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http://www.pbase.com/erinashley/image/32153603This is something that really pisses me off. When someone works hard all their life and puts money aside in a pension, that pension should be secured. All too often we hear of large pensions just disappearing and that is absolutely criminal.
The problem is corporate greed. Big companies see the large amount of money in pensions and they want access to it. They want to take that money and invest it in high risk stocks to create even higher returns on the money. Well fuck off.
The recent stock market crash seems to be affecting everything and was another manufactured emergency. What was the cause of the great depression? Buying stock on margin. What was the cause of the last stock market blow out? Greed resulting in investing in high risk stocks and investing on margin. Business hasn’t changed. People make products or offer services and still turn a profit. What changed was the domino effect of high risk investments going belly up.
Pensions should not be invested in high risk stocks. Period. I don’t care how much money is sitting in them and I don’t care how many greedy little snake oil salesmen wanna get their greedy little mitts on that money, use it and return it without anyone every knowing. Guess what. You fucked up and we noticed and the ripple effect of that fuck up has been far reaching.
Don’t even get me started on Moya Greene: http://finiansworld.blogspot.com/2008/11/canada-post-pension-loss.htmlShe is not good at business. Stop letting her tell you that. She is destroying the company because of an extreme political agenda to privatize everything under the sun just because they think that will work better. Well guess what, it doesn’t. Business wants to remove public accountability. That is the Moya Greene Mandate: http://www.moyagreene.com/#mgmLet’s think about the stock market for a minute. Let’s remember why Vancouver doesn’t have a stock exchange any more. They were corrupt! Ya think those crooks went honest when they merged with the TSE? Ya think those crooks from the NYSE are any more honest? Not likely. It’s all about making a quick buck and no one gives a rat’s ass if the stock exists or not. If the fake stock will balloon on speculation alone, then those crooks will exploit that frenzy and make a buck off it. As long as they pull out and screw the next guy before they get screwed. Not only is it dishonest, it’s high risk. http://finiansworld.blogspot.com/2008/10/bre-x-and-stornoway.htmlCan’t you see that privatizing everything under the sun is also problematic? We need more public accountability not less. We need to address corporate corruption not sweep it under the carpet. Our future, not to mention our children’s future, depends on it.Pension Thieves - Name and Shame: http://www.independent.ie/business/irish/name-and-shame-pension-thieves-78171.html
"Since December 2007 the CPCPP has lost $2 billion as a result of investments in stock markets." http://www.cupw.ca/index.cfm?ci_id=11351&la_id=1
Since Moya Greene bragged about how the corporation didn’t have to make any contributions to the Pension Plan in 2007 because the plan performed so well, does that mean they now have to put twice as much into the plan since it performed poorly this year? http://www.moyagreene.com/mgep.htm
If Moya Greene insists employer contributions are based on fluctuations in the market instead of the age old matching of employee contributions to the plan, then it has to go both ways. Last time the Plan performed poorly the employees had to give up their severance pay. Then as soon as it has a good year Canada Post stops making contributions to the plan. What about now?
Since the plan has performed poorly this term and Canada Post made zero contributions when it performed well, then natural justice cries out that they make up the difference. That is Moya Greene’s deal not ours.
Since she told the world the Pension is fully indexed then she has publicly committed herself to that contractual obligation. Don’t let her destroy the pension any more than she already has. Save the Dream get rid of Moya Greene: http://www.moyagreene.comMary Mary quite the contrary. Mary Travesty is quite the Travesty: http://www.canadapost.ca/AboutUs/News/Letters/NationalPost7.aspxMind you she’s just writing what Moya Greene tells her to. Moya Greene is the real travesty of justice. She admits that Canada Post is a large and successful company. At least it was. Before Moya Greene.
If they gave the Union two years notice of the closure of the Quebec Post office, why did the Arbitrator order Canada Post to hold on the move until they notified the union? Canada Post lies. At least under the direction of Moya Greene they do.
Closing the Quebec Post office did not improve services it dramatically reduced them in a huge city with a vibrant history. Moya Greene is not good at business. If you reduce all your services in a service based industry you will lose your business revenue. Employees did lose their job. They were displaced and all those positions disappeared.
Just as Eva: http://www.youtube.com/watch?v=EE6LUhcIAYE
Eva was a former postal worker from Quebec who won Canadian Idol.
Global ran a documentary about Bre-X last night. The Canadian version of the Enron scandal tied to both Mulroney and Bush. I wonder why Bush always seems to be tied to a corporate scandal: http://geology.about.com/cs/mineralogy/a/aa042097.htm
Bre-X was a rags to riches Canadian mining company listed on the Calgary stock exchange that claimed to strike gold in Indonesia. Outsourcing the mining industry. Great idea. The news of the gold rush created quite a frenzy: http://archives.cbc.ca/economy_business/business/topics/1211/But if you click on the third video Bre-X bubble busts you will see the dream came to a crashing halt. They lied about the gold they found and all the hype was fake. However, this was common on the Vancouver Stock Exchange.
A fake company would create a lot of hype, investors would invest and even though the company didn’t exist, the stock would rise rapidly because of the hot tip. Then the crooks would sell and disappear to Florida having made a fortune right before the stock crashes.
Not only were they not persecuted, they would come back in 6 months and do it all over again. You would think that investors wouldn’t want to touch them with a ten foot pole. Not so. Groups formed plotting stocks trying to find out which ones were the fake hype companies so they could invest in them and pull out right before it crashed. I kid you not. I saw them.
The New York Times remembers the Vancouver Stock Exchange legacy: http://query.nytimes.com/gst/fullpage.html?res=9D02E1DE1030F935A35756C0A961958260.
Do you really think those guys went honest when they were swallowed up by the Toronto Stock Exchange? The Bre-X scandal was in the Calgary exchange. Enron was in the US. The NY Times is right, Canada does need better laws against corporate criminals. The US has better laws but their enforcement of those laws is very selective. Especially when you see Thomas E. White, the former Enron book cooker promoted to become the Pentagon’s official book cooker: http://www.scoop.co.nz/stories/HL0210/S00052.htm
