Joe Torsella

Former Treasurer of Pennsylvania, @USUN Ambassador, @ConstitutionCtr Pres., and always proud public servant and builder of communities.

[Joe Torsella @JoeTorsella]

“A prince, whose character is thus marked by every act which may define a tyrant, is unfit to be the ruler of a free people.” (6/6)

[Joe Torsella @JoeTorsella]

A great day to reread the Declaration of Independence…”that whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it…” (1/6)

[Joe Torsella @JoeTorsella]

“He has excited domestic insurrections amongst us”https://t.co/ApiPW0DJpm (5/6)

[Joe Torsella @JoeTorsella]

Every member of the board is entitled to these public records that Senator Muth is seeking, and I stand by her.
https://t.co/0LfDQr6W17

[Joe Torsella @JoeTorsella]

I am disappointed but not surprised that PSERS is once again taking this unfortunate approach to resist transparency. Pennsylvania law is clear: @SenatorMuth and all PSERS board members have an absolute right to review documents to perform their fiduciary duty.

[Joe Torsella @JoeTorsella]

If you hear that…good cue to say goodbye and good riddance.

[Joe Torsella @JoeTorsella]

I fired them because they don't work well for taxpayers.

Hedge funds add a needless level of complexity, fees, and--as we’ve now seen again--risk. In fact, tons of research shows the only people that hedge funds consistently work well for are the hedge fund managers themselves.

[Joe Torsella @JoeTorsella]

Promises to consistently “beat the market” (for a hefty fee) are modern day snake oil. Doesn’t work in the long run, and last year’s results don’t predict next year’s. Those truths won’t ever stop some managers from spreading the lie that *they* have the special sauce.

[Joe Torsella @JoeTorsella]

Lots of talk about hedge funds this week, amazingly the one-year-two-month-and-one-week anniversary of when I fired hedge funds at Treasury!

Sure, this tweet would be more orderly if it was exactly one year ago. But, just saying…gotta celebrate those special occasions.

[Joe Torsella @JoeTorsella]

@Catanese668 I wonder this every day :)

[Joe Torsella @JoeTorsella]

Robin Hood: a beloved children's story where an outlaw robs from the rich to give to the poor.

Robinhood: a business with a model where an app robs from nearly everyone to make its owners rich.

[Joe Torsella @JoeTorsella]

To their credit, PSERS suspended new investments with Apollo when this news first broke.

But this is precisely the problem with secretive, no-bid, backroom investment deals.

There is an entire ecosystem that produces these outcomes. And it's not going to stop unless we stop it.

[Joe Torsella @JoeTorsella]

Our teachers work hard and pay into their pension fund, @PA_PSERS.

PSERS then puts around a billion dollars with Apollo.

Apollo then pays more than $150 million to Jeffrey Epstein.

If you think this system is a disgrace, that's because it is.

https://t.co/YzhjbPS8zs

[Joe Torsella @JoeTorsella]

We need the removal of Scott Perry from office, so that we send the clear message to all who serve that this is not how we behave, and this is not what we tolerate from our elected officials in a democracy.

[Joe Torsella @JoeTorsella]

Even with calls for resignations becoming so common, I *am* unequivocally calling for the resignation of Rep. Scott Perry.

But for a man shameless enough to lead a plot to overturn an election, I doubt we will see a conscience suddenly develop.

[Joe Torsella @JoeTorsella]

In a functioning democracy, we don't try to overturn elections because we don't like the result. We don't plot to oust officials who are in the way.