Something funny happening on the pension funds scene.
Remember Argentina a decade back ? Almost bankrupt, they liberalised their economy based on the directions of the World Bank/IMF. Pension funds too were privatised and people were given more choice and freedom. Now they’re reversing the decision. They figured that the private guys were too risky to be entrusted with their life’s savings.
Back here, private pension funds are to start operating from April 1, 2009. What a day! Symbollic ??!! Of course not. It’s the first day of the financial year and they can’t help it Of course it’s not without it’s share of controversies.
Meanwhile in Japan, public officials discover to their chagrin the penalties for mismanaging pension records – vigilante style.
Overheard on the pipes,
Q: Why did the Credit Card agencies start their own Pension Funds in the USA ?
A: They figured out that the people might have learnt a lesson from the market meltdown and start investing their remaining credit worthiness in savings plans like pensions.