Elizabeth Warren HUMILIATES Executive Invited By Senate Republicans

[Segami]

Primerica President Peter Schneider can't even answer basic questions about personal finance after drubbing

On Tuesday, Senate Republicans invited Primerica President Peter Schneider to testify against proposed regulations that would protect retirement savings from sketchy financial schemes — and it didn’t take long before he wished they hadn’t. The Huffington Post’s Zach Carter reports that Democratic Senator Elizabeth Warren wasted no time in embarrassing Scheider, whose outfit is precisely the sort of sketchy financial scheme that the legislation is designed to protect the elderly against. After he argued that his company acts “in a client’s best interest,” Warren lit into him.

“Mr. Schneider, I just want to understand your company’s advice in these cases,” she said. “Do you believe that people like these firefighters from Florida who are near retirement and have secure pensions with guaranteed monthly payments, should move their money into riskier assets with no guarantees, just before they retire?”

He never directly answered her very direct question, even though she asked a version of it three times. The closest he came was to argue “each situation is very different,” and that his firm offers its risky investment opportunities to people who could benefit from it, like retirees on the brink of death.

“I’m sorry, are you suggesting that these 238 people were weeks away from dying, and that’s why they all got this advice?” Warren asked, referring to the number of people Primerica was forced to settle with to the tune of $15.4 million in 2014.

http://www.salon.com/2015/07/22/elizabeth_warren_humiliates_financial_executive_invited_by_senate_republicans_to_defend_opposition_to_financial_regulations/

[arcane1]

1. That was a thing of beauty.

[Warpy]

2. Sleazebag is robbing old folks and feels entitled to do so

because if those old folks are too dumb to read the fine print, well, that's all their fault. Ethics are for suckers, nobody got rich by being ethical.

And no, he didn't answer the question. I was hoping Warren would press it more, mentioning contempt of Congress in the process.

[hifiguy]

3. Mutant capitalism at its most baldfaced.

The only ones who prosper when thievery is perfectly legal are the thieves.

[tclambert]

10. Predatory capitalism.

These particular predators want to prey on old people, steal their pension money, because, hey, they might make a penny of profit. (Or more likely, billions.)

[hifiguy]

11. + a brazilian.

Squeeze out all the blood, and leave the corpses behind you. Now THAT's capitalism.

[tclambert]

14. That sounds like the neutron bomb--kills the people, but leaves the property unharmed.

[hifiguy]

15. That is why the plutocracy is planning a "Greece for all" across the world.

Leaves the real estate and a nice population to enslave. Then the social compact will finally be formally revoked and a pick-the-size dieoff is ensured without building any nasty and conspiculous concentration camps. Genocide on the cheap, keeping those all-important profits as high as possible.

Henry Kissinger - war criminal and, don't forget, BFF of HRC- was already talking about the need to get rid of the "useless eaters" 30 years ago. This has all been in the planning stages for decades.

[Enthusiast]

46. You are absolutely correct.

[Le Taz Hot]

4. Wiped the floor with them.

They never had chance. It makes me laugh that they think they can bullshit her. Have they not seen any of the videos on YouTube of her questionings Summers? Or Berneke?

[closeupready]

21. But did you see the seriousness in their faces? Liz and Bernie

are HOT, and ascending miraculously ... I'm CERTAIN these finance folks are getting very worried watching populist Democrats gain in popularity WAY beyond any predictions - even my most optimistic ones of last year.

Heehee, makes me chuckle with glee.

K&R for Liz, a true Wonder Woman!

[Fred Sanders]

5. Defined benefit pension plans are the gold standard of pension plans, any sale of benefits to these financial pirates should

should be banned.

[kairos12]

9. Without a defined benefit plan, it's hello Purina.

[Fred Sanders]

12. I am intimately familiar with the many benefits of defined benefit pension plans for workers, as is Warren.

Anything else is cat food for financial thieves dressed as wizards.

[Hoppy]

25. I had a great defined benefit plan --- until Shit Chrisite came along.

[Fred Sanders]

28. How does that happen? You had a binding contract! It was your PAY taken away. That is fucked up.

There is nothing much that makes me weep and anger more than folks getting conned or cheated out of defined pension plans, it is theft of the highest order.

[Fuddnik]

37. Creative corporate bankruptcy laws help.

After the execs at LTV Steal cleaned out the company and turned their pension plan over to the PBGC, my defined plan was cut by $1,000 per month. Not to mention that retiree health benefits disappeared.

[Hoppy]

41. He 'splained how the state doesn't have the money to pay for the pensions.

The "public" was told that to pay for the pensions, their taxes would have to be raised.

The Democratic, majority controlled legislature backed Christie.

RESULT: No cost of living adjustments for 27 more years (unless another governor and legislature changes things. There are some low level retirees getting pensions in the range of 15 -30,000. No cost of living raises for the next 28 years will result in cat food if the cost of living continues to increase.

[spooky3]

43. My Ohio teachers pension was also cut. State pensions

Are not subject to the part of ERISA that prevents private employers from cutting vested benefits. Unless there is a state constitution that is violated, state employees are often screwed, because there is nothing that otherwise legally prevents the state from doing this. There have been several court cases affirming this, though there are some gray areas.

The Ohio cuts happened even though the state and employees had been paying in what they should. Because of the Bush financial collapse and the Rethug legislature and Kasich, the state made big cuts. The value of my pension was cut by hundreds of thousands of $ and I had to take it early to prevent more cuts from applying.

[meow2u3]

16. They'll jack up the price of cat food just for spite

This way, their elders can starve to death because they can't even afford dry cat food.

[brush]

23. Yep, when that 401k switcheroo from pensions happened in the 90s . . .

millions of workers got screwed and didn't know it until the market drops happened over and over and over and over and . . .

[MadCrow]

36. DBP vs DCB

When I was working as a teacher in the 1990's we had all these meetings with financial advisers trying to convince us to change from a Defined Benefit plan to a Defined Contribution Plan. Since finance is not my area of expertise I decided to play it safe and stay with my DB plan. Many of my co-workers decided to go with the DC plan. When stock prices began to fall and they realized how risky these plans were, they tried to revert back to their original plan. I am one of the fortunate ones. I get a pension and social security, just like my mother who is still alive and will celebrate her 100th birthday in October. If she had to rely on the market she would probably be destitute today.

[brush]

42. You were one of the smart ones. nt

[Recursion]

60. Defined benefit plans use the exact same market that defined contribution plans do

There's not some kind of magic going on there.

[Fred Sanders]

61. There is magic...the magic is in who controls the management...the magic is in the peace of mind. Defined benefit.

Perhaps being more familiar with all that a defined pension benefit means would change your mind...ask any Union about that.

[Recursion]

62. Well, sure, if you trust it not to underfund or fail

But they have a tendency to do both. Defined contribution I know where the money is and I get to decide where it goes.

[daleanime]

6. K&R.....

[Qutzupalotl]

7. Some consolation that she's not running for president:

she's still incredibly effective in the Senate.

[-none]

33. Warren has more power where she is right now, than as President.

No President could have done what she just did and make it stick as she did.

[zeemike]

8. Get real.

Sociopaths cannot be shamed.

[Juicy_Bellows]

13. Too true!

I still love me some Warren. Shame. Shame. Shame. Dingdingding!

[rhett o rick]

47. I have a serious question. Why do the avid HRC supporters avoid threads like this?

I would think that we could all agree on issues like this. Am I being incredibly naive?

[turbinetree]

17. DB vs. 401K

Let me see ones protected--------------- DB-----------and is guaranteed
The other is based on a Ponzi scheme -----------401K---------and not protected


Ummmmmmmmmmmmmmmmm

Nothing up my sleeve presto-------------DB

Yea for Warren, I still got her back

[kairos12]

22. Ponzi would have rejected 401ks as a swindle too far.

[turbinetree]

29. Agreed

[Feeling the Bern]

18. She is amazing. I am glad she is where she is! We need more like Warren!

[Spitfire of ATJ]

19. 2014? That's all in the PAST! Let's move on. We should look ahead.

[Snarkoleptic]

20. Back in the early 90's, I worked for a financial services firm that would soon be acquired by Citi.

I never worked for Citi, but they were in a manic expansion mode and I left three companies just prior to their acquisition by Citi.

Primerica is a monster created by the "Financial Services Modernization Act".
Back in the day, there was a shitbird insurance company called "A.L. Williams", which (allegedly) used 'twisting' as it's primary business practice. Twisting was the comparison of permanent whole-life policies with cheaper (non-permanent) term policies. The gist was "convert to term and invest the savings in monthly premiums". Trouble is that clients tended to not invest the savings as they were lower income folks who lacked sophistication. As these folks aged, the term coverage became prohibitively expensive and was often dropped. No life insurance and no savings nut from investing the spread.

A.L. Williams had such a shitty reputation that Citi, with the help of Phil Gramm and his Financial Services Modernization Act, also purchased Travelers Insurance and swept A.L. Willaims under the umbrella (see what I did there? Travelers logo was a red umbrella). Insiders viewed this as a cynical way of continuing questionable business practices, but with a shiny new (and fairly untarnished) name hanging over the door.

Primerica was the company that, as a subsidiary of Citi, held this shabby new outfit and Sandy Weil (formerly of American Express), ran this thing with the help of a new up-and-comer by the name of Jamie Dimon. Yep, the same Jamie Dimon who went on to head up Chase Bank, which also has a laundry list of fines and allegations in it's shadow.

Long story short, deregulation brought us a whole lot of corporation predation.
This is the story as I remember it, so the details may be a bit fuzzy as it was around 25-years ago.

[snagglepuss]

24. What a clear and concise summary of what I find normally mind boggling.

You are an exceptionally good writer. This would be a great OP .

[Snarkoleptic]

26. Thanks, Sangglepuss!

[jwirr]

27. Was he tesitfying against Glass-Steagell? And did any other senators ask questions regarding

this swindle?

[Rex]

30. Plutocrats hate oversight, it makes it harder to steal money from the elderly and the poor.

This is why Third Way types and the GOP must be kept out of office. Their neoliberal policies nearly destroyed this country, good to know there are a few that would do their best to stop further decay.

[just us]

31. Selling greed!

For the last forty years the neocons have been SELLING greed.

[Thespian2]

32. K & R!!!

Brilliant!!!

I have yet to see Elizabeth Warren back down from these corrupt sleaze-bags...What a great senator!!!

[JDPriestly]

50. She doesn't need to ever back down. She knows she has done her homework.

She knows she is well prepared.

She taught Harvard law students. She had to prepare for every class. It's her way of life. It's her job.

Bravo, Elizabeth Warren.

[Indepatriot]

34. I have no words to express how much I love

Mrs. Warren❤️

[vlyons]

35. Sleazebags cannot be embarrased!

They are sociopaths, whose highest aspiration is to acquire as much wealth as possible by any means that doesn't land them in jail. But serving people -- eh not so much

[valerief]

38. Primerica--Let Us Hack Your Life. Bastards. nt

[Duval]

39. Go Elizabeth Go! nt

[Keep-Left]

44. that was awesonme but

who would be that dumb to do such a thing? and I wonder did they all agree or did some not agree?

[Enthusiast]

45. K&R! This post should have hundreds of recommendations!

This is why they want to privatize your social security.

Can I tell you about the people operating the financial services industry? There are no limits to their greed and they have zero ethics. Beware any politician that tells you otherwise because their pockets are full of financial services industry money.

Vote for Bernie. Let's end this bullshit of betraying the interests of the American people.

[d_legendary1]

48. I love Elizabeth Warren

Always asking the right questions to the shysters who want what's left of our retirement. Wish Bill Nelson would grow a pair and ask these same questions.

[JDPriestly]

49. K&R.

[UCmeNdc]

51. Truly a Great Senator, Elizabeth Warren

If only the average Republican would really pay attention to her.........

[TACFIRE13]

52. Yeah -Humiliated

And he took his millions and walked away laughing.

[passiveporcupine]

53. Ouch, that's gotta hurt!

[smirkymonkey]

54. +1000

[jalan48]

55. How I wish she was the woman running for President.

[IHateTheGOP]

56. Still think there's no difference between the two parties swing voters?

[Oilwellian]

57. It took both parties to deregulate the industry

Remember? Fortunately, there are a few good Democrats left who aren't willing to play the game, and Warren is one of those few.

[IHateTheGOP]

64. And Warren is, of course, NOT a repuggie.

[senz]

58. Gawd I love this woman. n/t

[Go Vols]

59. Fuckin A

[Elmer S. E. Dump]

63. I agree she ate their lunch, but sociopaths can't feel humility.

They all left, hit the nearest bar, ordered double Johnnie Walker Blue, neat, water back, and belly laughed all night long.

[lonestarnot]

65. But they are not lightening proof.