This is part of "leadership behaving badly". They have taken the money that they were suppose to safeguard and carefully invest and blown it.
If this was a company pension fund in a small company or a small union it would be easy to track down who had committed this betrayal of trust and punish them.
But in the world of Mega-corp, mega-union and mega-government their very size is their protection. How do you go after everybody?
Who is innocent and who is guilty?
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But the next financial crisis that rocks America won’t be driven by bankers behaving badly. It will in fact be driven by pension funds that cannot pay out what they promised to retirees.
This is part of “leadership behaving badly”. They have taken the money that they were suppose to safeguard and carefully invest and blown it.
If this was a company pension fund in a small company or a small union it would be easy to track down who had committed this betrayal of trust and punish them.
But in the world of Mega-corp, mega-union and mega-government their very size is their protection. How do you go after everybody?
Who is innocent and who is guilty?
>
Guilty? Easy, govt. PERIOD.
Only in govt is such conflict of interest “legal”. The $$ (stolen) was never *theirs* to ‘safeguard’, let alone ‘invest’. It is, as you say, a $$-laundering scheme.
No citizen, regardless of ‘promises’, is beholden to another for personal gain. We did away w/ slavery (officially) over 150yrs ago. The economic version we have today is no different, aside from the willful ignorance of the populace and blind-eye of govt (whom is supposed to defend/protect our Rights).
If this was a company pension fund in a small company or a small union it would be easy to track down who had committed this betrayal of trust and punish them...
Why is it that I knew about this problem 40 years ago, saved my own money and prepared for retirement and others didn't even know it was coming?
You realize that every single baby boomer retiring now or soon was alive 40 years ago. The magazine articles (remember them? printed on paper they were) I read way back then showed the fallacy of SS and most retirement plans. I looked on SS exactly the same way the Supreme Court did -- it is a tax, not a promise to pay a certain benefit. DW and I saved, invested, and then saved and invested some more.
Today we may be some of the few boomers who are OK. Now, losing SS would not be any fun, but it would not kill us either.
This is not an unforeseen problem, it is a problem brought on by believing politicians. Maybe the guilty are those who believed the lies.