Wall Street was behind those changes, Pri. That’s what was going on behind the curtain. Just as they were behind the changeover to defined contribution plans instead of more conservative DB pension plans for private sector workers. Just as they’re behind the push to privatize Social Security. Notice who the *real* winners are behind these changes. It’s not govt retirees (who are being scapegoated for Wall Street’s excesses, and the politicians who’ve enabled them), and it’s not the private sector workers who’ve been shafted by Wall Street in their private retirement portfolios. It’s the financial sector that has benefited most from all of these changes.
Also, read the first paragraph in by above response to livinincali for my perspective on risky investments and how I believe pension funds *should* be managed.
