Skip to main content

View Diary: Spiegel:"Wall Street's Central Values: Avarice and Greed." The next bailout, Wall Str. vs Main Str. (105 comments)

Comment Preferences

  •  CEO's want it all and will not stop till... (4+ / 0-)
    Recommended by:
    corvo, Azazello, Sunspots, Words In Action

    they get Social Security privatized

    ....another glaring example of these CEOs’ hypocrisy. Of the CEOs in Fix the Debt, 71 lead public companies; of those, 41 have employee pension funds. Of those, only two pensions are fully funded; the other pensions are underfunded by an average of $2.5 billion, according to the Institute for Policy Studies.

    More generally, according to the same source (see full report), S&P 500 companies’ pensions are only 72 percent funded. Social Security, by contrast, will pay full benefits for the next twenty-some years, and will pay about 75 percent of scheduled benefits thereafter even if nothing is changed. And those company pension funds benefit from the lax standards of private pension accounting, which allow them to assume optimistic rates of return. Social Security’s funding estimates have much less risk because it is paid for by interest on Treasury bonds and by payroll taxes, which are much less volatile than the stock market.*

    no one is safe from the Kochtopussy's of the

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site