Remove the General Wealth From the Private Sector was the Main Objective.

[Stinger2]

Remove the General Wealth From the Private Sector was the Main Objective.

What is this Crises really Hiding? Spent, Stolen Pension Funds etc......
Remove the General Wealth in the Private Sector was the Main Objective.

D.C., Md., Va. Pension Plans Lose $28 Billion Since Summer ...

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/15/AR2009031502530.html

New Jersey pension funds lost $23B so far this year - Breaking ...

http://www.nj.com/news/index.ssf/2008/11/pension_funds_lost_9b_in_octob.html

Pension plans lost $445 billion in 2008 - study | Markets | US ...

http://uk.reuters.com/article/marketsNewsUS/idUKN1244063120090212

Tennessee pension system loses billions |

Tennessee's pension system lost almost $5 billion in the past six months as the tumbling stock market took a deep bite out of the state's $31 billion retirement fund.

http://www.tennessean.com/article/20090211/NEWS0201/902110425/1009/NEWS01

U.S. Insurer of Pensions Has Lost $2 Billion

http://www.nytimes.com/2008/10/23/business/23pension.html

I searched “Billions Lost in Pensions” and the list goes on and on. Why would the Politicians, Wall Street and Banking need to cover up or make the Tax Payers liable by companies like AIG, because they spent the pension funds and needed a way to hide the fraud. First change the regulations and then go after the private pensions they couldn’t touch any other way, as well get people to barrow on personal wealth like equity loans from private home owners. All the money disappears then make the same people they stole from pay back in taxes or cuts in programs like Social Security. Remove the general wealth in the private sector was the main objective.

[county worker]

1. I have been saying for years that the end result of the right wing ideology

if put in place would be to create a wealthy ruling class and a poverty level working class. We would work our asses off for our daily bread and nothing else.

[FiveGoodMen]

5. That's more than the result, it's the goal.

[roughsatori]

2. My 80 year old mother was informed her pension plan was over

due to Bankruptcy. That letter came 2 months ago. She keeps talking about being on the streets, etc. I guess that is because she was born in the midst of first Great Depression.

I do not see much change happening in the USA for the better. Both the Dems and Repugs in office are intertwined with big business. But we voters only bitch when it's the other party.

Perhaps a 2nd Great Depression is just what we need to change the above behaviors.

[DemReadingDU]

3. Why isn't the pension plan being turned over to the PBGC?

When a company goes bankrupt, pensions are supposed to be turned over to the Pension Benefit Guaranty Corp (PBGC). There are guidelines as to the amount a person receives, and it is not near the amount of the original pension. But an amount is still received.


http://www.pbgc.gov/

[Stinger2]

6. 10 of region's largest pensions underfunded by $409.2 billion

10 of region's largest pensions underfunded by $409.2 billion

The corporate pension shortfalls here reflect a national trend. When 2008 began, Standard & Poor's 1500 companies' pensions were overfunded by $56.7 billion. By year-end, those same companies' pensions were underfunded by $409.2 billion, according to Mercer, an outsourcing and investment consultant in New York.

http://www.pittsburghlive.com/x/pittsburghtrib/business/s_617247.html


Pensions underfunded by $409.2 billion in one year, this is just one sector. How many Billions in CD’s, 401K, and just out of pocket bucks, when the oil companies decided to remove Billions from the every day citizen in gas price fixing with the help of wall street and the old political regime.

[DemReadingDU]

8. When the company goes bankrupt, then the pension plan is

taken over by the PBGC. The pensioners receive only a small portion of the original amount.

So are you saying, if the pension plan is underfunded, then there is nothing that can be taken over by the PBGC?

[SUMMERTREE2]

4. We won't have anything to worry about once they privatize Social Security

:sarcasm: 

[Stinger2]

7. Coup da Fuck You, Joe Citizen.

Think Tanks paid for by Millionaires, and Billion dollar corporations including most of the Millionaire Politicians in DC decided the country would not have to pay Social Security, Medicare, Medicaid if the money was gone…………So they took every dime they could, then cry the countries broke, tuff luck.

Coup da Fuck You Joe Citizen.