1billsfan Posted October 20, 2010 Share Posted October 20, 2010 The article states that there are some "1500 multiemployer pension plans in the U.S., which are unique to unions. Under last man standing accounting rules if 5 companies are in a plan and four go bankrupt, the fifth company is responsible for meeting the pension obligations for the employees of the other four companies." What going to happen to the last company? What's going to happen to the pensions of all of the five companies' employees? Ask yourself what happens to the unknowing (and knowing?) investors of ponzi schemes. BTW, this is the best article on this subject (note: to get the full article you must copy and paste the title of the article in google and follow the link)... http://online.wsj.com/article/SB10001424052748703960004575427402731178736.html Link to comment Share on other sites More sharing options...
Nanker Posted October 20, 2010 Share Posted October 20, 2010 There is a lot more to it than you might want to believe.New Lame Duck Threat to Bailout Union Pensions Administration Plans to Seize 401(k)s May 4, 2010 Senate Hearing Testimony on the matter October 7, 2010 "A system that relies on tax incentives to promote individual retirement savings will necessarily tend to favor high-income workers who can afford to save more and who benefit the most from these tax breaks. Conversely, a truly universal system would need to shield low-income workers from out-of-pocket costs or wage cuts. EPI has published and advocated what we feel would be an excellent national supplemental retirement plan, the Guaranteed Retirement Account which was authored by Prof. Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research. " The EPI is housed on the third floor of the building occupied by the George Soros-funded Center for American Progress. http://citadelcc.vo.llnwd.net/o29/network/Levin/MP3/ShowAudio/PROFGhilarducci.mp3 "It's time to fix the 401(k)" February 2009 CNN article. I predict an armed insurrection if 401(k)s are seized. What they're talking about is communism, plain and simple. Link to comment Share on other sites More sharing options...
OCinBuffalo Posted October 21, 2010 Share Posted October 21, 2010 1. This has the potential to become a major friggin problem, regardless of which source it is coming from. Nice to see the Barney Frank Deflector Shields are 100% operational though. 2. Trucking/Grocery/etc. = We are talking about food/gas/replacement parts distribution. 3. The words "civil unrest" are the nice way to refer to what will happen when there is no food to fulfill Pelosi's "more food stamps" plan. Cash will trump stamps, and then... 4. Once again we see the effect of failed economic ethos being allowed to spawn lots of small-medium turds, year after year, unchecked. The combination of these turds now has the potential to create a monster turd sandwich that we will all have to eat, in lieu of food of course. 5. Once again this is the fault of Union largess. Ask any .com veteran if they expected the successful .coms to be liable for the failed one's pension plans. Absurd. This is f'ing abusrd. 6. Worst of all: this has the potential to finally kill the labor unions in this country, which is shameful, period. The fact that this "last man standing" thing has even been allowed to be contemplated, never mind followed, is dumbfounding. This of course leaves me with questions: Aren't these the "policies of the past"? Aren't these the things that happened under the Republican's watch? If so, then isn't it reasonable to assume, if we are to take Obama at his word, that he will immediately push for laws that abolish this "last man standing" rule/policy/law/whatever? Since, we "can't go back to what got us here"? Link to comment Share on other sites More sharing options...
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