Kentucky Public school teachers protest outside the Kentucky House Chamber as they rally for a "day of action" at the Kentucky State Capitol to try to pressure legislators to override Kentucky Governor Matt Bevin's recent veto of the state's tax and budget bills April 13, 2018 in Frankfort, Kentucky. The teachers also oppose a controversial pension reform bill which Gov. Bevin signed into law.
Image: Bill Pugliano/Getty Images
Public pensions squander tens of billions of dollars each year on risky, poor-performing alternative investments like hedge funds.
Kentucky’s willingness to gamble massively on high-risk alternative investments for its pensions has made the state an easy mark for Wall Street hucksters.
Gov. Bruce Rauner made a fortune charging high fees to public pensions. Once elected, he tried to slash pension benefits.