Trump FBI, SEC, DOJ Invited To Join Investigation Of Minnesota Pensions Under Walz's Watch
An expert forensic review of Minnesota pensions exposed financial irregularities which were reported to Biden's FBI, SEC, DOJ. Perhaps Trump's team will move swiftly to protect state workers.
The forensic investigation of Minnesota’s state pensions—the Minnesota State Board of Investment (SBI) and the Teacher Retirement Association (TRA)—commissioned by thousands of concerned teachers (members of the Minnesota Educators for Pension Reform Facebook Group) was completed in late September. Copies of the 113-page damning review were immediately provided to Biden’s FBI and SEC, as well as state Attorney General Keith Ellison. (Ellison sits on the four-member SBI board, along with Tim Walz, Governor and Chairman.)
More recently, a copy of the report was submitted to Minnesota’s Office of the Legislative Auditor in connection with a request for a Special Audit.
To date, none of these agencies has been responsive.
Local media has not written a word about the largest financial fraud in the history of the state—manipulation of the $140 billion in state pensions.
It seems everyone responsible for the pension mess agrees the best course is to simply ignore the blatant wrongdoing. Call it “Minnesota Nice.”
It seems everyone responsible for the pension mess agrees the best course is to simply ignore the blatant wrongdoing. Call it “Minnesota Nice.”
The findings of the investigation included that the investment fees the pensions disclose they pay to Wall Street were grossly underreported annually. The overwhelming majority of such fees—billions—were not disclosed to stakeholders. Also, the investment performance of the pensions was brazenly overstated to indicate the funds had miraculously bested the market over a 1, 5, 10, 20 and 30-year basis by the exact percentage—0.2%.
No one can predict whether the incoming administration might intervene to end mismanagement of this massive state fund established to provide retirement security for hundreds of thousands of government workers. However, the case should be appealing to a true “disruptor,” like Trump. For decades, neither political party has been willing to attack mismanagement of public pension assets. Rather both parties have sought to use workers’ retirement savings for their own political advantage. In my book, Who Stole My Pension? I call it “politicization of the investment decision-making process.” That is, investments are selected by pension boards controlled by elected officials based upon political considerations, not merit.
While many Minnesota educators may have not voted for Trump, they may be pleasantly surprised if his FBI, SEC and DOJ were to come to their aid after their favorite politicians have failed them.
To learn more about protecting your pension, click here.
You will have to convince the new administration that the investment companies will not suffer since many on Wall Street feel their support of trump will protect them from people like you.