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 theyâ€™re reversing the decision. They figured that the private guys were too risky to be entrusted with their lifeâ€™s savings.
Back here, private pension funds are to start operating from April 1, 2009. What a day! Symbollic ??!! Of course not. Itâ€™s the first day of the financial year and they canâ€™t help it Of course itâ€™s not without itâ€™s share of controversies.
Meanwhile in Japan, public officials discover to their chagrin the penalties for mismanaging pension records â€“ 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.