Apr 20, 2009
The Pension Benefit Guaranty Corporation (PBGC) is supposed to be insuring the pensions of 44 million workers. But last year the PBGC hopped on board the crazy speculation bandwagon – only to lose a big chunk of that money.
The PBGC officials won’t say how much they lost – so you know that number can’t be good!
Instead of requiring employers to pay adequate insurance premiums, the PBGC switched its investments to riskier investments than it is supposed to hold. And they did this right BEFORE the financial markets collapsed last year.
The government has told us we have nothing to worry about with our pensions – that they’ve got it all covered.
But now, quietly, they let the biggest corporations get away with stripping yet another safety net that millions of people thought they could rely on.