My Dear Friends,
Are you still mulling over Harry Schultz and my statement that this is it? Are you stuck in the grip of inaction because some modest inconvenience is required in order to protect you and your family?
There isn't a dime in this for us, just a lot of frustration when we see only a few thousand out of the hundreds of thousands that read this site protecting themselves. Very few of you have done anything more than look for a tip to trade with.
I told you months ago that this is it through a personal email to those that requested to be on our free email list. Not only have I told you recently that this is it, but that the "it" of that formula is now. I do not, like last night, stay up well past the end of the day attending to you and my corporate responsibilities for some ego-bound purpose. You hear from me seven days a week. Are you going to take responsibility for your personal financial safety and do the necessary?
It is so simple. Eliminate as many financial agents between you and what is yours as possible. Do it NOW!
If only 13% act then I am deeply disappointed at your reaction to reality. Monty, Trader Dan and I have no intention of being used as a tip sheet. Kiss your pensions, both vested and God help you if not vested, away.
Pension funds are taking massive hits that have significantly reduced and in some cases eliminated for practical purposes what many have been counting on for retirement. Are you going to wait to see your bank and broker go also?
There is no way a government guarantee via quasi-government entities can insure all pensions and deposits up to $100,000. That is a master insurance accountant's worst nightmare.
Have you prepared a thank you note to the herd of millionaire OTC derivative geeks for their fine work?
Before this is over these financial sociopaths will anger the wrong person and someone will pay the ultimate price. Like the experience of a recently incarcerated hedge fund manager, you can run but you can't hide forever. Did you know his mother turned him in to the authorities?
Respectfully yours,
Jim
Pension plans suffer huge losses
Report says weak markets, credit crunch have drained $280 billion from plans of largest U.S. companies
By Lara Moscrip, CNNMoney.com contributing writer
July 7, 2008: 4:38 PM EDT
NEW YORK (CNNMoney.com) -- Falling stock markets around the globe and the credit crunch are putting the pension funds of some of the largest U.S. companies into deeper financial holes, according to a report released Monday.
Since the credit crunch hit last fall, pension plans funded by S&P 1500 companies have lost about $280 billion in assets, according to an actuary at Mercer, a human resources consulting firm.
On paper, the losses from last October tally $160 billion. However, according to Mercer actuary Adrian Hartshorn, the asset losses are closer to $280 billion when pension plan assets and liabilities are considered together. The losses amount to about 7% of a total $4 trillion in pension plan assets.
Companies should be concerned, he said, because - assuming no change in the market - a typical U.S. company can expect their pension expenses to increase between 20% and 30% in 2009. That's due to the higher cost of servicing the pension plan's debt and the smaller return from the plan's assets.
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