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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!
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….