Wall Street Bankers Taking A Large Slice of State Worker's Pensions
Updated: Monday, November 19 2012, 09:25 AM EST
The State Public Policy Institute analyzed how much the state of Maryland is paying investment advisers to manage the $37 billion state pension fund. Turns out MD pays over 200 million dollars a year to Wall Street.
That puts Maryland in the top 10 states in the country spending on investment fees.
Delegate Jill P Carter said, "I think it definitely should raise concerns, we're talking about money, we're talking about the future."
The report recommends that state put pension money in a cheaper "index fund" which pegs returns to the performance of the market.