It’s a really good move! A significant portion of the investor class manages the retirement funds of blue-collar workers, and so the investment strategies of unions can have a real impact on where the demand is telling those investors to go.
Let them invest wherever they desire, just as long as they don’t come to the taxpayers for a bailout if the returns fail to materialize.
At this point it is fiscally irresponsible for pension funds to be invested in these things. Opacity and high management costs are a good enough reason to pull out any kind of money which is meant for safe investing growth. The City of New York is doing right by its workers here.
Sounds like their Hedge Funds have put the New York public employees union’s NYCERS in a twist.
Huzzah!
Best we starve the beast.
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