Hedge funds, eh? I distinctly remember writing about them and a local Delaware non-profit about 20 months ago…
The Wall Street Journal reports that Randi Weingarten is taking union pension funds away from hedge funds that attack teachers’ pensions. Leading hedge funds have contributed to organizations that want to eliminate defined-benefit pensions and substitute 401k plans for them. The hedge fund billionaires have also taken the lead in funding nonunion charter schools.
Randi has pushed the investment committees of unions to withdraw their pension funds away from hedge funds that are subsidizing attacks on teachers’ pensions.
Defenders of the hedge funds say that the unions should seek the best return on their funds, without regard to the politics of the hedge fund.
Randi has the better side of this dispute. Why should teachers invest their pension funds in a company that wants to take away their pensions?
Daniel Loeb, Paul Singer and dozens of other hedge-fund managers have poured millions of dollars into promoting charter schools in New…
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