GOP Debate Before South Carolina Primary

Friday, January 20, 2012

Republican presidential hopefuls Rick Santorum,  Mitt Romney, Newt Gingrich and Ron Paul participate in the CNN Southern Republican Leadership Conference Town Hall Debate in Charleston, SC Republican presidential hopefuls participate in the CNN Debate in Charleston, S.C. (Emmanuel Dunand/Getty)

Rick Perry is out, Rick Santorum actually won Iowa, and Newt Gingrich's second wife says he asked for an open marriage before he filed for divorce. The four remaining candidates debated in Charleston one last time before this weekend's South Carolina primary. We take a look back at what was arguably the wildest day of the 2012 Presidential campaign thus far.

Ron Christie is a Republican political strategist and political contributor for the Takeaway and It’s a Free Country. Farai Chideya is a journalist and blogger at Farai.com.

 

Guests:

Farai Chideya and Ron Christie

Produced by:

Joseph Capriglione and Marc Kilstein

Comments [3]

Mike from Utah

Part 3
Here is the link to "Retirement Heist" by Ellen Schultz
http://www.retirementheist.com/

Here is a paper from the economics department of Harvard that discusses the "Reversions of excess pension assets after takeovers"

Both confirm, how Pensions were "Raided by Mitt Romney" and others starting in 1981.

http://fisher.osu.edu/fin/faculty/weisbach/pontiffshleifer.pdf

I hope NPR will do a story and get the right people on your program and Not the likes of a Wall Street banker as an "expert".

Wall Street made the Defined Benefit Pension wealth transfer possible in 1981. Having them as "Experts" is like inviting Bernie Madoff as an "expert on making money in the stock market".

End of Part 3

Jan. 20 2012 09:32 AM
Mike from Utah

Part 2
The result, with 100,000 DB plans destroyed, the money transferred to the Executives of those Corporations thanks to the 1981 law under Reagan. Mitt Romney and others jumped into the Merger and Aquisition scheme that stole the deferred compensation, the Corporations had received over the years as a tax break.

The Government(get the government off our backs aka regulators and law enforcement do not enforce the financial laws) did nothing. As Ellen Schultz disclosed, there were laws in place that should have protected the DB pension plans but were not enforced thanks to Reagan who appointed "Wall Street" types who told the Federal Regulators to "look the other way" with the help of underfunding the headcount of the SEC, CFTC, FBI and others.
Mitt Romney made nothing, invented nothing, and used the M&A scheme to steal the defined benefit pension plans. There were 128,000 DB plans in 1980, today only 28,000 survive, Unions, Military, Federal Employees, and Congress have survived. Ellen Schultz was spot on.

I am amazed when people believe that Bain Capital made $100 million when a Company, they aquired, went bankrupt. Are we just stupid or naive. Probaby both but rest assured, Bankers like Romney are not.
Like a thieves, they will cover their tracks.

We do not need someone like a Wall Street Banker who made his money stealing DB pensions.

Wonder why college grads cannot find a job (23% unemployed and 22% working in fast food or Walmart) because the average 401K for a 65 year old is $55,000. Hence, the baby boomers are holding on to their jobs longer, but time is their enemy (at age 65 - 25% of the people you are born with are dead, and of the 75% left, half are disabled in some way and cannot work full time). They just did not have time to make up the loss of their pensions. The 401K is a scam. The retirement plan of Nebraska, a few years back evaluated both the DB plans and the 401K plan and determined the DB plans are much more superior than 401K's. Congress confirms that also, they still have a DB plan.

In this election, thanks to Corporate mis-information like Fox and Limbaugh and the Super Pacs and Romney center stage "spin" on how he made his fortune, America is being led down the continued path of the Rich getting Richer and the Middle class sliding into Poverty.

I know this is complicated, and cannot be explained in a "sound bite" but there are people who know but are Not "Center staged" like Ellen Schultz and others. The research of Ellen Schultz and my interest over the last 15 years have enabled many, but fewer than Wall Street, to "connect the dots".

End of Part 2

Jan. 20 2012 09:30 AM
Mike from Utah

I listened to part of the program about Mitt Romney and how he made his money with Merger and Aquistions - "Vulcher Capitalism". The "Banker" you had on defended Romney's wealth Accumulation. When the Airline employee shared her story "We were fired, then rehired at lower wages" and lost their pensions, the banker immediately changed the focus on how great Mitt's wealth accumulation was.

I had half my pension at IBM stolen by Louis V Gerstner Jr. He took $2.4 Billion and after he left IBM became one of the 400 Richest in America, having more wealth than 150 million. He stole our pensions, estimated at $49 Billion. Wall Street tooted Gerstner as a "self made man" but in reality, like Mitt Romney, he was just a clever thief.

In 1981, the laws were changed that allowed Companies access to the DB plans for the CEO and Executives. In the case of IBM, they did all of that plus "boosted" stock prices with money from DB plans with schemes like Stock Buybacks. Some of us, figured out that "Vapor Profit" was being used to "hike up the stock price" and the Executives were paid 90% in stock, taxed at 15%. Ronald Reagan and Donald Regan of Wall Street made the access to DB plans possible.

As a result, more than 100,000 defined benefit plans (deferred income of employees) disappeare over the next 20 years. The "huge up tick of the S&P 500 was a result, with $Trillions flowing into the stock market with Pension transfers to stock aka "vapor profit".

The Wall Street bankers know this. They have and are spinning yarns to make sure the millions of baby boomers are still in the dark of "what happened to my pension?".

Now that Mitt Romney is on "center stage", Wall Street is covering his backside. Mitt made his money, the quarter of a Billion dollars, from stealing the DB plans. Yet, he is soliciting votes from the same people, babyboomers whose deferred DB pension dollars made him a "very wealthy man".

At IBM, the "engineers figured it out" that IBM was staking that deferred income of their decades of Defined Benefit Pensions and sued IBM - Cooper vs IBM. They received a "token $324 million" back but lost $49 Billion when the US Supreme Court (Corporate Attorneys) refused to hear the case.
IBM employees knew Gerstner was taking their pensions but, thanks to our Congress being driven by Money and Bribery, were not successful.

Two months ago, Ellen Schultz of the Wall Street Journal released her book "Retirement Heist" that Confirmed how IBM, GE, Intel, AT&T fleeced the DB plans for the benefit of of the Executives. As she presented at various venues, the Corporations do Not deny her research, done over 10 years by reviewing the 10K's of many different corporations.

End of part 1

Jan. 20 2012 09:27 AM

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