Subscribe for free to the America First Report newsletter.
A pension investigator asserts that under Minnesota Governor Tim Walz, the state’s public school teachers’ retirement system has been manipulating financial reports by significantly understating the annual fees paid to Wall Street investment managers and showing unrealistically high returns, according to the New York Post.
Edward Siedle, an independent pension investigator, claims that the state-run Teachers Retirement Association (TRA) has only disclosed less than 10% of the $2.9 billion in fees it spent over the past decade. He also criticized the TRA for reporting gains that barely exceed its own benchmarks by 0.2%, which he described as “virtually impossible.”
“Even Bernie Madoff didn’t claim to beat the market every single year — and certainly not by the exact same percentage,” Siedle said, and referred to the TRA performance as a “Madoff miracle under Walz’s watch.”
The late financier Madoff orchestrated the largest investment fraud in Wall Street history, pleading guilty in 2009 to running a Ponzi scheme that swindled thousands out of their life savings.
Walz, who has been serving as chairman of the Minnesota State Retirement System since January 2019, oversees $140 billion in state employee funds, including $28.2 billion for teachers, the outlet reported.
“I don’t know if the man had any pre-existing knowledge of finance or pensions, but as chairman, he should have educated himself,” Siedle said. “Pension board members have a fiduciary duty to monitor fees, and to ensure that the investments’ performance is accurately disclosed.”
Katie Dickerson, a teacher nearing retirement, testified in February that despite high contribution rates, there have been no improvements to the retirement system, leading to extended work years and significant penalties for early retirement.
“Not only do we have a high contribution rate to TRA, but we . . . are forced to work many more years unless we are willing to be hit with huge penalties,” Dickerson reportedly told the Minnesota’s Legislative Commission on Pensions and Retirement.
For FY 2023, the TRA reported an 8.9% return and $24.19 million in management fees. But Siedle estimates actual fees to be between $334 million and $467 million, or 5% to 7% of TRA’s private assets. Even a 1% fee would total $280 million — over 10 times the reported amount. Siedle’s requests for investment documents have not yet been fulfilled by the TRA or state agencies.
Siedle’s report notes that the Minnesota attorney general and state auditors, who typically investigate such issues, are on the same state pension board chaired by Walz. Consequently, Siedle filed a whistleblower complaint with the SEC and FBI in July, according to The Post.
The Harris-Walz campaign did not immediately respond to Fox News Digital’s request for comment.
Article generated from corporate media reports.
Controlling Protein Is One of the Globalists’ Primary Goals
Between the globalists, corporate interests, and our own government, the food supply is being targeted from multiple angles. It isn’t just silly regulations and misguided subsidies driving natural foods away. Bird flu, sabotaged food processing plants, mysterious deaths of entire cattle herds, arson attacks, and an incessant push to make climate change the primary consideration for all things are combining for a perfect storm to exacerbate the ongoing food crisis.
The primary target is protein. Specifically, they’re going after beef as the environmental boogeyman. They want us eating vegetable-based proteins, lab-grown meat, or even bugs instead of anything that walked the pastures of America. This is why we launched a long-term storage prepper beef company that provides high-quality food that’s shelf-stable for up to 25-years.
At Prepper All-Naturals, we believe Americans should be eating real food today and into the future regardless of what the powers-that-be demand of us. We will never use lab-grown beef. We will never allow our cattle to be injected with mRNA vaccines. We will never bow to the draconian diktats of the climate change cult.
Visit Prepper All-Naturals and use promo code “veterans25” to get 25% off plus free shipping on Ribeye, NY Strip, Tenderloin, and other high-quality cuts of beef. It’s cooked sous vide, then freeze dried and packaged with no other ingredients, just beef. Stock up for the long haul today.
