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Old 12-15-2012, 09:08 AM
 
4,130 posts, read 4,043,681 times
Reputation: 3041

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Hostess CEOS Take Pensions from Employees - YouTube

These are funds employees paid from their paycheck in order to contribute to their pensions, and the management that ran Hostess into bankruptcy confiscated it in order to run company operations. This violates their contract and the law. However, so far there are currently no plans to charge them with any crime. If there is not enough money in the company assets to put this money back the employees get nothing. The executives were paid bonuses after destroying the company and committing illegal actions.

It astonishes me that people wonder why corporate greed is hated in America. Tens of thousands of people are being robbed to line their pockets out of pure greed.
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Old 12-15-2012, 09:14 AM
 
33 posts, read 26,912 times
Reputation: 34
Reminds me of a arty about Eastman Kodak these people worked there for most of their lives and they paid into a pension and do not have anything not that EK has filed backruptcy
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Old 12-15-2012, 12:56 PM
 
Location: Warwick, RI
3,400 posts, read 4,409,656 times
Reputation: 5617
Quote:
It astonishes me that people wonder why corporate greed is hated in America.
Don't stop looking there. What do you think is happening in Washington with our Social Security and Medicare? If politicians can raid our national pension fund, then surely it's ok for a few CEOs to do it too, right? THAT'S the one we should all be scared of. Washington makes Wall Street and Corporate America look like petty thieves.
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Old 12-15-2012, 01:00 PM
 
83,040 posts, read 80,524,367 times
Reputation: 59051
which is why every politician should automatically serve 2 terms.

one in office and one in prison.
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Old 12-15-2012, 01:49 PM
 
5,359 posts, read 10,246,033 times
Reputation: 4374
Maybe a corporate bounty list would help.

Geee, if GW, the (R)s, the MBAs and CEOs could have only privatized Social Security . . . think how wealthy all of US would be.
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Old 12-15-2012, 03:45 PM
 
Location: Warwick, RI
3,400 posts, read 4,409,656 times
Reputation: 5617
Quote:
Geee, if GW, the (R)s, the MBAs and CEOs could have only privatized Social Security . . . think how wealthy all of US would be.
You don't think you could manage your own social security retirement account better than Washington can? I sure could, and I'd sleep better at night knowing it was in MY hands and not theirs.
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Old 12-15-2012, 06:38 PM
 
5,359 posts, read 10,246,033 times
Reputation: 4374
Quote:
Originally Posted by treasurekidd View Post
You don't think you could manage your own . . .
ahhhh, but THAT was never the offer, was it?

Do you follow the difference?

But let's play . . .

Quote:

I sure could,
mkay, so tell me what YOU would do that give the benefit package(s) of SS for the price.

Fair enough question, isn't it?
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Old 12-15-2012, 06:58 PM
 
7,106 posts, read 4,246,121 times
Reputation: 6743
Quote:
Originally Posted by treasurekidd View Post
You don't think you could manage your own social security retirement account better than Washington can? I sure could, and I'd sleep better at night knowing it was in MY hands and not theirs.
Vast majority couldn't, which is why it is how it is.

They didn't want it privatized so you could manage it. They wanted it privatized so they could manage it and get their fees.
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Old 12-15-2012, 08:50 PM
 
6,473 posts, read 10,890,727 times
Reputation: 6373
And these same employees will be called moochers, slouches and leeches when they're forced to apply for food stamps, welfare and medicaid/medicare when they're unemployment benefits run out.

Who would have believed that a company like Hostess would stoop so low to steal funds? Even I would have trusted that my money would be okay.

From here on out, I will never, ever participate in a company's pension fund no matter how old school established they are. I don't care if it's Microsoft, AT&T, Toyota, etc.
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Old 12-15-2012, 11:55 PM
 
Location: Metro Detroit, Michigan
17,343 posts, read 16,061,896 times
Reputation: 17201
Gee, I thought those greedy unions who were trying to protect a bunch of $14/hr workers were the only ones capable of wrongdoing


Quote:
Originally Posted by LordSquidworth View Post
Vast majority couldn't, which is why it is how it is.

They didn't want it privatized so you could manage it. They wanted it privatized so they could manage it and get their fees.
Exactly. We live in a collective society, and we will forever be dragged down by the lowest common denominator. The whole point of social security was just that... Social security! Keep people from ending up on the street when they're too weak and feeble to earn a paycheck. Personally, I would find that an unacceptable eyesore. Even if it means my money will be set aside for the future, such an image simply wouldn't be something to be expected in a 1st world country. Like it or not, a large segment of the population would simply use the money to update their standard of living. For obvious reasons, their standard of living would take quite a dump after the paychecks stopped coming in.

And if it were to be privatized, I would question what freedom we would have to decide which securities to choose from. Again, a large segment of the population simply isn't capable to making such decisions. What's stable today may not be stable tomorrow. My first 401K was through Fidelity. In 2006, they were pushing me into real estate related securities. They told me it was a very prudent, secure option. All this coming from the "experts"... Glad I didn't take their advice.
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