Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers
"'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the HR representative wrote to her superiors. 'That would be the death of all existing retirees.'"
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.
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:
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LibraryThing ReviewUser Review - rufusraider - LibraryThing
This book is a must read for anyone with a pension provided by their employer. Especially for anyone whose employer has frozen/restructured their retirement plan. It exposes a lot of the truth about ... Read full review
LibraryThing ReviewUser Review - nivramkoorb - LibraryThing
Great book. Read it and weep. Corporate America continues to transfer wealth away from the middle class to the upper class. Showing no sense of responsibility, they feel no remorse in denying retirees ... Read full review
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Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of ...
Ellen E. Schultz
No preview available - 2012