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|User Info||Windup Wednesday; entered at 2008-05-22 00:44:35|
Excellent ticker Genesis. However, you might want to add the following scams:|
1. Once large US multinationals were caught in Europe committing tax evasion with international transfer pricing techniques in the mid to late 90's CEOs used Congress and consultants to rob the employee pension funds with the conversion from defined benefit to defined contribution as well as hybrid plans like cash balance plans. Because the conversions hid the fact that employees were robbed behind the complex mathematics of actuarial science, people had no idea they'd been taken, that is, until they robbed a bunch of math geeks at IBM.
2. The new "employment paradigm" called for mobility across many employers, but really hid the fact that Wall Street needed to move big pensions to individual accounts so they could fleece workers with high fees under IRAs, 401K's and other alleged "good" retirement plans. As the USA article yesterday showed, it's generation X and younger folks that have been screwed out of their futures. The plan also hid the fact that outsourcing and layoffs were used to disrupt the saving trend for employees in DB plans. A new industry, J6P saving and toiling but never getting out of the hole for Wall Street pigmen was born. Just like automotobiles were sold to Americans over public transportation at the beginning of the last century, this was sold as don't YOU want to control your destiny, not let some pension manager do it for you? The problem was J6P doesn't even know how to handle huge sums of problem and they haven't been educated on how to manage it.
You are right about the fact that this is not a Republican or a Democratic party. It's really an organized political crime problem. Racketeering at a cross-political, international scale. I was an ardent Republican until 1999 when I saw the Republicans support the theft of the pensions from IBMers and became convinced of their complicity when Judge Roberts was confirmed and refused to hear the IBM pension case at the Supreme Court. I then became a good Democrat, but now I realize both parties are corrupt. Now I've lost trust in either party and even in independents.
Last modified: 2008-05-22 00:47:23 by nuke_engineer