Calls for end to Wall Street fund managers speculating with retirees' money
"Don't let anyone tell you that the problems with public pensions are the results of groups of avaricious kindergarten teachers and DMV workers...The fault lies with Wall Street. They abused these funds--while pocketing billions to run them into the ditch." -- William Lerach
By Miriam Raftery
May 10, 2011 (La Mesa) – “What might we be able to do to avoid financial Armageddon?” asked William Lerach, who led prosecutions against some of America’s most powerful corporations including ENRON, recovering billions for defrauded shareholders. “Next year, 77 million baby boomers will hobble into retirement.” He warned that corruption and mismanagement by Wall Street managers has led to public and private pension funds that are severely underfunded. He calls the situation a “ticking time bomb” -- and proposes a solution.