Some Pension Mess Things For Your Wednesday

Are these the top ten public pension enemies of teachers?

  1. Laura and John Arnold Foundation
  2. John Arnold and Laura Arnold
  3. Texas Public Policy Foundation
  4. Bill King
  5. Josh B. McGee
  6. Michael C. Nichols
  7. Jason Richwine, Heritage Foundation
  8. Andrew Biggs, Amer. Enterprise Institute
  9. Charles and David Koch
  10. American Legislative Exchange Council (ALEC)

Sure, many of them are in Texas. So just substitute some folks from Kentucky.

You’ll also want to read this story about a Blackstone billionaire:

His is a company that invested heavily in the distressed housing market, exploiting the pain of those losing their homes to foreclosure, as he crowed in a conference call with investors, reported on the Blackstone website, about “still seeing attractive opportunities in many places in the world including … distressed and over-leveraged real estate. … ” Wallowing in that sad world of the foreclosed, Schwarzman bragged “we’re the largest in the world.”

Last year Blackstone spent about $1.5 billion purchasing 10,000 foreclosed homes. “This is the kind of thing that happens once, every once in a while, where you see something that’s a market-turning trend and we are loading the boat,” Schwarzman said in an earnings call Oct. 18. Those foreclosed homes are typical of the “alternative assets” in which Blackstone has specialized.

For private equity companies like Blackstone, the economic crisis and the federal government’s response to it have ushered in unprecedented boom times that dwarfed the ill gotten gains of their counterparts in the much more regulated commercial banking world. “In contrast,” The Wall Street Journal reported, “private-equity firms have rebounded strongly in the last couple of years, helped by low interest rates and more appetite for risk among big investors who pour money into deals with the firms.”

Some of the many reasons Kentucky can’t have nice things.