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Retirement Heist: How Companies Plunder and…

Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of… (2011)

by Ellen E. Schultz

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we may need to go back to the mattress! ( )
  lindap69 | Apr 5, 2013 |
This book is a must read for anyone with a pension provided by their employer. Especially for anyone whose employer has frozen/restructured their retirement plan. It exposes a lot of the truth about why private pensions are an endangered species. It is primarily the greed of the executives and management of the pension plan to provide boosts to earnings that result in raises for the executives. The private pensions are also used to help support the unfunded executive pension plans. The primary cause of underfunded private pension plans is the unfunded liabilities of the executive and overseas pension plans, not the pension plans of the peasants as they are described by the executives. The book title is Retirement Heist by Ellen Schultz. ( )
  rufusraider | Apr 23, 2012 |
Great book. Read it and weep. Corporate America continues to transfer wealth away from the middle class to the upper class. Showing no sense of responsibility, they feel no remorse in denying retirees pensions and health benefits. Ellen Schultz backs up all her assertions with real examples. She gets behind the double talk from all the fortune 500 companies that have no problem saying or doing what they need to in order to maximize the bottom line and their paychecks. The evidence keeps mounting that the last 30 years have given us the same distance between the upper class and lower class that existed 200 years ago. ( )
  nivramkoorb | Dec 7, 2011 |
If you are looking for the reason for the Occupy movement, this is your book. I couldn't finish it because it all seems so hopeless and depressing.
  geraldinefm | Nov 2, 2011 |
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"An expose of the ways corporations manipulate retirement plans at employee expense. It's no secret that hundreds of companies, from GM to IBM, have been slashing pensions and health coverage for millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs. But the so-called retirement crisis is no demographic accident- and large corporations have played a significant and hidden role in creating it. Award-winning Wall Street Journal reporter Ellen E. Schultz draws back the curtain on one of the biggest and least understood scandals in decades. She shows how companies: created the pension crisis by plundering billions from their pension plans; cut pensions for millions of midlevel, middleaged workers, but used the savings to boost special executive pensions; purchase life insurance policies on employees and collect death benefits when they die- without telling them or their families This is a must read for all who are concerned about their financial future and that of the whole country"--… (more)

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