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In reply to the discussion: Hostess used pension money before folding [View all]antigop
(12,778 posts)13. The PBGC is NOT funded by taxpayers.. see the PBGC website (link)
http://www.pbgc.gov/about/how-pbgc-operates.html
How PBGC operates:
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.
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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
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
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
Yup, and you can guarantee the money they stole isn't even in the U.S. anymore.
JaneyVee
Dec 2012
#41
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
That is still a requirement to pay set by Congress, which is the definition of a TAX
happyslug
Dec 2012
#77
"no it has not happened" --- thank you. That's what I said. And there are other things going on
antigop
Dec 2012
#89
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
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
I found it to bea very difficult read because I got so angry reading each chapter. But Ms. Schultz
antigop
Dec 2012
#56
More accurate title reads: Hostses Stole Pension Money before Folding
Dont call me Shirley
Dec 2012
#27
Didn't Denny McLain, former pitcher for the Detroit Tigers, go to prison for the exact same thing?
tclambert
Dec 2012
#37
No one is surprised, but Hostess has been in the news, so naturally it's a story.
marmar
Dec 2012
#47
So the courts will claw that money back from CEO's in order to not screw workers right?
abelenkpe
Dec 2012
#43
To me, stealing pension funds is a form of mass homicide warranting the death penalty.
aquart
Dec 2012
#46
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
Correct - laws are written to benefit the 1 %. This is America under Reagan+30.
SomeGuyInEagan
Dec 2012
#86
Hunters usually butcher the kill before they leave the bloody carcass in the woods..n/t
SoCalDem
Dec 2012
#88