Bipartisan victory for Wall Street and pension theft.

220px-Rep._Mike_Quigley

Chicago Democratic Congressman Mike Quigley.

Last night, fifty-seven House Democrats voted for the Republican spending bill. It handed Wall Street relief from the limited restrictions placed on them by the Frank-Dodd law passed following the 2008 financial crash. It also included a massive theft of private sector pensions.

The spending bill was supported by President Obama and could not have passed without Democratic Party votes.

Here are the Democrats who voted for it. The list includes Chicago Democrats Mike Quigley and Dan LIpinski.

  • Ron Barber, Arizona
  • John Barrow, Georgia
  • Ami Bera, California
  • Sanford D. Bishop Jr., Georgia
  • Timothy Bishop, New York
  • Robert Brady, Pennsylvania
  • Julia Brownley, California
  • Cheri Bustos, Illinois
  • John Carney, Delaware
  • William “Lacy” Clay Jr., Missouri
  • James E. Clyburn, South Carolina
  • Gerald “Jerry” E. Connolly, Virginia
  • Jim Costa, California
  • Joseph Crowley, New York
  • Henry Cuellar, Texas
  • Susan Davis, California
  • John Delaney, Maryland
  • John Dingell, Michigan
  • Sam Farr, California
  • Chaka Fattah, Pennsylvania
  • Bill Foster, Illinois
  • Pete Gallego, Texas
  • John Garamendi, California
  • Jim Himes, Connecticut
  • Steven Horsford, Nevada
  • Steny H. Hoyer, Maryland
  • Marcy Kaptur, Ohio
  • Ron Kind, Wisconsin
  • Ann Kuster, New Hampshire
  • Daniel Lipinski, Illinois
  • Nita Lowey, New York
  • Daniel Maffei, New York
  • Sean Maloney
  • Carolyn McCarthy, New York
  • Gregory W. Meeks, New York
  • George Miller, California
  • James Moran, Virginia
  • Patrick Murphy, Florida
  • Donald Norcross, New Jersey
  • Bill Owens, New York
  • Ed Pastor, Arizona
  • Ed Perlmutter, Colorado
  • Scott Peters, California
  • Gary Peters, Michigan
  • David Price, North Carolina
  • Mike Quigley, Illinois
  • Cedric Richmond, Lousiana
  • Raul Ruiz, California
  • Dutch Ruppersberger, Maryland
  • Brad Schneider, Illinois
  • Allyson Y. Schwartz, Pennsylvania
  • David Scott, Pennsylvania
  • Terri A. Sewell, Alabama
  • Brad Sherman, California
  • Krysten Sinema, Arizona
  • Debbie Wasserman Schultz, Florida

 

11 thoughts on “Bipartisan victory for Wall Street and pension theft.

  1. I really feel these people in power, HATE the elderly. There are MANY MANY elderly people who are today scared to death about their futures!! These evil people have NO compassion. I voted for Bill Foster, NEVER AGAIN!!!! This makes me think of a scene in the Star Trek movie “The Undiscovered Country”, when Spock tells Kirk that the Klingons will die. I can just see these evil government and corporate “Rulers” being told, that because of this bill, the elderly will die, and they answer “LET them die!!!!”

  2. Private pensions that got turned over to PBGC never paid out the same amount that would have been paid under the pension, that’s never!! It is a safety net meant to salvage the plan and pay something to pensioners. These are union plans that members paid into, managed by union hired managers turned over to aan insurance company that is gov;t funded with tax $.

    1. Some would call your your analysis incomplete at best. Most all of these pension funds were originally company managed funds terminated and handed over to unions. This was all part of a scheme to file bankruptcy after using these “surplus” assets to fund golden parachutes for upper management.

      Many of these pension funds were funded at well over 100%, even thought the industries themselves were not competitive. These funds were seen as a source of cash for golden parachutes to be given to upper management before bankruptcy.

      Even though the money in the funds all came from worker earnings (and earnings from investments of these earnings), the surplus was ruled by bankruptcy judges to belong to companies because they “owned” the fund.

      Companies would terminate the fund, pay the bonuses and then later declare bankruptcy after hiring specialists to sell off parts of the company at a book loss. Investors traded old company stock for new certificates in “new” companies.

      Workers were left with nothing and it was all “legal”. Just ask the pensioners at places like the South Works how it worked. People like them got the shaft.. This was how corporations ripped off workers to pay these bonuses and leave the pensioners holding the bag.

      Unions were sometimes charged with taking over these terminated funds. Funds don’t work well with no incoming revenue. This is where union mismanagement (intentional or otherwise) sometimes came into the picture. Unions were trying to salvage an already terminal position.

      Some federal judge had decided that the returns on the invested money belonged to the company and not the workers (even though all the invested money was worker money not company money).

      The funds collapsed because of the change in federal bankruptcy laws that allowed this pillaging of private pension funds. They were already broke before the unions even took over. The P.B.G.C. came into existence when the government decided to at least try to pay pensioners some portion of their promised retirement money when the funds collapsed,

      All the profits going to the hedge funds (from selling company assets) and golden parachutes paid to upper management should have been clawed back to pay pensions,

      Instead the rich got richer. What a surprise.

  3. OK……Names on a list. What does this mean we vote them out? For what? More of the same. Democrats and Republicans are all the same. Nobody wants to move the agenda of this country forward. They are all out for themselves and big money special interests. FOR THE CORPORATION BY THE CORPORATION.

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