Union Pension Bailouts, Madoff, & Obama

[WhiskeyGirl]

Like many Americans, I watched the nightly news for many months go on and on about Madoff.  I watched all those people that told stories about losing their entire life's savings to Madoff's ponzi scheme.  They worked hard and saved.  They trusted Madoff with their life's earnings.  Madoff issued statements, and made promises.

Madoff went to jail, and hopefully some of those folks got some money back.  Government made some effort to track down the missing funds.  Apparently, the funds allowed Madoff and his family and associates to live a real good life.

What of all the union pension funds that need a bailout?  Those folks traded their labor for pensions.  Where did the money go?  How is it possible that the money is gone?  Underfunded?

They traded labor for pensions.  Where is that money? 

Apparently, the union pensions issued promises and I would imagine some kind of financial indications of the benefits that would be received by those that traded their labor for a pension.

Where'd the money go?  Anyone in Washington looking for the money?  Did it disappear along with the promises?

Is it the place of government to bail out any pension or 401k/IRA?  Make whole those that were cheated?

Why would anyone in Washington bailout union pensions?  Write a blank check from taxpayers to keep the flow of money into something that isn't accountable or transparent?

Will any of those that made empty promises about union pensions be going to jail?

In my simple brain, two similar stories.  In one, the taker goes to jail.  In the other, the takers go to Congress and the President.

Just like the first lady said 'We aren't all equal' - especially in the Obama era.

just my humble opinions

[WhiskeyGirl]

How many who get union pensions are American citizens?  Taxpayers?

How many are illegal aliens? 

I recall from watching a video earlier, a union management person talk about the membership.  Membership is primarily immigrants - legal and illegal.  Anyone can join a union, legal status doesn't matter.  BTW, a few Americans too.

Why should Americans bail out foreigners?  Those who've come illegally?

At a time when the Social Security retirement ages is rising, taxpayers should ensure a comfortable retirement for foreigners?  Via a union pension?  A blank check for generations?

[WhiskeyGirl]

Another bailout for foreigners?  AIG pass through to foreginers, stimulus/recover $$$ for foreigners, what about Americans?  Citizens?

Oops!  They used Madoff to help fund their retirement dreams.  Madoff went to jail.  Different class of justice.