AbitibiBowater, Inc. (fka ABWTQ)

[Pitt77]

Thank you, your comments are always appreciated.

About it, Class action, a response is expected shortly.

In terms of pension funds is theft on a large scale by a capitalist system whose greed is destroying the middle class shareholders and by stealing their savings by irresponsible management. See this article below. The worst is to come. There is no political courage on the part of our country to stop this scourge. All are on their knees before the monopolies which are driven to ruin the world economy. I hope the translation is OK.
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http://www.hda-info.com/rubrique,fonds-de-pension,585038.html

Pension Fund Endangered * (January 19, 2011) - January 20, 2011

François Marginean **

The scenario was simple: work for forty years to reach the end of the path to retirement. Question of ensuring a minimum income in old age, most workers had to contribute for their entire lives to a pension fund. So far, so good. The problem, however, is that workers who would normally retire may do so empty-handed. Pension funds are disappearing faster than snow in the sun while hordes of new retirees arrive at the checkout to claim their due. From 1 January 2011, more than 10,000 Baby Boomers will reach the day of retirement age of 65 (1). This will continue to occur every day for 19 years.

When the new retirees realize that they have worked all their lives to see that no more money in their pension funds, should be wondering how they will respond. Here in Quebec, when the Fund deposits and investments lost about $ 40 billion of the nest egg of Quebec workers, they rose up, the Quebec government had to resign, given the size of the scandal and the heads the Fund took the road to prison. True? Wrong! In fact, the government remained in power without interference, the directors of the Fund have received bonuses and best-paying jobs elsewhere in the private sector and in the clan Desmarais Power Corporation. The people continued their merry way without too much flinching, cut by $ 40 billion in its pension fund group. Fantastic. It seems that the Icelanders, Greeks, French and Tunisians have more spines than us. But the game is not over and it is just beginning.

How to respond our southern neighbors, the ones who will apparently be most affected by the disappearance of pension funds? It remains to be seen. One thing is certain, this will be a dominant theme in 2011.

The ten major U.S. cities that fail to pay their money for pension funds:

# 1 Philadelphia, unfunded liability of $ 9 billion, the equivalent of $ 16 696 per household, only four years before the retirement account is empty

# 2 Chicago-unfunded liability of $ 44.8 billion, $ 41 966 per household, there will be more money in 7 years

# 3 Boston unfunded liability of $ 7.5 billion, $ 30 901 per household, there will be more money in 7 years

# 4 Cincinnati-unfunded liability of $ 2 billion, $ 15 681 per household, there will be more money in 8 years

# 5 St Paul unfunded liability of $ 1.4 billion, $ 13 686 per household, there will be more money in 8 years

# 6 Jacksonville unfunded liability of $ 4 billion, $ 12 944 per household, there will be more money in 8 years

# 7 New York City-unfunded liability of $ 122 billion, $ 38 866 per household, there will be more money in 9 years

# 8 Baltimore-unfunded liability of $ 3.7 billion, $ 15 420 per household, there will be more money in 10 years

# 9 Detroit-unfunded liability of $ 6.4 billion, $ 18 643 per household, there will be more money in 11 years

# 10 Fort Worth-unfunded liability of $ 2 billion, $ 7 212 per household, there will be more money in 11 years

An independent analysis conducted by Stanford (2) of three major pension funds in California reported on hidden deficits of about $ 500 billion, a total is several times the amounts reported by these pension funds.

New York is $ 200 billion in health care costs for retirees (3), but there is no money. The New York State, with its cities and counties have pledged $ 200 billion in health care benefits to their retired employees, but no one knows where this money will come, according to a study by The Empire Center for New York State Policy.

The public pension funds of workers in New Jersey are stealing for 15 years by governors (4). The game started in 1995 with Christine Todd Whitman and fraud of public pension funds is still rampant in New Jersey. Over 50 billion in unfunded liabilities.

In short, after an analysis of 25 major U.S. pension funds by Orin Kramer (5), an influential figure in the Democratic Party and still a member of the Board of Investment, which oversees the pension fund of New Jersey, he is missing 2.5 trillion dollars in funds. A huge deficit caused by years of mismanagement, including a chronic under-funding of pension promises (6). This will force states and local governments to sell their assets, so privatization of the state, and make deep cuts in public spending. For example, the Detroit Public Schools could close half the schools (7) over the next two years and increase class sizes to 62 students in order to reduce their deficits.

The United States and Canada are not alone in having to face a major crisis in the financing of pension funds. In Europe, pension funds are beginning to be confiscated (8). The Christian Science Monitor published an alarming report (9): "The retirement savings of the people are a ready source of revenue for governments who do not want to cut spending and privatize ...." The article goes on appointing other pension plans that are seized in Bulgaria, Poland, France and Ireland. Obviously, this is a warning for America: fiscal austerity will also be offered as a quick fix by another government that has a habit of not caring as himself.

Meanwhile, the elderly face a prospect of retirement of the darkest (10), while living costs continue to rise and pension funds diminish or disappear. As noted by the host Contessa Brewer from MSNBC (11), people take their own lives when their pension plans that are failing. She said she heard horror stories of people who commit suicide when they made plans for their retirement years do not work.

The blood stains the hands of all the people on Wall Street and Washington DC who have benefited from the fraud mortgage-backed securities and the subsequent confiscation of storm homes (12) in order to cover the costs of compulsory redemption of the banks.

To massive job losses are added so the home foreclosures and the theft of pension funds (13). This is not to an improving economy as we move, but to the continuation of a major global economic depression, deteriorating day by day ...

(1): http://endoftheamericandream.com/archives/in-2011-the-baby-boomers-start-to-turn-65-16-statistics-about-the-coming-retirement-crisis-that-will- drop-your-jaw

(2): http://dailybail.com/headlines/stanford-study-finds-california-pension-system-underfunded-b.html

(3): http://www.activistpost.com/2011/01/new-york-owes-200-billion-in-retiree.html

(4): http://dailybail.com/home/new-jersey-public-pension-slugfest-omits-15-years-of-governo.html

(5): http://www.cnbc.com/id/41129099

(6): http://www.cnbc.com/id/40026538/

(7): http://poorrichards-blog.blogspot.com/2011/01/without-aid-dps-may-close-half-of-its.html

(8): # http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds ixzz1A4Ux6Y8j

(9): http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

(10):

(11): http://blog.eyeblast.tv/2011/01/msnbc 's-brewer-people-are-taking-Their-own-lives-when-pensions-fail /

(12): http://les7duquebec.wordpress.com/2010/11/02/la- "-crisis-of-input-estate-"-what-one-nose you say /

(13):

Sources

* Http://les7duquebec.wordpress.com/2011/01/19/fonds-de-pension-en-voie-dextinction/

* Http://les7duquebec.wordpress.com/

** Http://les7duquebec.wordpress.com/category/francois-marginean/