From CBSMarketWatch.com on 23 Mar 2006:
Quote:
U.S. pension guaranty chief resigns
The chief of the U.S. Pension Benefit Guaranty Corp. announced his resignation Thursday, as efforts continue in Congress to shore up the financially troubled government agency. ...
Belt's departure comes at a critical time for the agency, which is facing a massive financial shortfall thanks to bankrupt airlines and other companies shifting their pension liabilities to the government.
The PBGC reported a $22.8 billion deficit for 2005. Congress is working on legislation to shore up the agency's funds. The agency is funded through insurance premiums it collects from employers in return for the pension protection.
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Who in his right mind would want the job? This is the S&L Crisis all over again. Massive government welfare to companies who for a decade and longer used Pension Funds to make their profits look high or to claim profits that really did not exist. This shortfall does not yet include GM's possible pension fund defaults. GM owes $billions to the pension fund because they intentionally (and legally) shorted that fund in the 1990s to make profits look higher. And guess who pays. You and your children.
Ahh, but Cheney told us that "Reagan proved deficiets don't matter". So screw you - is a part he forgot to mention.