Subject: 401ks: Biggest bankrobbery ever--Your pensions and retirement

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How did this happen?

  1. In 1980, the average retiree had almost $300k in retirement benefits, and the top 1% of Americans owned 20% of America's wealth.
  2. In 2013, many 65-year old workers cannot retire because their 401k's has less than $100K which is less than $40k in 1980 buying power. But, the top 1% owns more than 50% of America's wealth.

How did it happen? Wall Street raided pension funds via "bastard" stock options and IPOs. Stock options are corporate insiders creating stocks out of thin air to put into pay or parachutes. The corporation does not buy these, foolish workers buy directly or indirectly via dumb or corrupt pension managers. IPO really means Insiders Phooling Outsiders.

  1. Wm. Simons, Nixon't Treasury Secretary, put up about $300,000 in a partnership to buy the second largest gift card company (Gibson). Eighteen months later, it was sold to a group of pensions from which Simon was paid some $60 million. Wall Stealers are smarter and dirtier than your average pension managers who often go to work for the equity fund after the deal (like congressmen who go to work for companies for whom they passed favorable laws).
  2. Mormoney Romney:
    1. When Staples' stock was selling on the market for $1.30 per share, Romney said in court that he thought it was really only worth $.001 per share. Thus, Bain DeCapital received 1300 shares for each $1.30 that Staples had borrowed from Bain. Magic math like the Federal Reserve thin-air creation of billions of inflationary dollars to buy bonds.
    2. Bain DeCapital bought Dunkin Donut for about $2.5 billion. Immediately, assets were hocked for the purchase price. A special "recapitalisation" dividend loan of about $500 million was obtained. At an IPO, another billion dollars was obtained. So, altogether, Bain did not sell a single donut but received $3.5 billion with a remaining 58% ownership of stock in Dummkopf Donuts. Dunkin Donut TV ads are not about food sells but fool shares. Many ads on TV are not to sell products but Insiders Phooling Outsiders: IPOs! I donot donut at Dummkopf's.

Is this capitalism? No. Wall Street has hijacked the terms and tools of capitalism to bankrupt companies to cause unemployment, that is, decapitalize production and decapitate jobs. Capitalism is not failing. Wall Street is decapitalistic.

As a Journalist, you have a duty to yourself and your loved ones to stop the latest, most egregious example of decapitalism: Twitters IPO. Consider the following

  1. Twitter has lost $1 billion since it started in 2006.
  2. In recent quarters,
  3. Disgustingly, it initiated a rushed, "secret" IPO with the SEC. Disgustingly, in late October,  2013, it borrowed a billion dollars for either operations or insider kickbacks as "recapitalisation" dividends. An example of Wall Street hijacking the terms of capitalism to decapitalize Main Streeters.
  4. Absurdly, it claims to be worth $10 to $15 billion dollars with a "before Thanksgiving" IPO of $1 billion. The money is not going into American jobs but Wall Street M&M's--mansions and mistresses.
  5. How can any money-losing, clearly bankrupt person or company claim to be worth ten times their debts? Can you walk into a bankruptcy court owing a million dollars and demand ten million from gullibe people?
  6. When is someone going to yell about Wall Street decapitalists: The emperors have no clothes!

One reason that declinging newspapers sales--besides increased social media self-gratification--is a dwindling middle-class. If you want to lose your job as well as pension, be a silly cheerleader for the Twitter IPO. Encourage American workers to take sucker bets.

For a fuller revu-- Twitter IPO!

Caveat to those who think 401ks are great. Look at the above math. If a 401k is your primary retirement vehicle, think how much you would have if decapitalists had not taken $50 trillion from the middle-class in the last 30 plus years. Since 1980, the U.S. has had a GDP of almost $500 Trillion. Ten per cent has was stolen by to the funny paper players. Of course, one cannot rape the willing since the average American prefers play over work, Pittsburgh Steelers over Pittsburgh steelworkers. (see SOTU address).

Paid for by Bob Barnett Independent for Virginia House of Delegates:  resume ... achievements ... Richmond Times-Dispatch Q&A

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