An early look at the NEXT financial disaster
August 18, 2008 by Miki Saxon
Even as you read this, the very financial whizzes responsible for the subprime fiasco and global credit crisis, just the most recent on a long list of financial screw-ups, are lobbying Congress for permission to buy and manage your pension fund.
“A broad coalition of Wall Street firms, from banks and insurers to hedge funds and private equity firms, are pushing lawmakers to let them buy and manage so-called frozen corporate pension plans, which no longer accept new members but must continue to cover current ones. Of the $2.3 trillion in U.S. corporate pension fund assets, some $500 billion sits in …read more