zerohedge.com / by Tyler Durden / Apr 20, 2017
After laying ruin to the defined-benefit pension plans of public and private employees over the past several decades, Wall Street has its sites set on its next victim: mom-and-pop 401(k)s. Sure, because as our recent headlines confirm, wall street money managers have worked wonders for public/private pension funds:
- Are Collapsing Pensions “About To Bring Hell To America”?
- How Chicago’s Largest Pension May Run Out Of Cash In As Little As 4 Years
- NY Teamsters Pension Becomes First To Run Out Of Money As Expert Warns “Pension Tsunami” Is Coming
- Dallas Police Pension On Verge Of Collapse As Record Number Of Cops Seek Full Withdrawals
Alas, with companies increasingly opting for defined-contribution retirement plans (401k’s) in-lieu of defined benefit plans, combined with the trillions of dollars of losses that wall street has racked up for the nation’s largest pensions, it’s no wonder that ‘millionaire, billionaire, private jet owners’, like Stephen Schwarzman of Blackstone, are looking to get their ‘fair share’ of fees from America’s $4.8 trillion in 401(k) assets.