Many Americans no longer have a pension. But for those of us who do, the idea that our pensions are partially insured to provide a guarantee against company failure, provides peace of mind. Well that is until the Bush lead privatizers got their hands on the Pension Benefit Guaranty Corporation. I read this story with horror in the Boston Globe.
Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks. Yup the same group that wanted to privatize social security privatized OUR national pension insurer. Thy did this right before an economic collapse that may require the use of thee funds.