Tag Archives: Stephen Schwarzman

‘The Corruption Is Bottomless’: Documents Reveal Chair of Postal Service Board Is Director of McConnell-Allied Super PAC

“Can the GOP’s takeover of USPS be any more blatant?”

By Jake Johnson, staff writer for Common Dreams. Published 9-1-2020

Robert Duncan, former chairman of the Republican National Commiteee, was appointed to the U.S. Postal Service Board of Governors by President Donald Trump in 2017. (Image: Rep. Carolyn Maloney/Screengrab of Republican National Convention)

Senate Majority Leader Mitch McConnell’s deep and longstanding ties to U.S. Postal Service Board of Governors chairman Robert Duncan are coming under heightened scrutiny after corporate paperwork filed Monday listed Duncan as a director of a major GOP super PAC closely aligned with the Kentucky Republican.

The new filing (pdf) with Virginia’s State Corporation Commission—an independent regulatory agency that oversees political action committees—names Duncan as one of three directors of the Senate Leadership Fund, a massive super PAC that has spent nearly $18 million in support of Senate Republicans thus far in the 2020 election cycle. Continue reading

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Leading US Retirees ‘Like Lambs to the Slaughter,’ Trump Labor Dept. Quietly Offers Up 401k Plans to Private Equity Vultures

“Private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers’ 401(k) plans and IRAs.”

By Jake Johnson, staff writer for Common Dreams. Published 6-16-2020

Stephen Schwarzman, co-founder and CEO of Blackstone, at the Annual Meeting 2018 of the World Economic Forum in Davos. Photo; World Economic Forum/flickr/CC

With the American public’s attention consumed by the Covid-19 pandemic and mass protests against police brutality, the U.S. Labor Department earlier this month quietly gave corporate sponsors of retirement plans something they’ve been agitating over for years: a government green light to invest workers’ savings into funds managed by notoriously predatory private equity firms.

The move, announced on June 3 by Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers’ retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. Continue reading

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