I still cannot understand how a company can lose 95/99% of its share value over the past 12 months, and loud alarms bells were not ringing.
The government (and the tax payer) must be quaking in their shoes, because there must be other establishments in the very same position, who have been watching the rescues, and are now seeking bail-out plans.
Perhaps I am a lone voice, but I think that the governments, whether that is in the UK or elsewhere, should freeze any form of pensions,bonuses, golden handshakes that the 'managers' of these failing businesses seem to be allowed to keep.
Shares in financial institutions have been slipping for yonks but the directors and bankers chose not to worry, sweep it under the carpet and hoped that the Government would bail them out.
The amount of critical debt leverage in The States is now $68 trillion and the US Govt. want to rectify this with a $700 billion cash injection....they are having a fiscal laugh.
All UK (and the rest of the world) pension funds rely on share's earnings to pay their commitments and many have also invested heavily in shopping precincts and office blocks. These are the areas that have been heavily hit, are unlikely to recover for a generation and if I had invested a lot into my pension, to provide an income after retirement, I would be rather concerned.
Pensions, and thats possibly an overlooked and confused point of the 'average' pension holder. Every year, I receive a pension forecast from one large pension fund provider. And every year the forecast appears to state that my dues are reducing and the pension funds administration charges are increasing on a larger percentage. Now I and no doubt many other people in similar circumstances, are suppose to feel very happy about this.
No point in trying to transfer the funds, because due to regulations, there is a very great possibility that I would fair even worse off.
There was a program on television the other evening, when one 'world war 2 hero' saw his funds reduce by two thirds. Like many other people, he was wondering where all this (his)money had gone.
rdave13 As I live near the Welsh border in Shrewsbury your translation will indeed be useful (if I knew how to pronounce it). This is a nickname I inherited in the far east where I spend much of my time. The locals have problems saying my name which is Gordon and it comes out condom. It stuck and I use it in preference to gordon 351 or something similar which is harder to remember.