#14 in Business ethics books
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Reddit mentions of Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers
Sentiment score: 2
Reddit mentions: 4
We found 4 Reddit mentions of Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers. Here are the top ones.
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- Used Book in Good Condition
Features:
Specs:
| Height | 9 Inches |
| Length | 6.25 Inches |
| Number of items | 1 |
| Release date | September 2011 |
| Weight | 1 Pounds |
| Width | 1.25 Inches |
Yep, pensions were used to bring in and pay for the C-level people who quit after a year anyhow and take a huge chunk from that pool as their severance bonus which is why for the most part that they don't exist anymore.
Retirement Heist
You reap what you sow.
I would recommend reading Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers.
Here are some additional links about the book. Forbes, NPR, and The Daily Show.
The basic idea is corporations have taken and trimmed the workers' pension funds. They do this with clever accounting, loopholes, etc. Watch the Daily Show interview. Ellen Schultz explains corporations are allowed to sell pension plans when they sell business units, they are allowed to pull funds from the pension plans to pay for golden parachutes, they take out life insurance policies on their workers, and all kinds of activities that are ethically questionable. Pensions are essentially empty nowadays, but a decade ago they had a surplus. I'm surprised this isn't more widely known.
If companies had not decided to move from pensions to 401k plans then government intervention would not be needed but as things stand now it is clear that 401ks have failed. See: http://www.amazon.com/Retirement-Heist-Companies-Plunder-American/dp/1591843332/ref=sr_1_1?ie=UTF8&qid=1343067702&sr=8-1&keywords=retirement+heist
Okay, I'll just ignore all other points for the sake of expediting this and focus on corporate money in politics.
Right now our government is owned by corporations. They pay for the elections and they pay for their own laws.
People that are suggesting redistributing wealth on a massive scale are idiots. Those who want money bad enough to work the system through sheer intellect deserve to be rich, it's what they wanted.
However, it is not deserved when they sacrifice their worker's benefits to put money in their own pockets. Quickly check out Ellen Shultz's book "Retirement Heist".
This is the world we live in, CEO's and corporations own our freedoms. They bend the laws to their will and are creating an income gap (income inequality) the likes of which the world has never seen. The earnings ratio of 14.5 to 1 in 2010 was an increase from the 13.6 to 1 ratio in 2008 and a significant rise from the historic low of 7.69 to 1 in 1968.
This gap has grown due to increasingly outright (yet unpunished) fraud in our countries banking system. Yes, it was legislation that weakened the requirements to purchase a home loan. But it was legislation that the banks bought.
Making sense yet?
A democracy is supposed to be for the people, by the people.