How is ripping off Federal Pension Guarantee different then ripping off FDIC

[FreakinDJ]

How is ripping off Federal Pension Guarantee different then ripping off FDIC

Wall Street raiders have shifted 100s of millions in assets from pension plans to the general fund of the corporations they take over in order to take control and steal those assets.

America’s top employers, companies large and small have failed to fund the pension funds they have set up for their employees. Many have since filed Bankruptcy and dumped the liabilities of those funds onto the American tax payer via: PBGC

PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974.

http://www.pbgc.gov/

FEDERAL PENSION AGENCY COULD SEE SHORTFALLS

The government agency that guarantees worker pensions could see its liabilities quadruple over the next decade, jeopardizing the benefits of millions of retirees, a new report says.
In a report made public Thursday, the Congressional Budget Office estimated that Pension Benefit Guaranty Corporation shortfalls will reach nearly $87 billion over the next decade, up from about $23 billion in 2004.
The report also predicted that PBGC liabilities could rise to $119 billion in 15 years and $142 billion over 20 years as it is forced to take over large pension plans in the airline, steel and other troubled industries.
"Based on this report, the choice is either for pensioners to lose over $100 billion in promised retirement benefits or for taxpayers to get slapped with a $100 billion bill for failed private pension plans. Neither is acceptable," said House Budget Committee Chairman Jim Nussle (search), R-Iowa.
The PBGC, created in 1974, guarantees payment of basic pension benefits for about 44 million workers and retirees in more than 31,000 private-sector defined benefit pension plans.
http://www.foxnews.com/story/0,2933,169501,00.html

[Earth_First]

1. I will keel over stacking the natural stone walls I build for a living.

they will simply continue working towards it's completion, encasing me into the project as they did with the slave labor during the construction of the 'Great Wall of China'.

Twenty-somethings: Forget about every retiring. The sooner you face that you will die doing what you do for a living right now, they better off you'll be in the long run.

[FreakinDJ]

2. It is that horrible and it crosses political lines

leaders both Democrat and Republican parties have lined up for campaign contributions ear marked for laws designed to bring about the destruction of America's workers

[SharonAnn]

3. This has been going on for a long, long time. Decades, at least.

[FreakinDJ]

4. and still no laws against it???

you would think we would have at least 1 honest law maker in Washington

[Supersedeas]

5. interesting comparison...thanks for the links