Business news without the bullshit

IBM closes down its
retiree health insurance program

"Obamacare will take care of them"

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Here is comes folks: Massive pension defaults

Actions like this have been a "quiet" policy of Corporate America for several years now and the trend is accelerating.

Big corporations are using arithmetical sleight of hand to throw retirees off the bus.

Since few retirees are actuaries and are incapable of analyzing the math, almost none of them realize how these "new and improved" programs are screwing them. Even when they do, thanks to Congress and the courts, there's little or nothing they can do about it.

This is a multi-TRILLION dollar scam and it's the first phase of the inevitable default of pension obligations worldwide. This is a major deflationary signal, perhaps the biggest one yet - and the least understood and acknowledged.

Ellen Schultz, a reporter for The Wall Street Journal, has covered the "new" retirement crisis for more than a decade.

Her book "Retirement Heist" explains it all. We'll be covering this topic in greater detail in the weeks and months to come.