He calls tax subsidies for investment "a giant structure for redistributing wealth to those who already have it."
You don't have to agree with Silvers, however, to be tired of hearing Wall Street sharks invoke firemen and schoolteachers when trying to stave off the latest rule or tax proposal they find distasteful. If Wall Street were doing such a great job for worker pensions, we wouldn't have a public pension shortfall of $2-4.6 trillion--depending upon whose numbers you believe.
U.S. pension fund investments lost 2.7% in 2011, according to a report released last Friday by the Organisation for Economic Co-operation and Development (OECD). As a group, the organization's 34 member countries are still trying to make back the $3.4 trillion in losses they suffered in 2008. Given that lackluster performance, offering another round of free drinks so we can gamble more pension money at the blackjack table may not be the best idea.
-- Written by Dan Freed in New York.Follow this writer on Twitter.
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