http://www.youtube.com/watch?v=fhkWu...C9369A235E0D00
Part 2 of this series, on pension funds.
'Corporate Governance' is a term this guy uses to describe the phenomenon of government corporations collectively owning so much stock that they actually have controlling interest in every major corporation in the US (and a lot of the minor ones for that matter). They control what these corporations do through what is called proxy voting. This particular eposide details CAFRs of pension funds, which are themselves their own corporations along with municipalies, cities, towns, townships, districts of all types, states, countries, courts, etc. Of course they are NOT underfunded but filthy rich, and on top of that they are mostly funded by the taxpayers and not the people that work for the corporations that have pension funds (example- teachers/CALPERS).
I've had some conversations with certain people that I respect regarding this conspiracy. The objection I usually hear is: "I don't see how we could pay off the national debt with these assets, there is no buyer." Fair enough, or more aptly from where I sit-
MAYBE.
However, that is but one issue related to this conspiracy. Questions without answers:
1. If we the people own these assets, how come we don't have access to these assets? For example, why isn't every person given their own piece of property? These corporations have plenty of real estate holdings free and clear...assets paid for by the taxpayers.
2. If we the people own these companies, why are we allowing these countries to outsource? Furthermore, why aren't we given access to the products of these companies? For example, the US government is the largest holder of computer makers Apple and Microsoft. Why aren't we given computers?
3. Why aren't we given input into issues such as risk of investments, proxy voting powers and decisions, oversees investments, et al?
4. If we can't access these investments, why can't we opt out?
5. What about the obvious conflict of interest that arises when government that
owns a corporation is charged with enacting legislation related to the same corporation that they own?
And there are a million more related questions as well.
dys