The Intercept has a three part series beginning with A Giant Pile of Money: How Wall Street Drove Public Pensions Into Crisis and Pocketed Billions in Fees.
Public pensions across the country now squander tens of billions of dollars each year on risky, often poor-performing alternative investments — money public pensions can ill afford to waste.
If you think that privatizing Social Security is a good idea, you’d better have a plan to protect the unsophisticated individual investor from these vulture capitalists who can dupe and corrupt people chosen to oversee public pension funds. Turns out that Franco Modigliani and Arun Muralidhar had such a plan, but it was nothing like what the Republicans propose. Also, just search this blog for either Franco Modigliani or Arun Muralidhar.