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Bailout mania...
BAR wrote:
Boater wrote: CalifBill wrote: "Boater" wrote in message ... BAR wrote: Boater wrote: BAR wrote: The perfect example of why Social Security is going to fail and why we need to abandon it now. For some people it will be unfair and it will hurt but that is too bad. Everyone younger than 35 gets no Social Security but, they still fund it. Corporations with defined pension programs should not be allowed to "unfund" their pension liabilities. That's why the unions should be the clearing house for their members. Provide 100 workers at a rate of $50 per hour to meet a quota of 500 cars a day. What the union does with the money is between the union and the workers. First rule: Get the money up front. Well, that's similar to what the construction worker unions do. sort of. The construction unions negotiate a rate with the contractors...the contractors pay the workers their hourly paycheck rate and deduct and forward the required taxes to the feds. The deductions for health and welfare go directly to the jointly administered union-contractor health and welfare pension and benefit fund offices. Anyone who has access to any of the funds at the benefit is bonded. Typically, the trustees retain a reputable trust funder "advisor" who helps the trustees invest the funds in "safe" investments that pay a return higher than the anticipated payout for pensions and other benefits. There are no unfunded liabilities. The employer for whom the union workers work has no access to the pension funds. These are defined pensions, not 401k's. The employer may offer a 401k, but it isn't typically administered by the joint trustees. Yup union pension funds. Like the teamsters, plumbers, Ullico, etc. How many went to jail for those thefts. D'oh. If any pension funds were stolen, the bonding insurance companies made the funds good, and then insisted upon prosecution and aided the prosecutors. I've had a Rollover IRA for over 20 years and nobody has stolen the money from the account. Why are union pension funds being raided by union pension fund managers and union executives so frequently? The unions need to hire a professional managers for the unions and Series 7 Licensed pension fund managers. Hysterical, absolutely hysterical. |
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