General Discussion

rhett o rick

(55,981 posts)

6. This is an ongoing thing. It just doesnt get any media attention. A friend's wife's pension was all

Wed Dec 4, 2013, 05:42 PM

Dec 2013

invested in her company's stock. As the company started to decline, the exec paid themselves bonus's and sold their own stock until the company and stock werent worth a dime. And that was 15 years ago. My good friend lost his retirement when Enron bought control of his employer and converted the retirement investments into Exon stock. Say goodbye retirement. I think Northwest Airlines went bankrupt and dumped their pension debt about 15 years ago.

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Pension Theft: Class War Goes to the Next Stage - Dean Baker [View all] pa28 Dec 2013 OP

I guess going forward, the message is never defer compensation in the form of company sponsored Ed Suspicious Dec 2013 #1

The message IMO is to get rid of fucking capitalism..... socialist_n_TN Dec 2013 #21

Corporations have been doing it for a while happyfunball Dec 2013 #2

Expanding and improving Social Security is exactly what we need to do. pa28 Dec 2013 #23

They practiced with 401K - TBF Dec 2013 #3

Nobody took away anybody's 401K cbdo2007 Dec 2013 #28

Dear lord ... where to start. TBF Dec 2013 #29

Let's see.... cbdo2007 Dec 2013 #31

Perhaps you and the others could try reading the TBF Dec 2013 #37

So how do you save for retirement? badtoworse Dec 2013 #32

How do you think? TBF Dec 2013 #36

Whatever you're comfortable with. badtoworse Dec 2013 #40

Hahaha, he isn't interested in a discussion.... cbdo2007 Dec 2013 #45

I told you to read the article TBF Dec 2013 #47

I did read the article and yes, fees are an issue. badtoworse Dec 2013 #50

I can understand that and hope TBF Dec 2013 #53

I agree with you about creating more opportunity in this country. badtoworse Dec 2013 #54

We might agree more than you'd think - TBF Dec 2013 #56

Begin with police pensions and see how far this strategy goes. 1000words Dec 2013 #4

you do realize that is exactly what is happening in Detroit? etherealtruth Dec 2013 #19

I figured as much, but Detroit is completely neutered at this point. 1000words Dec 2013 #22

It has been a lot of mstinamotorcity2 Dec 2013 #5

That is something that needs to be publicized. And it all boils down to inequality and bigotry, IMO. freshwest Dec 2013 #7

+ 1,000,000,000 What You Said !!! WillyT Dec 2013 #33

cities are places to live, not a different sort of business to be subjected to hostile takeover! MisterP Dec 2013 #43

This is an ongoing thing. It just doesnt get any media attention. A friend's wife's pension was all rhett o rick Dec 2013 #6

I wish someone would tell me where the money is supposed to come from Dreamer Tatum Dec 2013 #8

Bond purchasers accept the risk of default when they buy bonds.... mike_c Dec 2013 #10

You're overlooking an important point badtoworse Dec 2013 #11

Too many people want to rewrite the rules when the rules don't suit them. Dreamer Tatum Dec 2013 #12

but you can keep stiffing the workers over and over and over.... mike_c Dec 2013 #18

Screw the lenders sounds great until you consider the long term impacts badtoworse Dec 2013 #24

Detroit's pension is 90% funded according to Morningstar. pa28 Dec 2013 #13

It looks like the "banksters" made a decent deal with Detroit that will preserve cash flow Dreamer Tatum Dec 2013 #15

The money will be made when they start selling of the city's assets n/t Blue Meany Dec 2013 #17

Bullfuckinggoddamnedshit Dreamer Tatum Dec 2013 #34

Detroit's pensions are, in fact, classified as unsecured creditors. pa28 Dec 2013 #20

this is an excellent, brief piece.... mike_c Dec 2013 #9

Next up for Obama and the dems put a stop to this Skink Dec 2013 #14

HUGE K & R !!! WillyT Dec 2013 #16

Kicked and recommended. Enthusiast Dec 2013 #25

k&r Starry Messenger Dec 2013 #26

Kick !!! WillyT Dec 2013 #27

^ Wilms Dec 2013 #30

No one going to mention the "13th checks"? econoclast Dec 2013 #35

Just the natural progression of the systemic looting legalized and begun in the '70s. Egalitarian Thug Dec 2013 #38

I didn't think ERISA applied to public pensions, but I'm no expert. badtoworse Dec 2013 #41

I don't know either, the example was given more to demonstrate how the overall Egalitarian Thug Dec 2013 #48

I wouldn't dispute that. Bad laws almost always get worse badtoworse Dec 2013 #51

George Carlin foretold this... warrprayer Dec 2013 #39

And why are public employee pensions so high? You might well ask. KamaAina Dec 2013 #42

That's not the issue. Detroit is broke badtoworse Dec 2013 #44

The article is about pernsion theft in general, not just Detroit KamaAina Dec 2013 #46

You can call it theft or whatever you want, but it doesn't change reality. badtoworse Dec 2013 #52

And why can't they deliver? KamaAina Dec 2013 #57

Not true. Most of the costs are paid out of property taxes. badtoworse Dec 2013 #58

Private industry has been pulling this trick.. sendero Dec 2013 #49

I keep wondering when people will rise up against the rape upi402 Dec 2013 #55