Fractional reserve banking! Selling
that they never had and when people come to collect…..it’s all gone. This will never stop with laws allowing banks to be so over leveraged. THE RICH MAKE THEIR OWN LAWS BC NORMAL PEOPLE HAVE THEIR FEELINGS INVESTED IN DUMB SOCIAL DISTRACTIONS WHILE THEY STEAL OUR MONEY. Welcome to America.
Most on here, especially the ones who call them selfs the kind tolerant left, love to spend this money on foreign wars. That way when they turn on CNN every night, they can watch the death and destruction elsewhere from the comfort of their lazy boy recliner. There’s no amount of money too great to fund the endless wars.
Pension funds are overseen by both Union and company trusties. The pensions also employ fund managers and actuaries to best guide them to consistent returns. A pension funds allocations are public knowledge and a copy of the prospectus can be acquired upon request.
Well, your local VP never ran the pension fund so it’s not shocking he was unaware of every aspect of why the pension took such a hit and could not come back even after 2008. All the scamming and corruption you’re talking about happened years and years before that. And really didn’t hurt the pension near as much as when the government took it over, nor when the government deregulated, trucking industries and most of the companies who are in the multiemployer pension plan, closed up shop leaving just a handful of companies to prop it up, I would’ve thought an intelligent gentleman such as yourself would’ve known that.
Yep but somehow people like him think union “leaders” were able to scam off of it. LOL. Very few union leaders even have access to see those accounts. Just more nonsense from people who are ignorant of how things work. Most likely he’s one of the same people who believes your union dues go to Pay Politicians.
Ok.
You sound foolish. So much oversight and so many rules and laws those people would all go to jail. The funds ran out of money because economic downturns, cause huge swings, and there was not enough companies to replenish those funds because of bad government rules that caused many of the employers to go out of business. Educate yourself, so you do not sound so foolish.
I use many of the investing strategies (option buying) that our pension fund does. Insuring your long positions with smart and cost efficient purchases.
I’ve had the pleasure of meeting several of the fund managers. Good honest, smart gentleman who always shot straight and for several years as they were giving updates we’re absolutely heartsick about the situation, but there was nothing they could do. The fund it was actually having decent returns with what they had but there’s just too much money going out because not enough we’re paying in anymore.
We have some of our managers attend monthly meetings and they explain why and where our investments are going.
Yep and I assume over the next few years and decades, we will still get updates about the fund losing money because this pension is not fixed we just kicked the can down the road. I’m sure the actuaries figure Many of the people in this fund will die off before it becomes as big a problem as it was going to be around 2025 when it would have went bankrupt.
Yep like @IVE GOTTA PACKAGE 4U
It does nothing because they're not raising rates high enough. And people are still spending like crazy. Inflation will continue to run rampant until spending slows.
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