Comments on: Your pension is safe on Wall Street http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html Sun, 22 Nov 2009 22:11:10 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12725 Anonymous Sat, 09 Aug 2008 02:06:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12725 Howabout they put all that money into IRAs and get the "Professional Money Managers" out from between an employee and his/her retirement?<br/><br/>The money would be much more difficult to steal (er... mismanage) that way, wouldn't it? Howabout they put all that money into IRAs and get the “Professional Money Managers” out from between an employee and his/her retirement?

The money would be much more difficult to steal (er… mismanage) that way, wouldn’t it?

]]> By: macndub http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12723 macndub Fri, 08 Aug 2008 21:34:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12723 There is no world in which this is a good idea for beneficiaries. The idea is simple: obtain billions (trillions?) more in assets, sleeve to the Fed, obtain treasuries, rebuild capital, and charge a fee. A win-win, for the bank.<br/><br/>A loser for the taxpayer and beneficiary. There is no world in which this is a good idea for beneficiaries. The idea is simple: obtain billions (trillions?) more in assets, sleeve to the Fed, obtain treasuries, rebuild capital, and charge a fee. A win-win, for the bank.

A loser for the taxpayer and beneficiary.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12722 Anonymous Fri, 08 Aug 2008 18:50:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12722 Oh for pity sake, when will you rubes wake up? Paulson and his covered bond derivatives need collateral (reserves) and they need that Trillion dollar slosh parked in pension funds to play the next bubble game; meanwhile Paulson, et al return back to GS and various conduits and (then as any smart insider with a blind trust fund) buys low from the retards and sells high to the other retards. This is America baby and wall street is where you play monopoly, collusion, corruption, treason, fraud, misrepresentation and all those other games that are connected to the fraud in washington... Oh for pity sake, when will you rubes wake up? Paulson and his covered bond derivatives need collateral (reserves) and they need that Trillion dollar slosh parked in pension funds to play the next bubble game; meanwhile Paulson, et al return back to GS and various conduits and (then as any smart insider with a blind trust fund) buys low from the retards and sells high to the other retards. This is America baby and wall street is where you play monopoly, collusion, corruption, treason, fraud, misrepresentation and all those other games that are connected to the fraud in washington…

]]> By: Mara http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12721 Mara Fri, 08 Aug 2008 18:16:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12721 I have no doubt that the full intention all along was to rob the massive pensions (defined bene's and 401k's) from the pre-boom and baby boomers. The Wallstreeters saw companies with fat pension funds just sitting there, not giving to The Street. Geez, it's like they were saving it for somebody! I do recall that when Social Security was created, most people didn't live past 65 anyway. Now with people living 15-20 years past that, it's become a bit of a problem, especially when you underfund your pension accts and the govt (or some independent auditor) doesn't keep you honest about it. Anyway, I made a bet with a friend around 2001 that the last big stickup would be that the retirement funds of most middle-class people would be "lost", crashed, or otherwise swindled away before the boomers could ever cash them in. Sadly, it looks like I'm going to win the bet. Of course, there are still those "dark pools" of money hanging out there (google 'project turquoise'). We'll see what nefariousness they provide in the coming year. I have no doubt that the full intention all along was to rob the massive pensions (defined bene’s and 401k’s) from the pre-boom and baby boomers. The Wallstreeters saw companies with fat pension funds just sitting there, not giving to The Street. Geez, it’s like they were saving it for somebody! I do recall that when Social Security was created, most people didn’t live past 65 anyway. Now with people living 15-20 years past that, it’s become a bit of a problem, especially when you underfund your pension accts and the govt (or some independent auditor) doesn’t keep you honest about it. Anyway, I made a bet with a friend around 2001 that the last big stickup would be that the retirement funds of most middle-class people would be “lost”, crashed, or otherwise swindled away before the boomers could ever cash them in. Sadly, it looks like I’m going to win the bet. Of course, there are still those “dark pools” of money hanging out there (google ‘project turquoise’). We’ll see what nefariousness they provide in the coming year.

]]> By: dearieme http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12718 dearieme Fri, 08 Aug 2008 16:36:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12718 Is it Bear Stearns or Northern Rock that will be running these funds? Is it Bear Stearns or Northern Rock that will be running these funds?

]]> By: daveNYC http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12714 daveNYC Fri, 08 Aug 2008 13:51:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12714 So GS (for example) grabs one of these pension funds, sticks it in the newly created GS Pension Management Company, loads the pension up with 'dubious' assets (which are all considered Level 3, so no worries about the pension appearing under funded), then 10-20 years down the line the GSPMC goes tits up and the tax payers get stuck bailing out the fund, and the retirees lose some bigass percentage of their pension.<br/><br/>This is only a win-win for the financials and the politicians they donate to. So GS (for example) grabs one of these pension funds, sticks it in the newly created GS Pension Management Company, loads the pension up with ‘dubious’ assets (which are all considered Level 3, so no worries about the pension appearing under funded), then 10-20 years down the line the GSPMC goes tits up and the tax payers get stuck bailing out the fund, and the retirees lose some bigass percentage of their pension.

This is only a win-win for the financials and the politicians they donate to.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12713 Anonymous Fri, 08 Aug 2008 13:30:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12713 Common guys just think of the managment fees wall street could use to bleed these funds dry. We have to think about the house in the Hamptons and villa in Milan that the investment VP's need to maintain. Common guys just think of the managment fees wall street could use to bleed these funds dry. We have to think about the house in the Hamptons and villa in Milan that the investment VP’s need to maintain.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12712 Anonymous Fri, 08 Aug 2008 13:09:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12712 Create crisis then usurp control. The wall street gang, (protected from naked shorting by SEC), with access to the fed window, and IRS credit card activity records will simply take financial control of americans from cradle to grave. Our freedoms are being taken from us every minute of every day. Are we freer today than we were four years ago? 95 years ago? Create crisis then usurp control. The wall street gang, (protected from naked shorting by SEC), with access to the fed window, and IRS credit card activity records will simply take financial control of americans from cradle to grave. Our freedoms are being taken from us every minute of every day. Are we freer today than we were four years ago? 95 years ago?

]]> By: wintermute http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12711 wintermute Fri, 08 Aug 2008 10:44:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12711 defined benefit schemes are alive and well in the UK public service sector. There is now a £600 billion unfunded future liability for this largesse. That is the equivalent of a deadweight freddie/fannie bailout - on a much smaller economy. Is it going to take a depression in the UK to force the government to actually SAVE THE MONEY IN ADVANCE needed to fund their employee pensions properly. Talk of Wall Street firms not being trusted to manage pension pots properly - they can't do worse than governments... defined benefit schemes are alive and well in the UK public service sector. There is now a £600 billion unfunded future liability for this largesse. That is the equivalent of a deadweight freddie/fannie bailout – on a much smaller economy. Is it going to take a depression in the UK to force the government to actually SAVE THE MONEY IN ADVANCE needed to fund their employee pensions properly. Talk of Wall Street firms not being trusted to manage pension pots properly – they can’t do worse than governments…

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street.html#comment-12710 Anonymous Fri, 08 Aug 2008 09:27:00 +0000 http://www.nakedcapitalism.com/2008/08/your-pension-is-safe-on-wall-street/#comment-12710 Here's the plan: Recapitalize the investment banks by robbing the pension funds then when the retirees all jump from tall buildings we get paid off again. Think I'm kidding....<br/><br/>http://moneycentral.msn.com/content/insurance/p64954.asp Here’s the plan: Recapitalize the investment banks by robbing the pension funds then when the retirees all jump from tall buildings we get paid off again. Think I’m kidding….

http://moneycentral.msn.com/content/insurance/p64954.asp

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