Mainecat Posted June 16, 2020 Share Posted June 16, 2020 Many here think this is good. Leading US Retirees 'Like Lambs to the Slaughter,' Trump Labor Dept. Quietly Offers Up 401k Plans to Private Equity Vultures With the American public's attention consumed by the Covid-19 pandemic and mass protests against police brutality, the U.S. Labor Department earlier this month quietly gave corporate sponsors of retirement plans something they've been agitating over for years: a government green light to invest workers' savings into funds managed by notoriously predatory private equity firms. The move, announced on June 3 by Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers' retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. ---------- Sirota wrote that thanks to the Labor Department's guidance, "private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers' 401k plans and IRAs." "Now that Trump's Labor Department has opened the floodgates," Sirota added, "a lot more money could end up flowing into these opaque deals, enriching private equity executives and their friends—while leaving workers' meager retirement savings even further depleted." [link:https://www.commondreams.org/news/2020/06/16/leading-us-retirees-lambs-slaughter-trump-labor-dept-quietly-offers-401k-plans|] Emphasis mine You know all those people who still supported Trump because their 401k's where doing really well... heh. Corruption and outright thievery continues, how much else can they pack in until November. They are staggering in their grift. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 16, 2020 Platinum Contributing Member Share Posted June 16, 2020 (edited) Wasn't one article today from you enough on this? You obviously don't understand much about 401k's, maybe your brother should post for you. Edited June 16, 2020 by Highmark Quote Link to comment Share on other sites More sharing options...
Edmo Posted June 16, 2020 Share Posted June 16, 2020 Common dreams! Another lefty bias rag. I’m shocked!!!!!1! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 16, 2020 Platinum Contributing Member Share Posted June 16, 2020 (edited) 2 minutes ago, Edmo said: Common dreams! Another lefty bias rag. I’m shocked!!!!!1! Its like the firms will be able to charge fee's on $9 trillion without permission. Seek help MC. Edited June 16, 2020 by Highmark Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted June 16, 2020 Share Posted June 16, 2020 Fucking idiot. Maybe Mc should take a look at where the large pensions have been diverting funds into and get back to us. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted June 16, 2020 Share Posted June 16, 2020 1 hour ago, Mainecat said: Many here think this is good. Leading US Retirees 'Like Lambs to the Slaughter,' Trump Labor Dept. Quietly Offers Up 401k Plans to Private Equity Vultures With the American public's attention consumed by the Covid-19 pandemic and mass protests against police brutality, the U.S. Labor Department earlier this month quietly gave corporate sponsors of retirement plans something they've been agitating over for years: a government green light to invest workers' savings into funds managed by notoriously predatory private equity firms. The move, announced on June 3 by Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers' retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. ---------- Sirota wrote that thanks to the Labor Department's guidance, "private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers' 401k plans and IRAs." "Now that Trump's Labor Department has opened the floodgates," Sirota added, "a lot more money could end up flowing into these opaque deals, enriching private equity executives and their friends—while leaving workers' meager retirement savings even further depleted." [link:https://www.commondreams.org/news/2020/06/16/leading-us-retirees-lambs-slaughter-trump-labor-dept-quietly-offers-401k-plans|] Emphasis mine You know all those people who still supported Trump because their 401k's where doing really well... heh. Corruption and outright thievery continues, how much else can they pack in until November. They are staggering in their grift. commondreams.org smh What we value. We share our readers’ progressive values of social justice, human rights, equality and peace. Common Dreams is committed to not only being your trusted news source, but to encouraging critical thinking and civic action on a diverse range of social, economic, and civil rights issues affecting individuals and their communities. FTR it is up to the account holder to decide the risks. If they don't want their money in these investments then choose to not put them there. Its no riskier than having your retirement money all tied up in company stock. Ask the GE and GM employees about that. I feel fortunate to have been smart enough to divest my company match which was paid in GM shares along the way. Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted June 16, 2020 Gold Member Share Posted June 16, 2020 1 hour ago, Highmark said: Wasn't one article today from you enough on this? You obviously don't understand much about 401k's, maybe your brother should post for you. Trump lives rent free in his head, 24/7 365 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 16, 2020 Author Share Posted June 16, 2020 1 hour ago, Highmark said: Wasn't one article today from you enough on this? You obviously don't understand much about 401k's, maybe your brother should post for you. Oh I understand it very well. As a taxpayer you will see increased taxes to bail out many companies who invested in private equity firms that took workers life savings. They have been after it for a long time now they have it. I asked you in the other thread why the need for this? This is bad for the middle class worker....real bad. You see what it said Highmark.....stop for once and spit the kool aid out for Cripes sakes. Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers' retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers' 401k plans and IRAs." Quote Link to comment Share on other sites More sharing options...
Mainecat Posted June 16, 2020 Author Share Posted June 16, 2020 And who’s behind this? https://www.opensecrets.org/industries/totals.php?cycle=2020&ind=F2600 Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted June 16, 2020 Share Posted June 16, 2020 2 minutes ago, Mainecat said: And who’s behind this? https://www.opensecrets.org/industries/totals.php?cycle=2020&ind=F2600 and what exactly do you see in those charts ? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted June 16, 2020 Share Posted June 16, 2020 10 minutes ago, Mainecat said: Oh I understand it very well. As a taxpayer you will see increased taxes to bail out many companies who invested in private equity firms that took workers life savings. They have been after it for a long time now they have it. I asked you in the other thread why the need for this? This is bad for the middle class worker....real bad. You see what it said Highmark.....stop for once and spit the kool aid out for Cripes sakes. Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers' retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers' 401k plans and IRAs." You're an idiot. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted June 16, 2020 Platinum Contributing Member Share Posted June 16, 2020 (edited) 30 minutes ago, Mainecat said: Oh I understand it very well. As a taxpayer you will see increased taxes to bail out many companies who invested in private equity firms that took workers life savings. They have been after it for a long time now they have it. I asked you in the other thread why the need for this? This is bad for the middle class worker....real bad. You see what it said Highmark.....stop for once and spit the kool aid out for Cripes sakes. Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers' retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses. private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers' 401k plans and IRAs." Can you show me where it says without employees consent to choose the individual plan? Its just opening up more options. Edited June 16, 2020 by Highmark Quote Link to comment Share on other sites More sharing options...
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