Fwd: OMG ! Amazing Public Bank Support

---------- Forwarded message ----------
From: John Hemington <jehemington@verizon.net>

Subject: OMG ! Amazing Public Bank Support
To: John Hemington <jehemington@verizon.net>

 

 

Mike Krauss, Chairman of the PA Project just sent out this news:

 

John

__________________________

 

 

 

Friends,

 

Phil Murphy is the leading candidate for Governor of New Jersey. And a former Wall Street Banker. Read this !!!

 

Mike Krauss

A few weeks ago, the Star-Ledger reported that New Jersey's combined pension portfolio lost more than $6 billion last year as hedge fund returns plummeted. These hedge fund managers are paid millions

Mike -- A few weeks ago, the Star-Ledger reported that New Jersey's combined pension portfolio lost more than $6 billion last year as hedge fund returns plummeted. These hedge fund managers are paid millions of dollars in fees, compounding the losses for taxpayers and retirees. In 2015 alone, New Jersey paid $270 million in fees to hedge fund managers -- $142 million of which was given without regard to return. The days of padding the pockets of a few lucky and connected Wall Street insiders with taxpayer money needs to end, and as governor, I will see they do. Say you're with me. Our investment strategy doesn't need to be complex; it simply needs to be commonsense. But the single most important thing we can do to bring the funds back to health is for the state to finally pay its true share, and allow those investments to grow over the long term. In addition to the pension system, our state currently deposits billions of dollars in revenues in big banks -- which overwhelmingly do not invest in New Jersey's communities. My plan takes some of that money out of Wall Street and puts it to work through a public bank owned by the people of New Jersey -- which will allow our state to make critical investments in infrastructure, small businesses, and student loans. It will also save our residents money and return all profits to the taxpayers.   *******   NOW LET'S GET PHILLY, PITTSBURGH AND PENNSYLVANIA  ON BOARD !!

Mike

Mike Krauss

Chair, the Pennsylvania Project

Founding Director, the Public Banking Institute

www.publicbankingpa.org

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