Using The Law To Lie And Steal
The Associated Press (AP) published this article July 5th:
Employers use federal law to deny benefitsBut Spherion Corp., the temporary staffing company where Amschwand worked, told Amschwand-Bellinger she would not receive any of the $426,000 in benefits she believed she was due. When she went to court, Spherion succeeded in getting her lawsuit thrown out. The Supreme Court on June 27 refused to review the case.And it's not just one company.
Amschwand-Bellinger received a refund of the few thousand dollars in insurance premiums she and her husband dutifully had paid. The total, she said, would not cover the costs of his funeral.
The story has played out often under the federal Employee Retirement Income Security Act. Designed to protect employee benefits, the law has been used by employers as a shield against suits.The court also recently turned down an appeal from Louis Gerard "Gerry" Goeres, who sued Charles M. Schwab & Co. over hundreds of thousands of dollars in retirement plan benefits.Perhaps this is why then President Clinton fired 93 U.S. Attorneys and the media didn't feel it worth reporting, and yet seemed to fret over President Bush's 8. It's just one more example of how selecting a president really doesn't matter if we don't pay attention to the collateral damage being done no matter who sits in the White House. A further explanation of how this is done is here.
For 16 months, Schwab mistakenly refused to acknowledge Goeres as the beneficiary in the retirement plan of his domestic partner, Stephen Ward, a Schwab employee who died in 1999. By the time Schwab acknowledged its error, the value of the account had declined by more than $500,000. Goeres sued for the rest. Federal courts dismissed the suit. "Unfortunately, legal relief is not available," U.S. District Judge Charles Breyer said in ruling against Goeres.
These things are planned so far in advance that it's difficult for folks to understand the ramifications of these actions. The few that do point them out are generally ignored, both by the press, and if too right on, they're character assassinated. Works every time. It's a very efficient way of replacing decent men and women with sociopaths, who look up to their sociopathic bosses and have no empathy nor conscience for us common folks. This is exactly how a country rots from the inside out.
It appears that through hedge funds and private equity companies, the boomers' savings, insurance and pension funds have already been gambled away into a few sociopathic hands, leaving the managers of these funds with little recourse except to use the law to keep from paying out any more than absolutely necessary.
Perhaps the time is nearing where the up-and-coming generation will see through the corporate B.S. and put their premiums into savings accounts of local banks NOT controlled by these major holders. Even putting part of it in physical gold and silver and hiding it would probably pay off better than trusting these corporate folks. I am NOT anti-capitalist! Any system of government with sociopaths at the top would be of detriment to us common folks. They don't want us to lie, steal or murder, but that's exactly what they do at the top to keep us submissive and poor.
Cutting off the blood flow that these financial predators need to continue their existence will perhaps cut them down to size so that they can no longer afford to buy off the legal system in order to lie and steal from their customers.
And this certainly applies to other forms of insurance, too. The large insurance and healthcare companies have these same TOP 10 Major Holders, and it's obviously getting way out of hand.
This business of Sometimes The Dragon Wins has got to stop!
NOTE: Vanguard manages three funds that control 1.87%.
Symbol Name Of Corporation SCHW
Charles Schwab Corp. (As of 31-Mar-2008) (As of 31-Dec-2007)
Top 10 Institutional Holders Shares Pct. Value FMR LLC (Fidelity) 42,627,039 3.72 $802,667,144 Jennison Associates LLC 35,623,712 3.11 $670,794,496 Barclays Global Investors UK Holdings Ltd 32,505,690 2.84 $612,082,142 Goldman Sachs Group Inc. 31,366,579 2.74 $590,632,682 State Street Corporation 29,969,845 2.61 $564,332,181 Vanguard Group, Inc. (The) 29,131,296 2.54 $548,542,303 KeyBank National Association 22,676,263 1.98 $426,994,032 Wells Fargo & Company 18,670,926 1.63 $351,573,536 Lord Abbett & Co 17,803,140 1.55 $335,233,126 Bamco Inc. 16,111,875 1.41 $303,386,606 % of Shares Held by All Insider and 5% Owners: 19% Top 10 [1.8%] of 544 Institutional Holders Control 24.13% Percentage of Barclays and "Associates" Control 14.91%
Fidelity manages a fund that controls 0.95%.
Lord Abbett manages a fund that controls 0.94%.
Therefore, the TOP 10 Major Holders control 27.89% of Charles Schwab Inc.
NOTE: Vanguard manages four funds that control 4.42%.
Symbol Name Of Corporation SFN
Spherion Corp. (As of 31-Mar-2008)
Top 10 Institutional Holders Shares Pct. Value Dimensional Fund Advisors Inc 5,279,361 9.62 $32,309,689 Smith (Donald) & Company Inc. 4,967,154 9.05 $30,398,982 Barclays Global Investors UK Holdings Ltd 3,835,398 6.99 $23,472,635 Vanguard Group, Inc. (The) 3,281,896 5.98 $20,085,203 AXA (Paris, France) 3,025,217 5.51 $18,514,328 Goldman Sachs Group Inc 2,717,635 4.95 $16,631,926 State Street Corporation 2,490,412 4.54 $15,241,321 Bank of New York Mellon Corporation 2,338,391 4.26 $14,310,952 Skyline Asset Management 1,968,120 3.59 $12,044,894 Heartland Advisors Inc. 1,500,000 2.73 $9,180,000 % of Shares Held by All Insider and 5% Owners: 1% Top 10 [6.3%] of 159 Institutional Holders Control 57.22% Percentage of Barclays and "Associates" Control 20.74%
Dimensional Fund manages a fund that controls 3.67%.
Heartland manages a fund that controls 2.73%.
AMG (Skyline Asset) manages a fund that controls 1.51%>
Goldman Sachs manages a fund that controls 1.26%.
Therefore, the TOP 10 Major Holders control 70.81% of Spherion Corporation, and
Barclays/Associates control 22.00%.
© 2008 by Edward Ulysses Cate
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