With the recent spotlight on a runaway Prius, few are paying attention to the latest government plan to bail out failing banks with retirement money.
The Federal Deposit Insurance Corp., according to Bloomberg, now thinks it’s a good idea for public retirement funds over about $2 trillion to be slated to “buy out all or part of failed lenders.”
Last year alone, the FDIC reportedly shut down close to 150 banks, and it expects even more banks to fail this year. But a quick look at how the largest companies, like General Motors, are currently investing their employees’ pension funds is guaranteed to make a shiver up and down the spine of every working American. And, two things become clear: 1) your pension funds are at risk, and 2) any bank that depends upon your pension fund is also at risk.
huffingtonpost.com