When campaigners looked at who was buying up the debt, they included an anonymous company linked to one of the biggest hedge funds in America: Fortress Investments, with $23bn worth of assets invested in “the largest pension funds, university endowments and foundations”.
That’s invested by you idiot. The money belongs to the pension funds and endowments and it is invested by them in Fortress.
Many pension funds, either directly or indirectly, are investing in the so-called “infrastructure funds” who buy up PFI debt. The investment analyst Preqin found 588 institutional investors worldwide with “a preference for funds targeting PFI”, 40% of which were based in Europe.
Tracing the more complex ways institutional finance is funding the cycle of impoverishment is not easy.
Pension funds invest in building assets like schools’n’ospitals. This is predation?
What you would want to know, in places such as Stoke-on-Trent or Newport, is not just who took the decisions to close high-value workplaces but,
A bankrupt steel mill is a high value workplace?
The man’s just mad.