As an executive at Enron, John Arnold walked away with an $8 million bonus at the same time that the company’s collapse decimated the retirement savings of rank and file employees. Meanwhile, the New York Times reported that Enron’s collapse sank $1.5 billion in public pension assets, negavitvely impacting the retirements of teachers, firefighters, and countless other public employees.
After his tenure at Enron, John Arnold amassed a fortune as a hedge fund manager on Wall Street, becoming the nation’s second youngest billionaire. Today, Arnold is leveraging his fortune to bend public policy to his will. According to his own disclosures, he has spent up to $50 million on a nationwide campaign to gut public pension benefits. He has financed every facet of anti-pension movement, including tainted research, political advocacy organizations, ballot initiatives, journalism, and the campaign coffers of anti-pension politicians.
The Truth About John Arnold is a project sponsored by the National Public Pension Coalition and Californians for Retirement Security. It is a roadmap that shows just how far one billionaire has gone to decimate retirement security for millions of public servants all over the country. Arnold spends through a number of channels, including his private foundation and political PAC, Action Now. All information was drawn from public disclosures on the Laura and John Arnold Foundation website, Arnold’s personal website, various 990’s and news stories.