The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

The pension fund racket

Aug 15, 2005

The workers at United Airlines now face enormous pension benefit cuts after their pension funds were looted.

United took one billion dollars out of the pension funds when it bought up overseas routes of Pan Am Airways – and never paid it back. United paid 30 Wall Street companies to run the funds. These companies treated the pension funds like their own piggy bank, using the money to buy up junk bonds, dot-com companies and an Albanian energy venture. When the investments went bust, the pension fund lost huge amounts of money. And the Wall Street companies made off with 125 million dollars from the funds.

The capitalists cannot be trusted with the workers' money – ever. The workers' only security is in our own solidarity and willingness to fight.