John D. Arnold, pension thief.
I can think of nine million reasons Jesus Garcia can’t beat Rahm Emanuel, a number that grows daily as the gifts to the mayor’s campaign fund roll in. On Monday, Emanuel’s committee reported the arrival of a contribution from billionaire former hedge fund manager (and charter school advocate) John D. Arnold, who lives on Lazy Lane (really) in Houston, but cares enough about the mayor’s race in Chicago to put a hundred grand down on Rahm. Garcia’s following among Lazy Lane billionaires is thought to be smaller.
Yes. Yes. Those who follow Chicago politics know full well that Rahm has nine million bucks in his campaign fund. Chuy Garcia, Bob Fioretti and Amara Enyia together don’t have enough money to pay for a dinner for three at Alinea. #ABC
But if money was all that mattered in Chicago politics than I would be emailing State Representative Toni Berrios with my concerns about pensions.
Instead of State Representative-elect Will Guzzardi.
Bogira does a good job of listing Chuy’s progressive cred. And if current polling holds up, nine million bucks may not get Rahm a win in the primary where he needs 50%+1.
I know who John D. Arnold is.
Bogira is right. He is a Houston billionaire and former hedge fund manager. And yes, he is a charter school advocate.
He is also a public employee pension thief.
David Sirota writes in Salon about the pension busting plans proposed by the Pew Trust and John Arnold.
Arnold’s most relevant connection to pensions and retirement security came from working at Enron – a company whose collapse destroyed its own workers’ pensions and helped to damage the financial stability of public pension funds across America. Indeed, as the New York Timesreported, “The rapid decline of the Enron Corporation devastated its employees’ retirement plan.” Meanwhile, in a separate story, the newspaper noted that “across the United States, pension funds for union members, teachers, government employees and other workers have lost more than $1.5 billion because of the sharp decline in their Enron holdings.”
In light of Arnold’s corporate pedigree, it’s no surprise that, rather than “laying the foundation for effective government solutions,” as Pew’s mission promises, the Pew-Arnold partnership has been a campaign to reduce guaranteed retirement income for pensioners. As Marketwatch reported in 2013, Pew and Arnold are “advocat(ing) for cash balance plans.” They are advocating for 401(k)-style defined contribution plans as well.
Like President George W. Bush’s proposal to radically alter Social Security, many of these plans would transform stable public pension funds into individualized accounts. They also most often reduce millions of Americans’ guaranteed retirement benefits. In many cases, they would also increase expenses for taxpayers and enrich Wall Street hedge fund managers.
Arnold just gave $200,000 to Rahm’s campaign.
Chicago public employees and their family members who are Chicago voters: What do you think Arnold thinks he is buying?