OBAMA'S STAFF: -We helped elect Barack Obama — now we’re calling on Elizabeth Warren to run in 2016

[Mnpaul]

88. What they aren't telling you

is why those pension funds are failing. I believe the biggest problem is that these funds invested heavily in Wall Streets "sure thing" mortgage backed derivatives. They were a "sure thing" when they were based on prime mortgages but someone pulled a bait and switch and instead someone sold them subprime(labeled as prime) mortgage based derivatives. Now they want the pensioners to pay the price for their fraud.

The same thing happened with GM. Management was dipping into the pension and retirement healthcare funds since the 70's to show a profit and pay dividends when in reality they weren't. That changed in the 90's when financial rules required them to disclose this funding on the books. I believe the funds were underfunded to the tune of 5 bil.

GM attempted to deal with the shortage by issuing bonds and investing the money on Wall St. They bought into dotcom stock and lost their butts making the problem worse. The only assets GM had when they declared bankruptcy were those two funds. They did not belong to GM, they were the property of the union workers. President Obama did them right by protecting their interests in the bankruptcy. The bondholders thought that they had first dibs on that money but it wasn't property of GM.


and after all this, they want to try it again?

edit:
and one more thing. Warren and Sanders are the two people that will come out before any audience and tell you in clear, simple terms that the above mentioned events are occurring.