Retirement Heist

Retirement Heist

How Companies Plunder and Profit From the Nest Eggs of American Workers

Book - 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"-- Provided by publisher.
Publisher: New York : Portfolio/Penguin, 2011
ISBN: 9781591843337
1591843332
Branch Call Number: 331.252 SCHULTZ
Characteristics: vi, 245 p. ; 24 cm

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redban Aug 27, 2014

In reply to commenter stewstealth, I don't see how this book is being underhanded. I would say the multinational companies that cut pensions in order to fund executive bonuses are much more underhanded and detrimental to people than this book! Yes, yes, I feel so bad for the multinational companies, I'm sure GE execs are having a miserable time after what this underhanded book did to them... And as you state at the very beginning, this book is targeting American multinational corporations (and American's weak regulation). So, Canada having better regulation on companies does not go against this book's message, it actually supports it. It's about accountability, and when there is little, when the incentives is only to profit, and when power lies in the hands of a very few, there is the obvious risk of exploitation.

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stewstealth
Jul 16, 2014

A screed against corporate America. Some pretty underhanded examples of where some companies took advantage of their retirees. For any Canadian reading this book our pension laws are significantly different. A more balanced look would have been preferable. I can't rate any book high where the notes are referenced to page and not a specific sentences. Many of the notes referenced the authors previous work which makes it hard to verify all the statements.

s
StarGladiator
Feb 13, 2012

To fully understand the absolute corruption extant in America today, just how purely traitorous and despicable are the vast majority of criminal corporations, just read Ms. Schultz's book, and also read Sold Out, by Michelle Malkin and John Miano.
Then, to understand how we got here, read David Talbot's The Devil's Chessboard, and next to understand the economics involved, read Michael Hudson's book, Killing the Host.
But you must possess a very, very strong stomach!

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