First mortgages, next pensions? Wall Street wants your future

Wall Street is nothing but a shell game…a con job designed to make rich people richer. Just another form of BIG BROTHER….“give us your money…we know better what to do with it than you do” BS! We’ve seen what they did with mortgages, now they want pensions. Check this out!

Now Wall Street Wants Your Pension, Too

Business Week Reports:

JPMorganChase, Citi, Cerberus, and Morgan Stanley are among the firms lobbying Washington to let them take over and run corporate pension funds.

The folks who brought you the mortgage mess and the ensuing hedge fund blowups, busted buyouts, and credit market gridlock have another bold idea: buying up and running troubled corporate pension plans. And despite the subprime fiasco, some regulators may soon embrace Wall Street’s latest scheme.

The Treasury Dept. on Aug. 6 offered a blueprint for lawmakers on Capitol Hill to allow “financially strong entities in well-regulated sectors” to acquire pension plans , after the IRS ruled that the concept needed legislative approval. “The Administration’s proposal says these deals should only be permitted when the acquiring entity has a higher credit-rating than the seller,” says Charles Millard, director of the Pension Benefit Guaranty Corp. (PBGC), the federal insurer of last resort of corporate pension plans. “Such a transaction creates greater security for retirees and the pension system.” The issue will now, no doubt, move to Congress after the election.

AFTER THE ELECTION! People keep sayig that there won’t be any difference between the candidates. THAT IS A BALD FACE LIE!

McSame has been talking about cutting taxes for corporations. So it’s a pretty good bet that he would support this idea!

Letting the stock market take over Pensions is not much different than letting people invest their Social Security money in the stock market. Considering the volatility of the stock market and the economy, I think it is a VERY BAD idea.

Look at oil. Oil futures are what is pushing the price of oil up. How do we know that this isn’t being manipulated? The answer is …WE DON’T! And quite frankly, I think it is being manipulated to keep the prices artificially inflated.

We cannot allow the government to pass this along to the stock market. It’s just more of the same Corporate Facism!

Click here to see how well WAll Street has done with mortgages….

Housing Lenders Worry Of An Even Bigger Second Wave Of Loan Defaults


  1. pollchecker

    Blackstone, eh? Isn’t that a Bushie company who is making BILLIONS off Iraq?

    That tells you A LOT about the film all by itself.

  2. griff

    It seems everyone here thinks that America was founded in 2001 when Bush became President. We all lived in Camelot before then. The Democrats haven’t made even the smallest attempt at correcting anything.

    Oh that’s right, they just want us to wait until after the election. How many billions have we squandered waiting for the Democrats to do something? They don’t have the guts to exert their constitutional authority and take on a rogue President, but we should trust them to take on the real power behind the throne? Don’t hold your breath.

    The underpinnings for the mortgage meltdown were decades in the making, with the express approval of both parties. I’m sure the bankers will get what they want from the Democrat Congress after the election.

    We’ll never have real solutions to these problems because the root causes are hidden from the public. All we get is media spin. We are treated to “expert” guests that get paid to advance an agenda.

    Paul Volcker, former Chairman of the Federal Reserve, raised interest rates to double digits in the eighties to curb runaway inflation. Bernanke sees fit to further the weak dollar policy and either lower interest rates or stand pat.

    Congress, the entity tasked with ensuring a strong currency, won’t even ask to see their books. Furthermore, they no longer require the Fed to publish M3 statistics, which indicates how much money is in circulation. Congress also decided that food and energy prices shouldn’t be figured in the inflation statistics, so the government can pat themselves on the back for keeping inflation “in check”.

    We are a debtor nation, and we have been for thirty years. We don’t produce anything anymore, so there is no working capital. The banks and corporations own and control everything, including our government, so you can be rest assured that any solution our government will conjure will benefit the banks and corporations.

    The media will try to convince us otherwise, and of course we will buy it, because we’ve been trained by the best and the brightest.

  3. pollchecker

    As usual you are totally off topic with your remarks. It’s the typical “blame someone else” trash. Nothing you have said addresses the topic at hand.

    I seem to remember we had another mortgage meltdown in the eighties related to subprime mortgages and failed Savings and Loans something our now POTUS was involved in. Many related it to runaway govt spending, trickle down economics and increased military spending….something eerily similar to the policies the last years under GW. At least when Clinton left office we DID NOT HAVE A BUDGET DEFICIT!

    However, the mortgage crises has been compounded this time around by the stock market. We have seen in the past as with companies like Enron when they use funny numbers to pump up their value. This time around they have used mortgages to pump up their value for the sole purpose of driving up stock prices. It is one big house of cards that is now just crumbling down around them. This is a perfect case for why people’s hard earned pension funds and the stock market should not be intertwined. The stock market won’t do what’s in the best interest of the worker but instead will only do what it in their interest.

    By the time the worker finds out their pension is gone it will be too late…just like Enron…or others.

  4. woody188

    Pension funds are already in the stock market. When they say large institutional investors they mean pension funds. The largest American pension fund is the California Public Employees Pension Fund worth some $218.2 billion. Most of these public funds are highly regulated.

    There are not many corporate plans left having been migrated to 401(k) accounts. And many corporate plans are in trouble. I imagine the scenario would be to float the pensions as separate entities so the corporations will be able to improve their bottom lines by not having the pension funding hanging around their necks.

    Well that’s how the banks will pitch it anyhow. Sounds great right?

    Reality will be the banks will bleed the funds with fees and charges, and then re-invest any capital back out keeping only the minimum amount in reserve to finance their short-term obligations. And when all the money is leveraged to 30-40 times and is all gone the banks will go bust, leaving any pensioners unlucky enough to still be on their plans left out to dry.

    But don’t worry, our government will step in and save the banks once again. The cycle runs every 10 to 20 to 30 years but it’s always the same boom/bust cycle where CEO’s get golden parachutes, banks get tax payer subsidized losses, and we the people get royally screwed with the triple whammy of inflation, job loss, and lost retirement.

  5. pollchecker

    Indebted Ever After

    This is an interesting tidbit I stumbled across that we all could agree offers what could be an interesting perspective on our country’s financial outlook.

    Wonder how factual it will be? Or will it be just more disinformation and propaganda to further some politicos agenda?

    Additionally, I must note that it’s timing for release on Aug 21, just happens be just 4 days prior to the Democratic National Convention. Coincidence? I doubt it!

  6. woody188

    I think we need to be very careful about what is presented by shockumentaries like this one especially when they are funded by co-founder of the Blackstone Group. Arguably Mr. Peterson is more responsible for this mess than the average American specifically as his role as Chairman of the Federal Reserve Bank of New York from 2000 to 2004 and Chairman of the Council on Foreign Relations until June 30, 2007.

    I highly doubt the film addresses any of the reasons for the increase in debt, like globalization and the offshoring/outsourcing of jobs.

  7. almandine

    I think you mean Blackwater…

    As for the film, I.O.U.S.A., it “stars” David Walker, past GAO chief who has been decrying the bankruptcy of the USA and Warren Buffett, a most humble billionaire from Arkansas, among others. Their purpose, it seems, is to wake up the general public as to the fiscal health of our country… just the opposite to MSM proclamations that “all is well”.

    Knee jerk reactions as to its propriety don’t usually fit your modus operandi, nor yours Woody… perhaps the topic is particularly dear.

    Go see it for yourselves.