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tv   Politicking  RT  July 26, 2018 10:30pm-11:01pm EDT

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the spanish territory of america i was i the spanish police say the migrants most different sub-saharan africa turned violent throwing makeshift. molotov cocktails i'm using flame throwers at least one hundred thirty people have been left injured the autonomous cities of so to. use only land borders with africa getting hundreds of migrants trying to jump the fence is there every year the latest incident comes just hours after spain's foreign minister raised the alarm over the situation. this is more serious than the euro crisis the migration problem must be solved on the ground and the countries of origin otherwise we're just shifting pressure from one place to another people now see spain as a better bet than italy who's trying to close its borders completely this again as always and this is been going on for years and years and years without
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a successful resolution and it is because the new collectively in the member states have been unable to come to a proper equitable burden sharing of how to deal with migrants coming into europe a lot of the states are not pulling their weight. the british home secretary has commissioned a study into the profiles of child abusers among the factors to be considered is the country of origin of the perpetrators my fischer's have been working with investigating officers in relevant cases to establish the particular characteristics and contexts associated with this type of offending we're looking at what this data set can tell us about characteristics of offenders victims and the way the context of abuse all of which have a critical bearing on the effect of targeting of prevention activity. child grooming scandals that are a topic that have attracted a great deal of emotion controversy and debates in the u.k.
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public and media as well rather on rossdale bristol peterborough the list is endless and will be familiar to many here in the u.k. this is the first time though that many would say a government in office indeed the home secretary in office has ordered an investigation specifically into the ethnicity the racial background of both the victims and the perpetrators involved in these crimes it's not the first time investigations of happened it's not the first time the issue's been raised just last year in fact a labor m.p. and former minister sarah champion wrote an article in a paper in which she unequivocally condemned pakistani grooming gangs and said the issue must be debated openly and honestly the backlash she received the criticism she received from many quarters in the end caused her to resign from her position and indeed received death threats after which she had to receive extra police protection what strikes me about this whole debate is that we've reached a point in this country and possibly in the west where we can't really talk in
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a relaxed way about race so this would write something which a lot of people would say is a statement of the bleeding obvious and ends up losing the job now the media and public outcry has stemmed from the understanding that a sense of misplaced political correctness or fear of offending of racial backlash of stoking ethnic and community tensions had previously prevented law enforcement social services and local government from taking the necessary action to stop and prevent these horrific crimes i think there was a culture of not wanting to rock the multicultural community bode if i may put it like that this has also come from the horse's mouth just quite a number of years ago there was a police report released under the freedom of information act in which the police themselves had said often there was a very lucky that it's a hesitancy to take the necessary action because precisely of the stone. of racial or ethnic tensions over the years the discussion about the racial ethnic background
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of perpetrators and victims of these crimes and that specific link has been quite to boot it's been discussed with a great hesitancy or been confined perhaps to the margins of the political spectrum now though with the home secretary's investigation given of course sergeant javal himself has pakistani roots that discussion seems to be going more mainstream we heard from david curtain education spokesperson for the u.k. independence party who believes that this move by the u.k. home office is long overdue. this is something that needs to be dealt with and it needs to be dealt with with brutal honesty it's good that saudi job it has commissioned this report but honestly this is something that should have happened twenty years ago because it's been going on for at least twenty years people have known about it in various arms of the state it's being covered up but more importantly people have been afraid to talk about it because of the culture of
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political correctness and the adherence to multiculturalism which in this particular case clearly has not worked. a mass protest has been held at the headquarters of the un's relief and work agency for palestine refugees in gaza comes amid news of a large number of layoffs as a result of the u.s. cutting its funding in a move designed to push palestinians towards peace talks with israel. it. was at that like that. and i. was happy. since we have served the palestinian people with professionalism and dedication we heard this decision will be reversed the palestinian people need all. that a little bit of that.
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and laying off dozens of employees the refugee agency has sentenced thousands of palestinian families to dance. let's stay with us all to you news updates coming your way at the top of the hour. for men are sitting in a car when the flips get shot in the head. all four different versions of what happened one of them is on the death row there's no way you could have done it there's no possible way because the list did
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not shoot around a corner. right we're all set to start in five guys the studio has a signal. it's not going to talk about. just maybe right after the mars explorers one movie would appear to. board a rocket. to say well we know. ok let's. go welcome to sophie and tell him so the sheriff not said today we're got lots to talk about in our program and our guest is. the rock that.
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this is says harlan kentucky. we all know this rhythm boys. it was very funny. a coma and he said she was almost no comins left. jobs or grown older wiser so. that it was a lot of these people the survivors of disappearing before their eyes. i remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and it's happened it's happened.
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i'm max kaiser this is the kaiser report well it's time once again to check in with stacy you know max you and i have been covering this story of private equity hollowing out some of the remaining businesses in america things like toys r us or all these retail outlets that hollow it out you know buy it with loaded debt load it up but that deal the pensions and run away and hold the industrialization of america financialization well you know there have been one group of people kind of i mean from this and that is the state workers the federal employees certain firefighters policemen they have some guaranteed pensions guaranteed by the state so if it if the returns are not good enough of course the states just raise taxes and make sure that these guaranteed pensions are met well. it turns out as looking
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pretty bad wall street managers have cost americans more than six hundred billion dollars over the past decade over the last decade fund managers who oversee the pensions of the nation's teachers firefighters police and other government workers have doubled down on an investment strategy that has cost us taxpayers at least six hundred billion dollars possibly more than a trillion investment data and calculations by yahoo finance found guess why who did they turn the money over to. private equity and hedge funds oh oh yeah well as if said many times on the show pensions fon are where risk goes to die in other words eye wall street to risk they make bad bets they put a lot of these bad trades into what's called an error account i haven't mentioned the error account in a while but every brokerage firm out the error account where you make a bad trade is something goes wrong you stick it in this error account where it's
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not accounted for on any financial statements officially and then eventually some pension fund somewhere and in getting that trade and they backdated and they stick it in with a lot of other garbage and the pension fund managers are typically kind of underpaid low level people that don't really know much and i'm a robber citroen famously was the manager and i think was orange county and it was a very famous case of somebody who is and complete idiot managing the shoot fund that's generally the case in the industry they purposefully put people who are morons into these jobs so they can easily steal from the special accounts but part of the problem has been that they charge huge fees to manage it and they they don't outperform the market so this is how they get sold seeking higher gains pension fund managers have upped their investment in so-called alternative strategies that are costly and weighed down returns quote we find that some of the worst performing
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plans are those that went into alternatives late in the last decade said john pierre aubrey air research director at the center for retirement research at boston college we studied the impact of investing on into alternatives and public pension funds they don't outperform the market had they just invested in vanguard index fund that especially were the heirs and yes the the ever since john boggle invented the index fund over there vanguard it's been outperforming every manager in any significant time period five year ten year two. any air and this is undisputed facts occasionally has drawn our private equity final opera for the market for a year or two but over five years ten years they never reform the market and the pension fund the ston invested in a passive index fund like a vanguard know if the fund is going to underperform the market and that the those those are just basically as night follows day if the facts of the case nevertheless these pension fund managers continue to write we would buy them because because
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they are able to charge such high fees against other pension funds other state employee pension funds they can afford maybe flashier shoes and clothing in and fly private jets and you know the pension fund manager so impressed and they order you know two thousand dollars to fund manager is picked by the wall street crook there's going to be investing that pension fund money ok that's just the way they're not the pension fund managers not a innocent bystander in all this they're placed in that role by these crooks to buy the crooked just bag of worms from the crooks ok now if the teacher is fun in the fireman's fund the police fund they want to get a real return on their pensions and they want to wise up they need to get you know make sure the person running their fund is actually nobody just put it into an index fund well remember their pensions are guaranteed so they don't care right at the participants in it as it says alternative funds invest in things like hedge funds private equity real estate or commodities rather than traditional stocks and
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bonds because pensions are guaranteed under performance has hit taxpayers and the form of budget cuts for schools hospitals and libraries and decreased spending on infrastructure health care and other ok when i say all the see this type of guarantee was in the savings and loan crisis of one nine hundred eighty s. we see in the current crisis in the two thousand and eight banking crisis where the banks were guaranteed to get bailed out by barack obama in the federal government and even though they made a horrible loans and they made horrible decisions they got bailed out not the debtors so the savings and loan crisis that the government guaranteed. an insurance program for deposits that was abused by the famous five but the keating five during that era now the pension funds as guaranteed returns that is being abused by the crooks are you the guarantee to shovel it a lot of talks the garbage that is ending up is a guarantee bill because at the end of the day a lot of these pension accounts are not being cut back people who think that they had a pension are being told has been run out you don't have a bunch of anymore you're now flood broke you have to go out to the street and big
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for money don't get addicted to heroin we don't want you anymore drop dead ok in the private sector when the pension goes bust because of wall street charlatans goes bust and everybody loses their money of the participants in the private pension scheme here it's chicago or california california guarantees a pension of say two hundred thousand dollars a year for the local policeman well if if the pension fund fails to return that amount of money they just raise taxes on other people to pay for that pension so here i want to say all three study shows that across the board public pension fund managers have thrown increasingly more money at these complex and pricey alternative funds despite the fact that they consistently under perform simple index funds available for a fraction of the fee of the cost part of the reason why they do that is because on paper. the fancy you know private equity or hedge fund is promising we could probably get you returns of ten percent a year so that because of the hollowing out of the previous hedge fund guy you know
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they need that ten percent they need to show their members that they're going to get ten percent the index fund will only guarantee basically the market you'll do as well as the market which might be four percent right i get the point that the sort of private fund it's ok to go bankrupt however as you point out does and bankrupting people in the sense that they impose austerity they impose they raise taxes they force people they can't afford health to give health care to people people end up on the street destitute and dead. right so it's just a mixed the difference rich in crime on the street and crime on wall street is that a criminal you know knocks over a liquor store is doing so in real time they shoot a guy there's still the money takes twenty minutes with wall street they are patient bill still your money over years bernie madoff stole money for years and years and years this is the new about of three separate occasions you just enter year after year after year water because a slow drip of criminality it's
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a slow drip they steal slowly it's a slow motion theft right people think it's not happening and yet there they are pensions bust dollars no good feds over leverage because so they stay employees by the way become participants in the cycle of fraud upon the other taxpayers because the alternative investment fund managers promise higher returns they sell the pension fund manager and high returns and thus sold on flashy promises of high returns those high assumptions allowed the employees to make not as high contributions scott could be chief investment officer a financial management firm carson group told yahoo finance they are trying to find a way to catch up because they have uncovered the liabilities i don't know if that is particularly well but so if you're told that here mr fireman or mr policeman or misses police officer you know you don't have to contribute as much as you did last
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year because last year we were in an index fund and this year we're going to move to a hedge fund flashy hedge fund guy who flew here in a private jet he's obviously doing very well but he's promising you that his returns are going to be higher and therefore you don't have to give five hundred dollars a week towards your pension fund but you can retire in the same amount but only give three hundred a week so you have two hundred more in your pocket this week they can say yeah go with the private equity guy like people are stupid you know that movie that came out about the theft that went on during the subprime crisis. yes and it documented the shortage of short right so here's like it's a documentary practically of how bunch of bankers got together and rob americans blind for billions of dollars now people know me i cover finance right they come up to me the question asked me every single time someone comes up to me goes hey master you saw the movie the big short write the message is this true. like with
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a conspiratorial is it true yes true you're being robbed blind every day what you can do about it well nevertheless data shows that public pension funds are going even more and more into it i do have to say the hedge funds and the private equity these alternative investments did do better only during one period which was the financial crisis two thousand and eight two thousand and nine because they have more shorts they can do the big shorts rather than the index fund so they do do better and a very little good that's better in that they lost money at all less accelerated rate than the overall market for a short period of time doing better best just being drowning slower so the gap the six hundred billion dollar gap comes from not only their fees but also their their performance the nation's pension fund returns have also been hit by fees hoax study found that state pension funds paid on average fees totalling point five six percent of assets held to fund managers during the ten year period had the nation's
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collective pension fund managers invested in the sixty forty vanguard balance index fund for example which carries a point zero seven percent fee they would have saved one hundred fifty billion over ten years so the returns were five hundred billion dollars less just on their performance the pension fund performance investing by a private equity and hedge fund was fifty five hundred billion over the past ten years just based on stock picks versus an index fund and then another one hundred fifty billion worse off based on the fees they paid for that worst performance to pensions of the teachers in the firemen in the place because you're so stupid you're going to have to work another fifteen years like a no no they want the tax payers that pay them so you have been forced to work because you refuse to go sponsibility for your actions of burning off all the are now doing no work in the ten years get back on the on the on the on the patrol car flatfoot know they're going to be subjected to. ten more years of kai's report
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detailing how that work oh don't shoot me don't shoot don't shoot don't go to your pension manager and get a real one prick and it lives they might matter but they're going to be bankrupt all right we're going to take a break we'll be back right after this important break. it's a very rough terrain of sorts rough climates and you have to fight to be able to plan. it was gunshots on top of them and so many friends who would have been going there may have been you know not. telling people. you know i don't want. to see a better body in this world when it's ready to participate in the good. old to me put to me that. you don't think about this if this soldier on no you got three
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like and you know another patient. eurocentric view has seen a lot of criticism lately relevant is eurocentrism know the kind of still being the idea that you know it's confronting such. some people come. to use indigenous people as you know we that the. people treat.
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and say. yes.


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