使用手机摄像头 - 扫描以下代码并下载 Kindle 阅读软件。
Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers (English Edition) Kindle电子书
It's no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs- what they call "a perfect storm" of external forces that has forced them to take drastic measures.
But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry-benefits consultants, insurance companies, and banks-have all played a huge and hidden role in the death spiral of American pensions and benefits.
A little over a decade ago, most companies had more than enough set aside to pay the benefits earned by two generations of workers, no matter how long they lived. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies essentially turned their pension plans into piggy banks, tax shelters, and profit centers.
Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies:
- Siphon billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals
- Overstate the burden of rank-and-file retiree obligations to justify benefits cuts while simultaneously using the savings to inflate executive pay and pensions
- Hide their growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans
- Purchase billions of dollars of life insurance on workers and use the policies as informal executive pension funds. When the insured workers and retirees die, the company collects tax-free death benefits
- Preemptively sue retirees after cutting retiree health benefits and use other legal strategies to erode their legal protections.
Though the focus is on large companies-which drive the legislative agenda-the same games are being played at smaller companies, non-profits, public pensions plans and retirement systems overseas. Nor is this a partisan issue: employees of all political persuasions and income levels-from managers to miners, pro- football players to pilots-have been slammed.
Retirement Heist is a scathing and urgent expose of one of the most critical and least understood crises of our time.
- ASIN : B003QMLC6K
- 出版社 : Portfolio; 第 1st 版 (2011年9月15日)
- 出版日期 : 2011年9月15日
- 语言 : 英语
- 文件大小 : 972 KB
- 标准语音朗读 : 已启用
- X-Ray : 已启用
- 生词提示功能 : 已启用
- 纸书页数 : 256页
- > ISBN : 1591845653
|5 星 (0%)||0%|
|4 星 (0%)||0%|
|3 星 (0%)||0%|
|2 星 (0%)||0%|
|1 星 (0%)||0%|
In this book she investigates how the retirement benefits of millions of Americans vanished over the last two decades as imaginative corporate accounting practices massaged balance sheets, and shady legislation was put in place giving corporations the ability to use employee pension funds as private treasure chests for mergers, acquisitions, and spin-offs. The result was thousands of corporations reapportioning funds set aside for retirees, and retirement benefits written out, gone forever.
Schultz exposes why so many corporate pension funds were raided, how it was done, who lost, and who profited by it. She provides readers with an in-depth analysis of each step along the way.
This is an important book for anyone who expects to retire, whether with a pension or not.
Ellen Schultz does an excellent job of explaining the technicalities of complicated economic practices and policies in an interesting and informative manner. Yes, at times, it can become a tad dry, but it’s well worth your time to push through. You’ll definitely come away with a new understanding of an old problem, and probably resolve to keep a tight rein on your own finances as well.
While some of the information is very financially technical and sometimes difficult to comprehend (a major reason companies can get away with the manipulation of pensions), read it enough times and you will be able to follow the trail of deceit and lies used by corporations and consulting firms to use pensions as their personal "piggy banks."
I strongly recommend this book for anyone who is relying a pension, social security, or a 401K for their retirement years, the best bet might be to just stuff cash in a mattress, it's probably safer.