Fund manager’s nightmare. With all the information currently available in the public domain and yoru subscription services you may be liable for placing any orders for purchase of residential REMIC certificates. DO YOUR RESEARCH.
Investors: Call your fund manager and demand that they do no such thing.
This is another move to create an artificial demand for securities that in this case are not only overvalued but also unregulated.
3 thoughts on “W A R N I N G ! ! Dept of Labor seeks to allow pension and 401(k) investments into hedge funds with heavy investments in worthless residential REMIC certificates”
We need an uprising of abused homeowners and retirees!
Summer — DITTO
They already did it. Most public employees pension funds heavily invested in vulture hedge funds like BlackStone and Lone Star who own PennyMac and Caliber (Countrywide)
Trump recently appointed Eugene Scalia (yes, Justice Scalia son).
Now Department of Labor is a massive protection force for Big Banks and corporations.
Here is a brief review who will “support” working families from corporate abuses:
1. Eugene Scalia. served as the Solicitor of Labor, having been appointed by President Bush in April 2001. At the time, he was accused by Democratic Senators and labor groups of being hostile to workers.
During his career in private practice with Gibson, Dunn & Crutcher, Scalia has a long record of defending major corporations against financial and labor regulations.Since 2003, he has defended Wall Street firms against financial oversight.A 2012 Bloomberg News article that profiled Scalia was headlined, “Suing the Government? Call Scalia!”
Scalia argued for the plaintiffs in Wal-Mart v. Maryland in July 2006, which invalidated a state law under which large companies with at least 10,000 employees would have been required to spend at least 8% of their payroll on employee healthcare.
2. Rachel E. Mondl is an associate in the Washington, D.C. office of Gibson, Dunn & Crutcher.
3. Catherine A. Bartley, former Holland &Knight lawyer, a highly corrupt Law Firm who defend Banks and corporations. H&K is one of largest donors to many Judges and politicians. 27 PAGES of heavy donations from H&K as a firm are listed on Illinois Sunshine dot org. I am not taking about donations from individual partners.
4. Andrew G. Kilberg, former associate of Gibson, Dunn & Crutcher.
5. Brett Swearingen, former Associate of Jones Day, one of largest law Firms representing Banks and Corporations, generous donors to Judges and politicians.
We are doomed.
People have nowhere to go for protection.