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antigop

(12,778 posts)
13. The PBGC is NOT funded by taxpayers.. see the PBGC website (link)
Mon Dec 10, 2012, 05:47 PM
Dec 2012
http://www.pbgc.gov/about/how-pbgc-operates.html

How PBGC operates:
PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.
color me surprised mercuryblues Dec 2012 #1
And How Much of that Money went to Exec's Compensation/Bonuses dballance Dec 2012 #2
Some of that was stopped by the bankruptcy judge. I wonder if there's a case to be made about the freshwest Dec 2012 #45
pension insurance? reteachinwi Dec 2012 #53
True. That's why I say the government has a stake in this. But I can just here the howls now... freshwest Dec 2012 #59
Yep, Lets Stop Talking About that 47% dballance Dec 2012 #61
Gee ... 1StrongBlackMan Dec 2012 #3
probably a lot worse than will happen to these execs. i would be hard-pressed not to support HiPointDem Dec 2012 #5
those thieves should be thrown in jail and all their assets seized. you can bet some of that HiPointDem Dec 2012 #4
"their fucking agenda" dchill Dec 2012 #36
This part is something I never knew: JaneyVee Dec 2012 #6
The PBGC is NOT funded by taxpayers.. see the PBGC website (link) antigop Dec 2012 #13
Good for that, but those losses will find their way to the taxpayers somehow. JaneyVee Dec 2012 #14
No they don't ...it's a misconception about the PBGC antigop Dec 2012 #17
Don't forget that the pension benefits are about 25% of the original pension. Yavapai Dec 2012 #33
Read & Rec this post. Conclusion: employees Ilsa Dec 2012 #39
Yup, and you can guarantee the money they stole isn't even in the U.S. anymore. JaneyVee Dec 2012 #41
employees have their pensions stolen abelenkpe Dec 2012 #49
absolutely, Ilsa. Pensions are "deferred compensation". n/t antigop Dec 2012 #57
Prices "Set by Congress" is another name for "Tax". happyslug Dec 2012 #22
no, that is NOT the way it works. The Corporations pay premiums to PBGC. antigop Dec 2012 #23
Of course you are right, the taxpayers don't cover the bills. A Simple Game Dec 2012 #50
the consumer doesn't pay for a "secondary pension plan" if the PBGC takes over the pension plan antigop Dec 2012 #55
So you admit that the primary pension plan gets it's money from the consumer? A Simple Game Dec 2012 #64
no I didn't say that. nt antigop Dec 2012 #66
So do you believe that when all is said and done, A Simple Game Dec 2012 #67
That is still a requirement to pay set by Congress, which is the definition of a TAX happyslug Dec 2012 #77
The corporations who sponsor db pension plans pay the premiiums to the PBGC. antigop Dec 2012 #78
Not really true... kirby Dec 2012 #79
yes, it is true. As I mentioned in reply #17 antigop Dec 2012 #80
You just made the point that I made... kirby Dec 2012 #87
"no it has not happened" --- thank you. That's what I said. And there are other things going on antigop Dec 2012 #89
That is just what Bain did routinely. nt avebury Dec 2012 #16
I am shocked I tell you, SHOCKED!!! nadinbrzezinski Dec 2012 #7
Agreed Sherman A1 Dec 2012 #30
This kind of garbage RoccoR5955 Dec 2012 #8
Don't forget the pitchforks. ~nt 99th_Monkey Dec 2012 #20
You're too kind, Rocco. Efilroft Sul Dec 2012 #21
If I were in charge this type of thing would be a federal felony punished by minimum 20 years in jai Initech Dec 2012 #85
Isn't there some kind of pension protect legislation? Historic NY Dec 2012 #9
Absolutely. It protects the rights of companies to steal workers pensions. n/t jtuck004 Dec 2012 #40
They took a page from Bain's rule book of "How to steal from the lesser people". Rocky888 Dec 2012 #10
Yeah they did. Vulture capitalism, it's all the rage for the 21st century. JaneyVee Dec 2012 #15
Of course. The 1% see a pile of cash AllyCat Dec 2012 #11
Yup. They'd take candy from a baby if it helped their profit margins. Initech Dec 2012 #84
Prison mtasselin Dec 2012 #12
Does Holder know about this? If so, does it matter? AnotherMcIntosh Dec 2012 #18
I thought that was called embezzlement? cstanleytech Dec 2012 #19
For a very good book on how people have been screwed on their pensions..... antigop Dec 2012 #24
Thanks, next on reading "pile" nadinbrzezinski Dec 2012 #34
I found it to bea very difficult read because I got so angry reading each chapter. But Ms. Schultz antigop Dec 2012 #56
Who knew? femrap Dec 2012 #25
someone should go to jail for that.... mike_c Dec 2012 #26
More accurate title reads: Hostses Stole Pension Money before Folding Dont call me Shirley Dec 2012 #27
I always wonder how many of these former employees mountain grammy Dec 2012 #28
"Sorry guys, but we had to make sure our Golden Parachutes were covered" lpbk2713 Dec 2012 #29
This has been going on in the airline industry for decades. /nt October Dec 2012 #31
dang those unions geckosfeet Dec 2012 #32
What a buch of Ding Dongs. KamaAina Dec 2012 #35
Didn't Denny McLain, former pitcher for the Detroit Tigers, go to prison for the exact same thing? tclambert Dec 2012 #37
'Scum of the Earth that management was!!! benld74 Dec 2012 #38
This has been happening for decades. Did everyone just fall off the truck? jtuck004 Dec 2012 #42
No one is surprised, but Hostess has been in the news, so naturally it's a story. marmar Dec 2012 #47
Sanctimonious indeed. It's not news, it happens repeatedly, people have their jtuck004 Dec 2012 #54
So the courts will claw that money back from CEO's in order to not screw workers right? abelenkpe Dec 2012 #43
Isn't this theft? me b zola Dec 2012 #44
To me, stealing pension funds is a form of mass homicide warranting the death penalty. aquart Dec 2012 #46
+100. HiPointDem Dec 2012 #51
+200 Starry Messenger Dec 2012 #75
Yet another good reason for what I call "Social Security Plus". mwooldri Dec 2012 #48
as long as we use Al Gore's lock box so the funds can't be used for anything else. nt antigop Dec 2012 #58
Nah, then the politicians would just steal it. nt Flatulo Dec 2012 #71
Republican "values" Berlum Dec 2012 #52
This is the kind of S**T that should not be allowed..... Swede Atlanta Dec 2012 #60
My employer went through two bankruptcies and both times they doc03 Dec 2012 #62
banks get first dibs. peons can go suck it. bankruptcy law in America SmileyRose Dec 2012 #73
Unconscionable. tabasco Dec 2012 #63
WOW! Just like US Airways did. DemoTex Dec 2012 #65
Yes these assholes should be in prison but Yo_Mama_Been_Loggin Dec 2012 #68
Why isn't this illegal? It's theft but no one ever get charged. Kablooie Dec 2012 #69
This message was self-deleted by its author Egalitarian Thug Dec 2012 #74
Just another reason why the stock market is safer than pensions. cbdo2007 Dec 2012 #70
If what companies like Hostess does were to become illegal............ nc4bo Dec 2012 #82
Correct - laws are written to benefit the 1 %. This is America under Reagan+30. SomeGuyInEagan Dec 2012 #86
And they will get away with it. 99Forever Dec 2012 #72
Nothing to see here? Move along? woo me with science Dec 2012 #76
Go to my two favorite tutorials on this jmowreader Dec 2012 #81
Take the money and run. That's what these greedy assholes do best. Initech Dec 2012 #83
Hunters usually butcher the kill before they leave the bloody carcass in the woods..n/t SoCalDem Dec 2012 #88
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