This brief set of calculations from the Wall Street Journal’s Ellen Schultz shows simply how much of a raw deal American workers have been getting from defined-contribution retirement plans. It is impossible for them to generate the rate of return of a defined benefit plan, just completely impossible. Schultz shows this in the context of Social Security
|By: David Dayen Wednesday October 24, 2012 11:06 am|
|By: David Dayen Thursday October 18, 2012 9:00 am|
The way in which the hedge fund syndicate secured these taxpayers dollars for Delphi sounds pretty much like blackmail. For example, according to Steven Rattner, the auto czar, Delphi demanded an immediate cash infusion of $350 million or they would stop supplying to GM. Oh, and Delphi promptly fired all the unionized workers at Delphi, cut health care for all their nonunion pensioners, and took the production jobs to China. Delphi employs less then 5,000 US workers, from a high of 25,000.
How do the Romneys figure into this? They have at least $1 million invested in Paul Singer’s Elliott Management, per their 2011 and 2012 financial disclosure. Based on that investment, they made at least $15.3 million on the deal, which involved ripping off the US taxpayer, shedding US jobs in favor of China, and using leverage created by the auto bailout to do it. Most of these profits have been kept offshore to avoid US taxes, of course. The Romneys protest that these investments are all held in a blind trust, but the executor of their blind trust is Romney’s personal lawyer.
Just another day in the life of a vulture capitalist, I guess.
|By: TBogg Tuesday September 25, 2012 7:05 am|
The real bone of contention in The Great NFL Referee Lock-Out Destroying The Integrity of The Game Clusterfuck:
|By: David Dayen Tuesday September 18, 2012 2:23 pm|
As we wait for the outcome of the most high-profile labor dispute currently happening in America, the Chicago Teachers Union strike, I want to call attention to the other big labor action out there. National Football League referees have been locked out of the job since the beginning of the year. Four weeks of preseason and two weeks of the regular season have been officiated by scabs, replacement referees from college and even high school. The NFL had to remove one referee from a New Orleans Saints game after he was outed as a fan of the team; another scab was recruited from the Lingerie Football League.
|By: David Dayen Friday August 3, 2012 10:13 am|
My article about the postal service got an unusually robust amount of play among the blogosphere, so I thought I’d respond to some of the comments.
|By: David Dayen Tuesday July 24, 2012 6:45 am|
It’s the time of the (election) season where Congress does everything it can to delay contentious issues until after November. As Felix Salmon writes, if Congress can’t sweat the small stuff, what’s the hope of them coming to a decent solution – or any solution – on the fiscal cliff? We throw around words like “worst ever” far too loosely, but in the case of the 112th Congress, it really does apply.
|By: David Dayen Friday June 29, 2012 2:22 pm|
Congress has quickly passed a series of bills, consolidated into one package, that freezes federal student loan interest rates at 3.4% for one year, and extends surface transportation funding for two years. The package also reauthorizes the federal flood insurance program for five years. Congress was clearly eager to get out of town for the Fourth of July recess, because they passed this giant package, in both chambers, in one day.
|By: David Dayen Thursday June 28, 2012 6:25 am|
As we await the Supreme Court ruling on health care, two of the other major stories of the week have reached a conclusion. Congress has reached agreement on a compromise package that will avert three separate deadlines and deliver some of the more robust lawmaking of the entire year to date.
|By: David Dayen Wednesday June 27, 2012 11:45 am|
House Speaker John Boehner assured reporters today that bipartisan deals are near on two pieces of legislation that must be passed before expiration on Saturday. The two bills, one to prevent the federal student loan interest rate from doubling, and the other to extend surface transportation funding for two years, have been tied up in Congress for months.
|By: David Dayen Monday June 25, 2012 8:45 am|
Just to set up this week, we’re going to see verdicts in two major Supreme Court cases, on the health care individual mandate and the Arizona immigration law; a contempt vote in the House against Attorney General Eric Holder; and in Congress, we have deadlines on two important pieces of legislation, the transportation funding bill and the student loan interest rate bill. Of all that, we’re probably closest to getting a satisfactory outcome on that interest rate bill, as Senate leaders have approached a deal to avoid a doubling of the interest rate.