http://www.rollingstone.com/politics/blogs/taibblog/dan-loeb-simultaneo…
Ignoring the author's whiny conclusion (this is rolling stone, after all) this is a great article. Dan Loeb is pretty badass for going this route.
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lol rolling stone
It was retweeted, and yes I feel dirty
This isn't a problem because "closing" a defined benefit plan doesn't actually take anyone's benefits away from them, it closes the plan to new employee hires from enrolling in it and they are given the DC option. Anyone who had been contributing to the DB plan will still be covered by it (unless they elect to switch, which they can and are often offered incentives to do so). DB plans are obviously a huge problem (see California, Illinois) and there is nothing wrong with being against them going forward and also willing to help them invest their funds in the meantime. The writer is kind of a douche.
Oh he's unquestionably a douche. I guess I should have clarified more. I think the article blows (especially the conclusion) but I think Dan Loeb's method is amazing.
Kind of? Seriously? It's Matt fucking Taibbi. He's the king of douches. The guy that writes OWS style pieces about Wall St., yet was never smart enough to get a job on the street or in finance in general.
I mean, if this isn't the definition of douche, what is?
Kangol? Is this 1999?
Yeah I was judging based on the article alone but he definitely has other douche qualities that I am now aware of.
Matt Taibbi is laughable. Not sure what's so "badass" about Dan Loeb in this case though. Courting pension funds is par for the course as far as large HFs go and lobbying against defined benefit plans is merely advocating for realistic fiscal policy. The only hypocrisy going on is in Taibbi's mind.
If you really think about it, he's performing his fiduciary duty. His duty is to the plan's participants as a whole; not the plan itself. Pushing for DC plans for future employees gives current DB plans a better chance of survival. These people are only raging against it because they'll be out of jobs that consist of traveling around on the taxpayers dime and giving out taxpayer money to whoever can kiss their ass the best.
reading the comments makes me angry
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