Wall Street Wants your Pension

Woah, new article from Business Week is pointing to regulators allowing:

The folks who brought you the mortgage mess and the ensuing hedge fund blowups, busted buyouts, and credit market gridlock have another bold idea: buying up and running troubled corporate pension plans. And despite the subprime fiasco, some regulators may soon embrace Wall Street's latest scheme.

In preparation for that moment, the world's biggest big investment banks, insurers, hedge funds, and private equity shops have been quietly laying the groundwork for such deals over the past year. They would be a big prize for Wall Street. The $2.3 trillion pension honey pot has $500 billion in "frozen plans" that are closed to new employees and whose benefits are capped

Nice catch from Business Week!

Note they mention GAO reports. Over in the bottom right column, we have a GAO feed on their latest reports. I'd say of all Government agencies, the GAO (the reports at least) are usually pristine when it comes to accounting and reports. Of course their results are so often ignored by our Congress, administration and private enterprise.

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Ballad of Pretty Boy Floyd

Read the last 2 Stanzas of the Lyrics as though Guthrie just wrote them yesterday:

" If you'll gather 'round me, children,
A story I will tell
'Bout Pretty Boy Floyd, an outlaw,
Oklahoma knew him well.

It was in the town of Shawnee,
A Saturday afternoon,
His wife beside him in his wagon
As into town they rode.

There a deputy sheriff approached him
In a manner rather rude,
Vulgar words of anger,
An' his wife she overheard.

Pretty Boy grabbed a log chain,
And the deputy grabbed his gun;
In the fight that followed
He laid that deputy down.

Then he took to the trees and timber
To live a life of shame;
Every crime in Oklahoma
Was added to his name.

But a many a starving farmer
The same old story told
How the outlaw paid their mortgage
And saved their little homes.

Others tell you 'bout a stranger
That come to beg a meal,
Underneath his napkin
Left a thousand dollar bill.

It was in Oklahoma City,
It was on a Christmas Day,
There was a whole car load of groceries
Come with a note to say:

Well, you say that I'm an outlaw,
You say that I'm a thief.
Here's a Christmas dinner
For the families on relief.

Yes, as through this world I've wandered
I've seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen.

And as through your life you travel,
Yes, as through your life you roam,
You won't never see an outlaw
Drive a family from their home.

"

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Burton Leed