2008 will go down in history as the year's largest financial scandal since the existence of this small strip of land, seven million Chileans were "stealing" literally billions of dollars from their pension funds it is estimated that border the 40,000 million dollars, these figures sidereal not disappear, move to other pockets. These alarming figures correspond to 40% of the funds, we talk about 6 to 7 years of missed contributions. Owners of
Pension fund managers, not workers are listed if Chilean and foreign funds have like a huge games like the famous "Capital", our funds are playing Russian roulette, Full end funds do not belong. I wonder, how far have not read in the press that a manager was fired for this debacle?, On the contrary appear in the press and television continue to call on funds A, B and C even though these continue to fall, how amazing is that they were long ago took shelter in the funds "D" and "E", apparently not responsible for their actions, rather than hide behind bad that each contributor chose the bottom and in the fine print that nobody reads, it is stipulated that the responsibility of the contributor.
has been more than a quarter century since the other Piñera, José Piñera submit his spawn, to remember at that time the debate was no less the opposition, had not Congress, for this reason it is fairly easy for Mr. Piñera implement creation.
For those who worked at the time, remember clearly the pressures they were subjected to brutal for us we were to change, first sold the idea that as the discount rate lower, the home pay increased by that time had incomes lost much purchasing power, that was the first major wave of change, propaganda talk that this system would better pensions than the old system to the most reluctant to change was another kind of pressure, changed the fact no opposition was considered the ruling regime, a situation no less at that time.
After 27 years the system by itself speaks of failure, none of the above has occurred, pensions are lower than the old system, there is no assurance the funds to an economic crisis, part of the population does not reach not even a minimum pension, with the passing of the years, this system is full of patches, when said he was born with 10% of contributions enough, then created voluntary contributions, apv, different funds, you can now quote from a date forward in a background and keep it accumulated in another, apparently after patches patches.
Concertación governments also have a lot of responsibility, it is true that pension model was created without a parliament and an authoritarian regime, but it is also the story say that much of the time elapsed has been under democratic governments and administered by the conclusion, from this perspective we must ask, why so quiet government to this crisis?, remember that beyond the mountains, the government Argentina did not hesitate to nationalize pension funds, and repatriate them, why in Chile any of this to happen?. These questions will be very present in this election year, and will be very difficult to circumvent.
Meanwhile if you are a contributor to the AFP and its funds have them in the "A", "B" or "C" if you want to sleep easy change to the Fund "E" so you can sleep a little better, just remember this begins, not me, says the new president-elect of the United States of America, ie Sr.Obama, if he does not know, that remains to us.
Author: Leonardo Favic
E-mail: Leonardofavi@yahoo.com
3 de January de 2009
Pension fund managers, not workers are listed if Chilean and foreign funds have like a huge games like the famous "Capital", our funds are playing Russian roulette, Full end funds do not belong. I wonder, how far have not read in the press that a manager was fired for this debacle?, On the contrary appear in the press and television continue to call on funds A, B and C even though these continue to fall, how amazing is that they were long ago took shelter in the funds "D" and "E", apparently not responsible for their actions, rather than hide behind bad that each contributor chose the bottom and in the fine print that nobody reads, it is stipulated that the responsibility of the contributor.
has been more than a quarter century since the other Piñera, José Piñera submit his spawn, to remember at that time the debate was no less the opposition, had not Congress, for this reason it is fairly easy for Mr. Piñera implement creation.
For those who worked at the time, remember clearly the pressures they were subjected to brutal for us we were to change, first sold the idea that as the discount rate lower, the home pay increased by that time had incomes lost much purchasing power, that was the first major wave of change, propaganda talk that this system would better pensions than the old system to the most reluctant to change was another kind of pressure, changed the fact no opposition was considered the ruling regime, a situation no less at that time.
After 27 years the system by itself speaks of failure, none of the above has occurred, pensions are lower than the old system, there is no assurance the funds to an economic crisis, part of the population does not reach not even a minimum pension, with the passing of the years, this system is full of patches, when said he was born with 10% of contributions enough, then created voluntary contributions, apv, different funds, you can now quote from a date forward in a background and keep it accumulated in another, apparently after patches patches.
Concertación governments also have a lot of responsibility, it is true that pension model was created without a parliament and an authoritarian regime, but it is also the story say that much of the time elapsed has been under democratic governments and administered by the conclusion, from this perspective we must ask, why so quiet government to this crisis?, remember that beyond the mountains, the government Argentina did not hesitate to nationalize pension funds, and repatriate them, why in Chile any of this to happen?. These questions will be very present in this election year, and will be very difficult to circumvent.
Meanwhile if you are a contributor to the AFP and its funds have them in the "A", "B" or "C" if you want to sleep easy change to the Fund "E" so you can sleep a little better, just remember this begins, not me, says the new president-elect of the United States of America, ie Sr.Obama, if he does not know, that remains to us.
Author: Leonardo Favic
E-mail: Leonardofavi@yahoo.com
3 de January de 2009
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