October 17, 2011 - Ellen Schultz

  • Episode: 17005
  • (0)

Wyatt Cenac and Samantha Bee examine Mitt Romney's faith, Occupy Wall Street grows, and Ellen Schultz explains how American companies have decimated retiree benefit plans.

>> Jon: WELCOME TO THE DAILY

SHOW.

MY NAME IS JON STEWART.

MAN, WE'VE GOT A SHOW FOR YOU

TODAY.

SO GLAD YOU COULD JOIN US.

WE'RE BACK, BABY.

ON TONIGHT ELLEN SCHULTZ, THE

AUTHOR OF THE RETIREMENT HEIST

WHICH IS A GREAT FLICK.

STARRING JACK NICHOLSON.

I'M SORRY.

IT'S ABOUT PENSION FUNDS

MAXIMIZING THEIR OWN PROFIT.

IT'S SO FAR FETCHED.

HERE'S WHAT I THINK HAPPENED.

I THINK THE TATTOO GUY PUT A

HOT GIRL ON HIS LEG, RIGHT?

THE TATTOO GUY (BEEP) AND THEN

YOU'RE LIKE SCREW IT.

JUST THROW A BOBO-FET HELMET

ON IT.

WE'LL CALL IT EVEN.

THAT'S WHAT I THINK HE DID.

GET A TATTOO OF BOBA-FET AS A

WOMAN.

I DON'T BELIEVE THAT THAT WAS

THE ORIGINAL INTENT.

I BELIEVE THE ORIGINAL INTENT

WAS LIKE I LOVE I DREAM OF

JEANY.

WHY DON'T YOU PUT HER ON MY

LEG.

THEY (BEEP) HER FACE.

I'LL PUT A HELMET ON THAT.

OBVIOUSLY WE WERE OFF LAST

WEEK.

SO WE HAVE A LOT TO CATCH UP.

LAST WE LEFT OFF I BELIEVE

RICK PERRY'S ENTRANCE INTO THE

"PLEASE DON'T MAKE US VOTE FOR

ROMNEY" REPUBLICAN RACE.

PERRY BEFORE HE EVER UTTERED A

WORD SHOT TO THE TOP OF THE

FIELD.

UNFORTUNATELY RUNNING FOR

PRESIDENT DOES REQUIRE A GOOD

DEAL OF WORD UTTERING.

WHICH PERRY'S DONE ON FOUR

SEPARATE DEBATE OCCASIONS.

>> IS IT THE MITT ROMNEY THAT

WAS ON THE SIDE OF AGAINST THE

SECOND AMENDMENT BEFORE HE WAS

FOR THE SECOND AMENDMENT?

WAS IT... BEFORE HE WAS BEFORE

THE SOCIAL PROGRAMS?

>> Jon: THUS ALMOST COMPLETELY

NOT HELPING THE WIN FOR LOSING

THE BEFORE HE WAS WINNING NOW

HE... HEY, WHO WANTS TO SEE ME

ELECTRO CUTE A GUY.

I DON'T KNOW IF YOU NOTICED IN

THE POLL THERE BUT ALMOST ALL

OF PERRY'S SUPPORT APPEARS TO

HAVE GONE TO HERMAN KAINE

BECAUSE AGAIN NOBODY LIKES

MITT ROMNEY.

NOBODY.

HE IS LIKE THE REPUBLICAN

PARTY'S ULTIMATE SAFETY

SCHOOL.

WELL, WE'RE NOT GOING TO GET

INTO HARVARD.

UNIVERSITY OF TEXAS LOOKS LIKE

A STRETCH.

SO HELLO GLASS BREAUX STATE.

GO FIGHTING FALLBACKS.

WHY IS IT THAT RICK PERRY WHO

IS BASICALLY A 200-POUND BAG

OF CHOICE CUT GRADE-A

REPUBLICAN DROPPING LIKE A COW

PIE?

IS IT HIS MANGLED DEBATE

PERFORMANCES?

POSSIBLE.

QUESTIONS ABOUT HIS LESS THAN

PRISTINE RECORD AS GOVERNOR OF

TEXAS?

PERHAPS.

THE FACT THAT HIS FAMILY'S

LONG-TIME HUNTING FACILITY WAS

FORMERLY CALLED (MUMBLING) IT

HAS THAT NAME (MUMBLING.

>> I KNOW YOU'LL REFRAIN FROM

SAYING THAT WORD.

THE NAME OF THE PLACE WAS

CALLED NIGGER HEAD.

>> Jon: THANK YOU, BLACK

WALNUT.

BUT ACCORDING TO THE

GOVERNOR'S WIFE ANITA PERRY,

THE REAL REASON FOR GOVERNOR

RICK PERRY'S DECLINE IS

SOMETHING MUCH MORE INSIDIOUS.

>> WE'VE BEEN BRUTALIZED BY

OUR OPPONENTS, OUR OWN PARTY,

SO MUCH OF THAT IS I THINK

THEY LOOK AT HIM BECAUSE OF

HIS FAITH.

>> Jon: TWO THINGS.

NUMBER ONE.

WHERE ARE YOU?

YOU KNOW, YOU KNOW WHAT'S

CRAZY ABOUT THAT PAINTING

BEHIND HER?

I BET IF YOU REMOVE ANITA

PERRY THERE'S A PICTURE OF A

WOMAN WHO LOOKS EXACTLY LIKE

HER ALREADY STANDING THERE...

ALL RIGHT.

AND NUMBER TWO, REPUBLICANS

ARE BRUTALIZING RICK PERRY

BECAUSE OF HIS FAITH?

YES, NO ONE GETS IT WORSE FROM

THE BASE OF THE REPUBLICAN

PARTY THAN EVANGELICAL

CHRISTIANS.

OR AS THEY'RE ALSO KNOWN, THE

BASE OF THE REPUBLICAN PARTY.

BUT AT LEAST SOME EVANGELICALS

ARE FIGHTING BACK.

LIKE FIRST BAPTIST CHURCH OF

DALLAS PASTOR AND RICK PERRY

SUPPORTER ROBERT JEFFRESS WHO

GOES IN HARD ON MITT ROMNEY

SUPPORTERS.

>> MITT ROMNEY IS A GOOD,

MORAL PERSON BUT HE'S NOT A

CHRISTIAN.

MORMONISM IS NOT CHRISTIANITY.

IT HAS ALWAYS BEEN CONSIDERED

A CULT BY THE MAINSTREAM OF

CHRISTIANITY.

>> Jon: I MEAN, IF Y'ALL WANT

TO VOTE FOR A CULT LEADER, I'M

NOT GOING TO... THAT IS IS THE

SWEETEST, MOST GOOD-NATURED,

PLEASANT (BEEP) ON AN ENTIRE

RELIGION.

I HAVE EVER SEEN.

BLESS HIS HEART.

HE DESERVES TO BE IN HELL BUT

CERTAINLY ON A DIFFERENT FLOOR

THAN HITLER.

ARE WE READY FOR A MORMON

PRESIDENT OR SHOULD MAINSTREAM

REPUBLICAN CRISTIANS STILL BE

SUSPICIOUS.

FOR MORE WE GO TO SAMANTHA BEE

AND WYATT CENAC.

NICE TO SEE YOU GUYS.

( CHEERS AND APPLAUSE )

LET ME JUST START HERE.

WYATT.

>> WAIT.

>> Jon: I'M GOING THE START

WITH WYATT.

>> JUST A SECOND HERE.

WHY IS WYATT TEAM NORMAL?

OKAY.

THAT IMPLIES THAT MORMONS

AREN'T NORMAL.

>> PLEASE, IT'S JUST

SEMANTICS.

I'M NOT SITTING HERE

COMPLAINING THAT YOUR SHIRT

DOESN'T SAY TEAM TEAM CULT ON

IT.

>> WE ARE NOT A CULT.

MORMONISM IS A PROUD RELIGION

FOUNDED BY A GREAT MAN WHO WAS

GUIDED BY THE ANGEL MORONI TO

GOLDEN PLATES BURIED IN

UPSTATE NEW YORK THAT HE

PLACED IN A BOTTOM OF A HAT

WHERE HE READ THEM USING A

SEEER STONE.

RIGHT.

FROM THE GUY WHO BELIEVES THAT

JESUS COULD WALK ON WATER AND

HEAL THE SICK WITH HIS MAGIC

FINGERS.

>> YES.

BUT MORMONS BELIEVE THAT TOO.

>> OH, SHEEP WHISKERS.

YOU'RE RIGHT.

>> OF COURSE I'M RIGHT.

LOOK, WE ALL KNOW THAT JESUS

WAS BORN IN BETHLEHEM AFTER

BEING CONCEIVED BY THE VIRGIN

MARY AND THE HOLY GHOST.

>> THAT IS JUST COMMON SENSE.

>> ACTUALLY NOT EVERYBODY....

>> WE ALL AGREE THAT HE ROSE

FROM THE DEAD AND ASCEND TO

HEAVEN.

>> YES.

AND THEN HE RETURNED TO

MISSOURI.

>> CULT.

THAT'S CULTISH.

THAT'S CULT.

>> Jon: I THINK I HAVE FOUND

THE PROBLEM HERE.

NEITHER OF YOU HAS AN ISSUE

SUSPENDING YOUR DISBELIEF

ABOUT ANY OF THE STORIES IN

THE NEW TESTAMENT.

WYATT, YOU SEEM THROWN OFF BY

SOME OF THE MORE ECCENTRIC

TWEAKS THAT MORMONS HAS MADE

TO THE STORY.

>> LOOK WHO'S TALKING.

THE GUY WHOSE PEOPLE THINK

IT'S NORMAL TO HANG OUT IN

SOMEONE'S LIVING ROOM AND

WATCH A GUY WITH A BEARD CUT

OFF A BABY'S PENIS WHILE

EVERYONE EATS POUND CAKE.

WOO-HOO.

>> I HAVE A BEARD AND I

WOULDN'T LET ME....

>> NO.

>> Jon: IN MY DEFENSE, IT'S

JUST THE TIP.

AND THE CAKE IS IS INCORRODE I

BELIEVEY MOIST.

... IS INCREDIBLY MOIST.

BESIDES THE POINT.

WHAT WE WANT TO GET TO IS

SIMPLY THIS.

WHAT ARE WE DEALING WITH WITH

THE MORMON THING HERE?

IT SEEMS LIKE YOU GUYS AGREE

ON THE BASICS.

>> MAGIC UNDERWEAR.

>> Jon: I REALIZE MORMONS

AREN'T SUPPOSED TO SWEAR.

IS THAT THE BEST YOU CAN COME

UP WITH.

>> I'M TOO EXHAUSTED SINCE I

CAN'T DRINK (BEEP) COFFEE,

OKAY.

>> YOU SWORE.

>> BLOW IT OUT YOUR ASS YOU

SUCKING MOTHER....

>> Jon: GUYS, CALM DOWN.

WHAT I'M TRYING TO SAY IS

SHOULD BEING MORMON DISQUALIFY

YOU FROM THE PRESIDENCY?

I MEAN, YOU BOTH BELIEVE IN

JESUS, RIGHT?

>> YES.

>> YES.

>> Jon: AS LONG AS A

REPUBLICAN CANDIDATE BELIEVES

IN THE BASIC TENETS, I AM THE

WAY, THE TRUTH AND THE LIFE.

NO ONE COMES TO THE FATHER

EXCEPT THROUGH ME.

>> THAT IS A GOOD ONE.

>> Jon: LET THE ONE AMONGST

YOU WHO IS WITHOUT SIN BE THE

FIRST TO CAST THE STONE.

>> YOU'RE RIGHT.

>> WE ARE FIGHTING ABOUT THE

SILLY PROBLEM.

>> Jon: IF YOU WANT TO BE

PERFECT GO SELL YOUR

POSSESSIONS AND GIVE TO THE

POOR.

YOU WILL TREASURE IN HEAVEN.

>> OKAY.

>> Jon: THE MAN WITH TWO

TUNICS SHOULD SHARE WITH ME

WHO HAS NONE AND THE ONE WHO

HAS FOOD SHOULD DO THE SAME.

>> NO, NO, NO.

>> NO, NO, NO.

WHAT KIND OF OCCUPY WALL

STREET (BEEP) IS THAT?

>> I'M PRETTY SURE THAT JESUS

WAS A FREE MARKET GUY.

>> Jon: I'M JUST QUOTING

SCRIPTURE.

>> AHA.

>>

( CHEERS AND APPLAUSE )

>> Jon: WELCOME BACK.

HOLD ON.

DO YOU WANT TO SEE DARTH VADER

IN A BRA AND PANTIES?

HOLD ON.

WELCOME BACK.

ALSO WHEN WE WERE LAST ON THE

AIR, THE PROTEST KNOWN AS

OCCUPY WALL STREET WERE IN

THEIR INFANCY.

LET'S CHECK IN ON HOW THEY'RE

DOING NOW.

>> WALL STREET PROTEST STARTED

HERE IN NEW YORK LAST MONTH

HAVE NOW SPREAD TO MORE THAN

60 OTHER CITIES.

>> THE PROTESTS HAVE STRETCHED

FROM NEW YORK AND BOSTON TO

SEATTLE, LOS ANGELES.

>> Jon: NEW YORK, BOSTON

(BREATHLESS) THEY'RE LIKE THE

HARD ROCK CAFE OF LEFTIST

MOVEMENTS.

HEY, EVERYBODY.

TRY THE EMMA GOLDMAN BURGER.

IT'S A REVOLUTION.

THAT'S NOT THE ONLY GOOD NEWS.

>> THE MOVEMENT'S WEBSITE HAS

COLLECTED NEARLY $300,000 IN

DONATIONS.

>> Jon: YOU HAVE $300,000?

ALL RIGHT.

YOU BETTER CHANGE THE TITLE OF

THE PROTEST.

THERE YOU GO.

I'M KIDDING.

I'M SURE THE MONEY IS, YOU

KNOW, IS IN NO WAY GOING TO GO

TO THEIR HEAD.

THEY GOT A BUTLER.

SON OF A BITCH.

SIR, YOUR HASH, SIR.

PERHAPS THE BEST SIGN OF THE

MOVEMENT...

( CHEERS AND APPLAUSE )

PERHAPS THE BEST SIGN OF THE

MOVEMENT'S GROWING POPULARITY

HAS TO BE THIS.

>> LAST WEEK ON THE CAMPAIGN

TRAIL IN FLORIDA, ROMNEY SAID

THIS ABOUT THE OCCUPY WALL

STREET MOVEMENT.

QUOTE, I THINK IT'S DANGEROUS.

THIS CLASS WARFARE.

BUT MONDAY ROMNEY SOUNDED MUCH

DIFFERENT WHEN MEETING WITH

VOTERS IN NEW HAMPSHIRE.

>> I DON'T WORRY ABOUT THE TOP

1%.

I WORRY ABOUT THE 99% IN

AMERICA.

SO I LOOK AT WHAT'S HAPPENING

ON WALL STREET AND MY OWN VIEW

IS, BOY, I UNDERSTAND HOW

THOSE PEOPLE FEEL.

>> Jon: LOOKS LIKE WE MADE IT.

FIRST OF ALL, I LOOK AT THEM

AND I SAY, OH, BOY, YOU KNOW,

UMM: I LOOK AT THE 99% AND I

SAY, GEE, WOW.

THERE SEEMS TO BE A (BEEP)

THESE PEOPLE.

HONEY, GET THE GATE.

THAT'S HOW YOU KNOW YOU'VE

MADE IT.

WHEN MITT ROMNEY HAS TAKEN

BOTH SIDES OF THE ARGUMENT

ABOUT YOU.

OF COURSE IT HASN'T BEEN ALL

GOOD NEWS FOR THE MOVEMENT FOR

ALL THEIR POPULARITY FOR ALL

THE PARTICIPANTS WITH

THOUGHTFUL CRITIQUES OF OUR

POWER STRUCTURE.

THERE'S ALSO THIS.

A GUY TAKING A (BEEP).

YOU KNOW WHAT?

THE GUY (BEEP) ON POLICE CAR.

MEET ME AT CAMERA THREE.

NO!

NO, BAD.

NO!

NAUGHTY!

NAUGHTY!

( APPLAUSE )

HERE'S THE PROBLEM.

UNFORTUNATELY PROTESTS ARE

OFTEN AS MUCH ABOUT OPTICS AS

THEY ARE ABOUT SUBSTANCE.

YOU DO NOT WANT THIS TO BE

YOUR TIANAMEN SQUARE.

YOU HAVE TAPPED INTO A REAL

INJUSTICE THAT PEOPLE FEEL

ABOUT THE GLOBAL FINANCIAL

MARKETS.

NOTHING CAN DERAIL YOUR

MOVEMENT FAST EVERY THAN

SOMEONE WHO IS UNABLE TO

DERAIL THEIR MOVEMENTS.

WELCOME BACK.

MY GUEST TONIGHT AN

INVESTIGATIVE REPORTER WHOSE

NEW BOOK IS CALLED RETIREMENT

HEISTS, HOW COMPANIES PLUNDER

AND PROFIT FROM THE NEST EGGS

OF AMERICAN WORKERS.

PLEASE WELCOME TO THE PROGRAM

ELLEN SCHULTZ.

( APPLAUSE )

THANK YOU FOR BEING HERE.

>> THANKS FOR HAVING ME.

>> Jon: THE BOOK IS CALLED

RETIREMENT HEIST.

I DID NOT THINK... AND I'VE

THOUGHT A LOT ABOUT THIS

FINANCIAL CRISIS.

I DID NOT THINK THERE WAS

ANOTHER PIECE OF INFORMATION

THAT I CAN LEARN THAT COULD

STILL MAKE ME ANGRY.

THANK YOU.

>> ANY TIME.

>> Jon: THANK YOU FOR LETTING

ME KNOW I CAN STILL FEEL.

THIS BOOK IS ABOUT HOW

CORPORATIONS HAVE TAKEN

GIGANTIC WORKER PENSION FUNDS

AND JUST TAKEN THEM.

>> THEY'VE MANAGEDED TO TAKE

THE RETIREMENT PLANS FOR

MILLIONS, 44 MILLION PEOPLE,

AND TURN THEM INTO PROFIT

CENTERS FOR THE COMPANIES.

NOW PEOPLE ARE COMPLAINING

THAT THE PLANS ARE UNDERFUNDED

BUT THEY WERE FULLY FUNDED.

IN FACT THERE WAS A QUARTER

TRILLION SURPLUS AS RECENTLY

AS TEN YEARS AGO.

>> Jon: WHAT WOULD THEY DO?

YOU SAY THE PENSION FUND HAS A

SURPLUS.

THAT MEANS THE COMPANY, THE

WORKERS PAY INTO IT.

THERE'S A MANDATE THAT YOU

HAVE TO FUND THESE PENSIONS.

SO THEY HAVE A QUARTER

TRILLION SURPLUS.

HOW DID THEY DRAIN THAT?

WHAT DID THEY DO?

>> A NUMBER OF THINGS.

THEY SYPHONED MONEY OUT TO PAY

FOR RESTRUCTURING, I.E.,

GETTING RID OF OLD PEOPLE.

THEY USED SOME OF IT TO PAY

THEIR EXECUTIVES, PARACHUTES.

>> Jon: IF YOU GET A GOLDEN

PARACHUTE AS THEY CALL IT,

THAT MONEY COMES OUT OF THE

PENSION FUND THAT THEY HAVE

SET ASIDE FOR WORKERS.

>> THERE ARE WAYS TO DO THAT,

YES.

IT'S TAKE ADVANTAGE OF REALLY

TRICKY LOOPHOLES.

THEY ACTUALLY ALSO SOLD US IN

DEALS.

>> Jon: M-AND-A, OBVIOUSLY YOU

AND ARE INSIDERS.

>> I'M SORRY ABOUT THAT.

YOU COULD SELL A UNIT AND THEN

JUST SELL THEM SOME OF THE

EXTRA PENSION.

>> Jon: SO YOU WOULD, LET'S

SAY, COME IN AND BUY A

COMPANY.

AND PART OF THAT COMPANY IS WE

HAVE $2 BILLION IN PENSION.

AND YOU TAKE THAT AND DO WHAT

WITH IT?

>> YOU TAKE IT BUT THEN YOU

GET ANOTHER $500 MILLION EXTRA.

YOU JUST PAY 7 CENTS ON THE

DOLLAR FOR THAT.

>> Reporter: YOU DON'T PAY

THEM THE PENSIONS THAT THEY

THOUGHT THEY WERE GOING TO

GET.

YOU PAY THEM LESS.

AND THAT EXTRA MONEY YOU PUT

ON YOUR LEDGER AS PROFIT.

>> YOU CAN KEEP SOME OF THAT

EXTRA MONEY, YES.

TRUE, ALL OF THESE MECHANISMS

COMPANIES TOOK WHAT WAS REALLY

A PERFECTLY HEALTHY SYSTEM AND

JUST RAN THEM INTO THE ROUND.

THEY'RE COMPLAINING ABOUT THE

COST OF THE RETIREES.

>> Jon: WHY CAN YOU DO THAT?

>> WELL, THERE ARE LOTS OF

CLEVER LOOPHOLES.

AND COMPANIES HAVE CONVINCED

CONGRESS TO LET THEM DO ALL

SORTS OF THINGS OVER THE YEARS

CLAIMING IT WAS GOOD FOR

RETIREMENT SECURITY.

WHAT'S REALLY DISAPPOINTING IS

THAT WHILE THEY WERE DOING

THIS FOR EVERYBODY, THEY WERE

BOOSTING THE PENSIONS FOR THE

EXECUTIVES SO ALL OF THESE

CHANGES WHICH DECIMATED THE

RETIREMENT PLANS FOR MILLIONS

WERE BOOSTING THE PAY AND THE

PENSIONS FOR THE TOP 1%.

>> Jon: IT MAKES ME WANT TO A

(BEEP) ON A POLICE CAR.

AND I SAY THAT WITH ALL DUE

RESPECT.

I KNOW THE POLICE ARE DOING

THE BEST THEY CAN.

(GRUNTING)

WHY ISN'T THIS MORE PUBLIC

KNOWLEDGE?

IT'S SURPRISING TO ME THAT

THIS ENORMOUS... ALL WE'VE

HEARD ABOUT IS THESE

CORPORATIONS HAVING TO

RENEGOTIATE WITH THEIR WORKERS

THE IDEA THAT YOUR RETIREMENT

FUND IS THE ALBATROSS AROUND

THE COMPANY'S NECK.

>> THEY HAVE MANAGED TO KEEP

THIS PRETTY QUIET OVER THE

YEARS.

IT'S COMPLICATED MANEUVERS AND

COMPANIES HAVE DELIBERATELY

DECEIVED PEOPLE.

THEY'VE DECEIVED THE EMPLOYEES

AND CONGRESS.

I'LL GIVE YOU ON AN EXAMPLE.

ONE WAY THEY FINANCE THESE

HUGE EXECUTIVE PENSIONS WHICH

SOME COMPANIES LIKE GE IS IS

UP TO $6 BILLION.

>> Jon: UP TO $6 BILLION IN?

>> EXECUTIVE PENSIONS.

>> Jon: $6 BILLION IN

EXECUTIVE PENSIONS.

>> THAT'S HOW MUCH THEY OWE

THEIR EXECUTIVES.

>> Jon: $6 BILLION.

>> YES.

THEY EARNED IT.

>> Jon: HOW MANY EXECUTIVES?

DO THEY HAVE SIX BILLION

EXECUTIVES?

>> THEY DON'T DISCLOSE IT BUT

WHAT THEY OWE THEM IS ABOUT

15% OF WHAT THEY TO 500,000.

>> Jon: THAT COUNTS AGAINST

EVERYBODY ELSE'S FUNDED

PENSIONS?

>> IT COUNTS AS PART OF THE

LIABILITY, SURE.

SO WHEN COMPANIES COMPLAIN

ABOUT THEIR COSTLY RETIREES

THEY OFTEN DON'T POINT OUT THE

FACT THAT IT'S THE EXECUTIVES

THAT ARE COSTLY.

LIKE OMNI CARE, WHEN THE

EXECUTIVE RETIRED HE GOT $100

MILLION BUT THEY FROZE THE

PLAN FOR EVERYBODY ELSE.

FINANCING THIS STUFF THOUGH IS

WHAT REALLY SURPRISEDED ME.

THEY HAVE TAKEN OUT BILLIONS

OF DOLLARS OF LIFE INSURANCE

ON WORKERS AND THEY USE THE

LIFE INSURANCE AS EXECUTIVE

PENSION FUNDS.

>> Jon: WHO TOOK OUT LIFE

INSURANCE ON THE WORKERS.

>> NESTLE, WAL-MART, DISNEY.

>> Jon: YOU'RE ALLOWED TO TAKE

A LIFE INSURANCE POLICY ON A

WORKER.

DO THEY KNOW THAT THEY HAVE A

LIFE INSURANCE POLICY ON THEM?

>> THEY'RE SUPPOSED TO KNOW

THESE DAYS BUT THERE ARE

MILLIONS OF PEOPLE WHO HAVE NO

IDEA.

>> Jon: CAN I JUST LIKE GO OUN

THE STREET AND GO, THAT GUY IS

OLD.

I'M GOING TO TAKE OUT A POLICY

ON HIM?

HOW CAN YOU HOLD A LIFE

INSURANCE POLICY ON SOMEONE

WHO IS NOT IN YOUR FAMILY?

>> INITIALLY THEY WERE SAYING

TO CONGRESS, WELL, IF WE LOSE

A PART-TIME CLERK WHO HAS NO

BENEFITS IT'S GOING TO COST US

MONEY TO HAVE TO RETRAIN THEM.

CONGRESS SAID SURE DO THAT.

CONGRESS GOT TIRED OF THAT.

THEN THEY CONVINCED CONGRESS

THAT THEY NEEDED TO DO TO PAY

FOR RETIREEE BENEFITS.

THEY DIDN'T SAY EXECUTIVE

RETIREEE BENEFITS.

>> Jon: BY THEM BUYING LIFE

INSURANCE POLICIES I'M ONLY

ASSUMING THAT IS PROFIT THAT

GOES INTO AN INSURANCE COMPANY

AS WELL.

SO THEY'VE CREATED A SORT OF A

SELF SUSTAINING SYSTEM FOR

THEM.

>> NO IT'S LIKE A GIANT TAX

SHELTER.

WHEN THE EMPLOYEES OR THE

EX-EMPLOYEES OR THE RETIREES

DIE, THE DEATH BENEFIT IS TAX

FREE TO THE COMPANY.

>> Jon: THAT'S WHAT ALL THOSE

CAKES AND PARTIES ARE AT

CORPORATIONS.

THEY ALWAYS SAY IT'S FOR YOUR

BIRTHDAY BUT CHANCES ARE...

(LAUGHING).

THIS IS IS REMARKABLE.

AGAIN IT'S VERY EASY TO GET

INTO THIS IDEA THAT ALL

CORPORATIONS YOU CAN DEMONIZE

EVERYTHING THEY DO.

OBVIOUSLY THEY'VE DONE A GREAT

SERVICE AND AN ENGINE FOR THE

ECONOMY.

BUT THIS HAS GOTTEN WAY OUT OF

HAND.

>> IT'S... THEIR HANDS ARE IN

EVERYTHING.

VIRTUALLY EVERY RECOMMENDATION

THAT COMPANIES MAKE TO IMPROVE

RETIREMENT SECURITY

ESSENTIALLY HELPS IMPROVE

THEIR BOTTOM LINE.

IT DOESN'T IMPROVE ANYTHING

FOR THE EMPLOYEE.

>> Jon: WE'RE JUST TALKING

ABOUT PRIVATE PENSIONS RIGHT

NOW.

THIS IS NOT THE PUBLIC PENSION

SYSTEM.

THIS IS NOT ANYTHING OTHER

THAN THE WAY THAT THESE OTHER

CORPORATIONS CAN MANIPULATE.

TO BE FAIR TO THEM IF THE

ECONOMY TANKS....

>> THE STOCK MARKET GOING DOWN,

BUT YOU STARTED OUT WITH IF

YOU WERE LIKE VERIZON AND YOU

STARTED OUT WITH 24 MILLION

SURPLUS YOU KNOW THAT STOCK

MARKETS GO DOWN AND INTEREST

RATES CAN FALL AND YOU KNOW

THAT PEOPLE GET OLDER.

>> Jon: I HAVE TO TAKE ALL

THAT MONEY OUT TO BUY PHONE

CASES.

RETIREMENT HEIST.

IT'S ON THE BOOK SHELVES NOW.

READ IT WITH A GLASS OF WINE.

( CHEERS AND APPLAUSE )

>> Jon: THAT'S OUR SHOW.

YOU MAY NOT REMEMBER THIS.

YEARS AND YEARS AGO WE USED TO

HAVE THESE THINGS CALLED

BOOKS.

THEY WERE LIKE PAPER.

YOU WOULD HOLD THEM IN YOUR

HAND AND MOVE THEM AROUND.

WE WROTE ONE.

AND WE MADE IT OUT OF A HARD

COVER.

NOW WE'VE MADE IT SOFTER.

YOU CAN GET IT.

EACH ONE OF THEM WAS GIVEN ONE

UNDER THEIR CHAIRS.

OH, THAT'S EXCITING.

IT GOES ON SALE AT MIDNIGHT

TONIGHT.

ENJOY.

HERE IT IS YOUR MOMENT OF ZEN.

♪ IMAGINE THERE'S NO PIZZA ♪♪

♪ I COULDN'T IF I TRIED ♪♪

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