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Post by Ribaric unplugged on Jun 21, 2005 13:57:32 GMT 1
The Savings & Loans thing was going on when I lived in the USA in the 80s. It was the similar to today's problem with pension "black holes". People over-estimated value increases and made their life plans based on un-sustainable stock market growth (a'la 1926 Wall Street). Eventually the S&Ls had less money than the total they had received from savers - big time! The argument was not about the US being bankrupt or anything near it, it was about whether the tax payer should bale out the savers or if they should be left to suffer the consequences of their (ultimately) bad investments. The "dodgy" part was the way the S&L managers kept quiet about about the state of their finances even after it was obvious that everything was going to fall apart. They even encouraged new savers in an attempt to cover up. They argued they kept quiet to avoid a "run" but they took the lion's share of the blame.
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Post by GW on Jun 21, 2005 19:54:12 GMT 1
The Savings & Loans thing was going on when I lived in the USA in the 80s. It was the similar to today's problem with pension "black holes". People over-estimated value increases and made their life plans based on un-sustainable stock market growth (a'la 1926 Wall Street). Eventually the S&Ls had less money than the total they had received from savers - big time! The argument was not about the US being bankrupt or anything near it, it was about whether the tax payer should bale out the savers or if they should be left to suffer the consequences of their (ultimately) bad investments. The "dodgy" part was the way the S&L managers kept quiet about about the state of their finances even after it was obvious that everything was going to fall apart. They even encouraged new savers in an attempt to cover up. They argued they kept quiet to avoid a "run" but they took the lion's share of the blame. Thanks for sharing that.... I did not quite know exactly what happened. Now I hear today people for big companies in USA who had retirements money coming to them, from investing, have lost it. Companie files bankruptcy and don't pay out retirement to people.... Even in great ol America, supposedly stable, Financialy powerful america. People are being cheated and jacked! What a shame for such a financially sound Country.
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Post by American Woman on Jun 21, 2005 21:20:15 GMT 1
That is the risk of free enterprise. I am not saying it is right for retirement systems to go bankrupt, but saying people are 'cheated and jacked' as well as calling the whole situation a 'shame' in such a powerful country is very critical. Investments are risky-in any economy. Should all of the taxpayers bail out those that lost-a good topic for debate. The S&L scandal was just that-a scandal and not the ordinary practice here in the US. Powerful people get greedy and that is when the average worker looses. It happens here-it happens in Croatia.
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Post by EMIZ on Jun 21, 2005 22:27:59 GMT 1
Wow what a surprise ghost being wrong, there's erm a first!
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Post by GW on Jun 22, 2005 4:06:44 GMT 1
Wow what a surprise ghost being wrong, there's erm a first! wrong about what? Americans lost their retirement money.... I was not wrong about that. Are you saying that did not happen in America? Like I have been saying, stuff that goes on in Croatia... goes on everywhere else in the world. People are greedy everywhere and will find a way to cheat and jack people for whatever they can get. So me right and you english boy wrong hehehe ;D
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gw
New Member
Posts: 7
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Post by gw on Jun 22, 2005 4:22:48 GMT 1
Future Uncertain: U.S. Workers and Their Retirements By Seth Sandronsky
The results of Election Day are fading, but the U.S work force continues to face employer attacks. Consider the case of United Airlines. The carrier is seeking to defund its workers’ retirement pensions.
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Enron declared bankruptcy on Dec. 2, 2001. As a result, many workers’ retirements vanished into thin air. The stock they owned become worthless, plus thousands of Enron employees lost their jobs.
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All of these companies are american companies that are ripping off people.
Morgan Stanley Charles Schwab
Merrill Lynch
Smith Barney Citigroup Salomon Smith Barney, the investment banking division of CitiGroup, was accused of giving false stock ratings to companies during the telecom meltdown in order to attract new and keep current investment banking clients. The company was charged with securities fraud, and the case ended in a $400 million settlement. Please contact us today if you were victimized by Salomon Smith Barney.
JP Morgan JP Morgan Chase & Co. has come under a recent slew of securities fraud allegations. The firm is accused of contributing to Enron's fraud and eventual downfall
Goldman Sachs Bear Stearns Bear Stearns is a major investment banking and brokerage firm. In the past several years, Bear Stearns has been accused of fraud in several cases. One 1999 case accused Bear Stearns of helping its client A.R. Baron defraud investors. Bear Stearns agreed to a $35 million settlement in that case. In another 1999 case, Bear Stearns and several of its employees were forced to pay a total of $2.5 million to the National Association of Securities Dealers (NASD) when a Bear Stearns client was found guilty of defrauding consumers in a pyramid scheme. Finally, in 2002, a class action lawsuit against Bear Stearns was sent to trial because the judge was unable to make a summary judgment based on the available facts. A jury will eventually have to decide whether Bear Stearns has any liability for the fraudulent actions of one of its clients, David Blech. If you have lost money because of fraud committed by Bear Stearns, please contact us today.
UBS Warburg UBS Warburg and its sister company, Paine Webber, Inc., are financial firms with the former providing research and analysis for the latter. UBS Warburg is accused of misrepresentation, because the firm continued to rate Enron stock as a "strong buy" up until four days before it declared bankruptcy.
Tyco Tyco International, Ltd. is a company whose diverse range of products is sold worldwide. In 2002, three former top Tyco executives were indicted on fraud charges. Former CEO L. Dennis Kozlowski, former CFO Mark Schwartz, WorldCom In July 2002, major accounting errors that hid vast amounts of debt preceded WorldCom's bankruptcy. The telecommunications giant faced increasing problems up to that point, but investors were unaware of the company's impending demise because of the accounting gaffes and intentional cover-ups. Enron Enron filed for bankruptcy in December 2001. The former energy giant was undone by accounting fraud .
Global Crossing Global Crossing filed for bankruptcy in 2001. Founder and CEO Gary Winnick resigned a year later amid allegations of securities fraud. Winnick himself is suspected of using insider information to sell his stocks for over $120 million several months before the company's bankruptcy.
InfoSpace InfoSpace is a telecommunications company, specializing in wireless services. The company and its former Chairman and CEO Naveen Jain are facing securities fraud charges. Jain allegedly hired new, qualified employees, offering them stock options as part of their benefits package. The catch was that they had to be employed by InfoSpace for at least one year or they would lose their stock. Jain allowed them to work for a few months, and then fired them before the year was up. Peregrine Systems Peregrine Systems is a software company based in San Diego. In May 2002, Peregrine Systems announced that it had to restate its earnings -- the company actually had more than $100 million less than it had originally reported.
iVillage iVillage is an online network for women, addressing issues from fitness to pregnancy to parenting. From the summer of 1999 to the summer of 2000, iVillage stock price fell drastically. Despite the hard times, Henry Blodget of Merrill Lynch continued to rate iVillage stock as a buy. It is thought that his positive assessment of the deteriorating stock had more to do with Merrill Lynch's interest in retaining its investment banking relationship with iVillage than with the stock's actual potential. If you lost money on iVillage stock, please contact us today.
Adelphia Communications Corp. Adelphia is a cable communications company that appeared to be on the fast track to success until alleged securities fraud drove it to bankruptcy in June 2002.
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Post by GW on Jun 22, 2005 4:25:21 GMT 1
By the way...... I thought we were going to be getting a gift..... you said you were leaving and you are still here! Please do as you said you would in your posts.... LEAVE ;D
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Post by EMIZ on Jun 22, 2005 10:09:16 GMT 1
I am not reading your huge spam, however can you explain the relationship between pensions problems and a whole nation's economy going bankrupt?? Your answer to everything is always the same, its the same everywhere else, to even compare the current situation with the states is a joke. The Croatian government cannot afford its electricity bills, do you understand how serious it is now?
of course not you will say its no big deal, well it may be no big deal to you 10,000 miles away, but i assure you its a big deal to local companies and people who work here.
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Post by Ribaric unplugged on Jun 22, 2005 11:23:38 GMT 1
If I were Carla Del Ponte, I'd sit back and wait. Once I felt that EU finances are the only escape (if that happens to be true) then I could demand anything I want from Croatia knowing that EU money was the only way out of insurmountable problems. If the Govt ever reneged upon it's pension payments to it's own citizens then this will be confirmation that Croatia = Argentina.
Heads will roll.
My tip. Don't put your money in Kunas.
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Post by valiant1 on Jul 1, 2005 15:18:21 GMT 1
yeah . no surprise to me. suker doesnt have a clue neither did crkvenac. so is realestate going to be cheaper or more expensive after the collapse of croatia?i rekon that the price of realestate has nothing to do woth economic indicators in croatia. its more like a village agreement here . the prices of realestate will remain as they are even if croatia goes bankrupt . thats my theory.
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Post by ROG on Jul 1, 2005 15:25:33 GMT 1
ups ... Croatia bankrupted again ?
I must monitor this forum more often to get better contact with "real world" (some would call it "frustrated loosers reality", but definitly not me) ...
Give us some notes and insights when Croatia bankrupt next time, so we can start counting, and stop missing all this bankrots.
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