This is a Feature, Not a Bug

Private equity guys are parasites, stripping the assets from the companies that they take over, and leaving someone else to hold the bag.

It is no surprise therefor, that Eddie Lampert, who destroyed Sears by applying the management principles of Ayn Rant, is making looting the pension fund central to "saving" Sears & Roebuck:

Eddie Lampert’s last-ditch moves to save Sears have been lambasted by workers' rights groups, the company’s unsecured creditors and bankruptcy experts alike.

The latest stakeholder to come out swinging: the pension insurer for the U.S. government.

The Pension Benefit Guaranty Corp. during the weekend came out against Lampert’s proposed $5.2 billion bid for the struggling retailer. In papers filed in U.S. Bankruptcy Court on Saturday, the PBGC specifically pointed to a $1.7 billion funding gap that, the corporation says, Lampert’s bid doesn’t account for.

Plus, bankruptcy experts say Sears could become the latest example among retailers and other companies that, once thrown into bankruptcy, have their pension plans wiped cleaned.

This is how these rat-f%$#s pay for their 3^rd and 4^th yachts.

We desperately need to reform the corporate bankruptcy laws to eliminate this, "Heads I win, tails you lose," bullsh%$.