In the late 80's there were 125,000 defined benefit pension funds,
today there are less than 17,000. How is that possible? Everything is
possible if you have support of our Government, you know who those
guys are, the three branches, Judicial, Congress, and the President.
Have you ever wondered how the Fortune 500 had such outrageous
profits in the 90's?
Ever heard of Vapor Profits? Where do you think the defined benefit
pension funds disappeared to? Do you think that the defined benefit
pensions funded the Fortune 500 profits via the back door with the
blessing of our Government thanks to the financial Lobbists? CEO
compensation increased from 40 times entry level employees wages to
400 times in that period. Did those companies invent something that
increased their profits? Naw, the profits were enhanced from the
Pension funds.
Today there is talk about Government bailout of EVERYONE. Ted Turner
was on a talk show on how he never got bailed out by the government
when CNN was in trouble early on, he convinced private investors to
get him out of hot water.
There lies the problem, all the "Skimmers" who make money skimming
off wall street investments are looking for someway to cover their
butts and not be sued for $Billions by those they skimmed from before
the crisis by having the taxpayer pick up the tab for their risky
losses. So far, looks like Poulson and the rest of his financial bank
buddies are on their way to pulling off the biggest heist of the
American Taxpayer in History.
Ken Chenault of American Express, IBM board of directors member, was
in major magazines bragging how well he managed American Express to
record profits last year. Today, he is asking Congress for $2.5
Billion. As Jay Leno said, "When I get my bill from American Express,
can I send a note with my bill to take my payment from the "bailout"
money I am paying for in taxes? Fat Chance of that.
There seems to be a love affair with our Government with the banks
and Hedge fund managers, making Billions of dollars last year. How
did they do that?
Have you ever heard of "skimming off the top"? They used to call that
embezzelment. When a stock option is exercised, it is skimming from
the IRA's, Pension Funds, Mutual Funds, Stocks, 403B's, 457's, and
429's of the American People. When you read of banks making huge
profit, did they make something? No, they skimmed off the top, and no
one, in our government was watching them. When you read about
American Express making $Billions in profit, did they make something?
No, they just charge 29% interest if you are one day late on a
statement mailed 7 days before the due date of the bill. Henry
Poulson, US Treasurer is worth $700 Million thanks to Stock Options
from Goldman Sachs as CEO in 2006. Now he is dolling out $700 Billion
to his old Company, Goldman Sachs and his other "de-regulated"
buddies in the financial banking system.
Have you noticed how the price of gas has dropped in half? Could it
be that the Commodity Futures Trading Commission is doing their job
and not looking the other way when it came those 10 Commodity Futures
Companies making $13 Billion in profit in 2007?
What the hell is going on here?
Who is watching out for the American People today?
If you fly in a Helicopter, 100,000 feet in the air with radar that
cuts through all the balogny, spin, press releases, rationalization,
political speak, and just plain bunk, it should be clear how all
these few guys are putting $Billions of dollars in their sock.
It is not from inventing something or making something, it is
skimming with financial schemes from those who invent, make things,
and work for a living, namely the American People.

--- In ibmpension@yahoogroups.com, "Don Shuper" <donwshuper@...>
wrote:
>
> Why do companies gamble with pension funds? Simple! If they can
make more money than needed, they not only get a tax exemption. They
get to put the 'surplus' directly into operating earnings,
AKA 'vapor' profits. Since the earnings rise, so do the execs' stock
options and perks and 'merit' raises.
>
> And even under the current rules, if the funds drop so they
are 'underfunded' as defined by some interesting calculations, they
have only 6 to 8 years to bring the funds back to '100 percent'.
>
> But wait, there is more. If the fund values drop a bit too much,
the companies cannot continue to fund separate pension funds for the
execs! In other words, it may erode the platinum plating on their
golden parachutes.
>
> Given the above OBVIOUS issues, what else do you expect!
>
> Hmmmm. Go to your rich uncle and ask for forgiveness. After all,
who else can pick up the costs of such a great Ponzi scheme? Learn
to enjoy your ALPO at age 80...
>