by Carolyn Constantino
A new website reveals that Enron-billionaire John Arnold has spent up to $50 million of his own fortune to dismantle retirement plans for firefighters, nurses, teachers and other public employees.
The website – Truth About John Arnold – is sponsored by the National Public Pension Coalition (NPPC) and Californians for Retirement Security and traces the wide financial influence that one billionaire has on public pension fights. John Arnold amassed his fortune as an Enron trader, where he earned an $8 million bonus as the company’s collapse decimated $1.5 billion in public pension assets. Arnold turned his $8 million into billions as a Wall Street hedge fund manager.
Dave Low, California School Employees Association (CSEA) Executive Director and Chairman of Californians for Retirement Security explains,
“John Arnold is the second youngest billionaire in America. John Arnold has decided to spend his billions to take hard earned retirement benefits away from school bus drivers, teachers, nurses, firefighters and other public employees. What is in the heart of someone who, having become one of the richest people on the planet, decides to use that wealth to undermine the retirement security of working class Americans who have dedicated their entire careers to public service?”
Read the full story in Beyond Chron here.