<snip> “This information letter will help Americans saving for retirement gain access to alternative investments that often provide strong returns,” labor secretary Eugene Scalia said in a statement announcing the new policy. “The letter helps level the playing field for ordinary investors and is another step by the department to ensure that ordinary people investing for retirement have the opportunities they need for a secure retirement.”
Scalia previously represented Wall Street banks and investment firms at the law firm Gibson Dunn, including Goldman Sachs, which has been working to raise more money for its private equity funds.
In practice, private equity firms will now be allowed to access — and skim fees off of — the $9 trillion in 100 million workers’ 401(k) plans and IRAs.
“If just 5 percent of the money in these retirement funds were available to private equity, it would be a windfall of $435 billion — real money even to private equity millionaires and billionaires,” wrote Eileen Appelbaum of the Center for Economic and Policy Research (CEPR).
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Yes, Eugene Scalia is the only son of the detestable Antonin Scalia, the Opus Dei right-wing son-of-a-bitch that Ronald Reagan infected the Supreme Court with. 
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