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overtheedge
Membre depuis mai 2012
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Retirement Accounts Next? with Graham Mehl

- Andy Sutton -

I've ran the scenario of retirement plans being converted to Treasuries and I just don't see it happening.

Basic scenario goes something like this.
Pension plan is exposed as seriously underfunded.
Federal investigation reveals that this is common across the industry.
Fed gov't becomes insurer of pension plans, but converts holdings to Treasuries.
Pension plans back-stopped by federal gov't with day to day management by private corp. aka public/private partnership. All monthly contributions purchase T-bills.

Why not?
The final taboo. The gov't will hold off as long as possible. When it becomes apparent that it must occur, it will be too late. Nowhere near enough assets to make a difference and don't forget the "Bonus" feature!!! Everyone involved in the management of these pension plans becomes the designated fall-guys. The gov't gains just a bit more plausible deniability. Blame the government? Didn't the pension plans managers exercise due diligence? Obviously they grossly failed to maintain their managerial fiduciary responsibility to the pension plan contributors.

Why it still could happen.
Even among those fully aware of the possibility of biases, people tend to adjudge the morals and values of others as similar to their own. Ergo, their priorities are aligned with my own.
The thief sees everyone else as thieves.
Government is in the protection racket and MUST protect the pensions from the theft of mismanagement.

Commenté il y a 4155 jours

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Début de l'article :My Two CentsOne of the biggest concerns of savvy investors since the ongoing crisis began in 2008 has been the safety and longevity of the various types of retirement accounts and systems. Throwing gasoline on the flames have been the decisions rendered by courts of 'law' regarding the treatment of customer money in the case of the bankruptcy of several brokerage firms, most notably, MFGlobal. The susceptibility of bank deposits has already been firmly established in prior issues of this column... Lire la suite

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