago, Warren Buffett bet celebrated hedge fund manager Ted Seides of Protégé Partners that an investment in a low-cost S&P 500 index fund would outperform an investment in Seides's "fund-of-funds," a basked of five funds managed by his firm. Read the rest
Connecticut, home to the richest hedge-fund managers in America, is going broke, cutting services and gutting pension plans to try and fill its $1.8B budget hole -- a hole it plans on filling by taking away $1.5B from the state's workers. Read the rest
Growing wealth disparity has produced a new financial hyper-elite who make eight-figure donations to major universities, who hand that money back over to more finance titans in the form of special commissions that are taxed at a ridiculously low rate (making more zillionaire donors). Read the rest
Recent moves in places like Missouri, Kansas, Wisconsin, and Florida have sought to strictly control those receiving welfare benefits through things like drug-testing, food stamp restrictions for “luxury items,” and legislation that bans welfare recipients from spending government money at strip clubs—even though there’s no virtually no evidence the poor actually spend their money this way. Read the rest