Wolves devour sheep when shepherds are sidelined and wolves left to run rampant. This is an epidemic today. Reforms and enforcement are coming because the pendulum has swung too far in favor of the few at the expense of the many. See: As a grocery chain is dismantled, investors recover their money. Worker pensions are short millions:
According to a 2013 tally by Gotbaum, companies controlled by private-equity firms have used bankruptcy to shed more than $650 million of pension obligations. That leaves the government’s pension insurer or employees to pick up the tab.
Since bankruptcy law changed in 1978, Gotbaum said, “the business community has been inventing new uses of the bankruptcy courts. The private-equity community realized they could use Chapter 11 to do pension laundering…
“You should keep the promises you make to your workers,” President George W. Bush said in signing the last major U.S. effort in pension reform, the Pension Protection Act, in 2006. “If you offer a private pension plan to your employees, you have a duty to set aside enough money now so your workers will get what they’ve been promised when they retire.”
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