Joisy, public sector unions, corruption always

TRENTON — New Jersey's government worker pension fund paid about $728 million in fees to private fund managers last year, according to an annual report of the pension investments.

Public employees who say the fund's alternative investment returns don't warrant the high fees and bonuses have tussled with the board that oversees investment strategy, the State Investment Council, which says the declining fund would be worse off without those investments.

This latest report shows that in total, outside fund managers charged the system nearly $400 million in fees and $328.4 million in performance bonuses in the fiscal year that ended in June.

Wow, that is like taking paychecks from the workers and giving the do-re-mi to one's pals.   Some Joisian somewhere should notice and start a rebellion.

These fees and bonuses are transaction costs on money. Banker bot, by the way, does much better investing, and has a transaction cost near zero.