Super Investor Ronald Perelman was awarded 604 million in compensatory damages, in other words this was they money the court thought he lost due to shady Wall Street dealings.
In this particular case the jury awarded punitive damages as well: "Morgan Stanley must pay billionaire financier Ron Perelman more than $1.4 billion in damages after a Florida jury found clear evidence the investment firm acted fraudulently in Perelman's 1998 sale of his Coleman camping gear company to Sunbeam Corp" from: Perelman gets $850M in punitive damages.
If a Wall Street company can bamboozle a man investing hundreds of millions of dollars, do you think they will be able to bamboozle some people investing their Social Security money? I believe they will.
When was the last big scandal where people lost their Social Security savings? Can't remember one? Me neither.
If we allow privatization of Social Security, how long until the first scandal where people lose their Social Security savings?
I'm betting within the first 3 years, what do you think?
Big Time Patriot