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Supreme Court Refuses Disabled Workers' Case

Leo Kolivakis's picture




 

Via Pension Pulse.

Robert Sibley of Postmedia News reports in the Ottawa Citizen, Panel refuses disabled workers' case:

The
Supreme Court failed to serve the "national interest" and thereby
jeopardized the disability insurance plans of hundreds of thousands of
Canadian workers by refusing to hear a case involving a group of
disabled former Nortel employees, says a financial expert.

 

"It was
in the national interest to hear the case so that 1.1 million
Canadians could be assured their disability insurance plans were
protected," said financial analyst Diane Urquhart. "The Supreme Court
of Canada has de facto allowed a court precedent to stand that
compromises every health and welfare trust in Canada for disabled
insured policyholders."

 

On Thursday, a
three-judge panel of the Supreme Court refused the group's request
for leave to appeal a lower court's previous decision rejecting the
former workers' attempt to challenge a court-approved settlement of
Nortel's restructuring. As is customary, the panel did not provide a
reason for why the court wouldn't hear the group's appeal.

 

Last
June, a group of about 40 disabled Nortel employees workers lost its
bid to extend benefits being terminated at the end of 2010 under a
restructuring plan that involved the allocation of funds in Nortel's
Health and Welfare Trust. The restructuring plan, approved by Ontario
Superior Court Judge Geoffrey Morawetz, called for future pensioner
life benefits to be included in distributions of the trust.

The
group, a minority among the company's 360 disabled workers and 19,500
others covered by the agreement, objected, saying the plan would
dilute existing claims of the disabled by $30 million.

 

According
to court documents, an employee who earned $50,000 a year before
becoming disabled would might see their annual income cut to $13,700.

 

However,
the Court of Appeal for Ontario denied the group's request for a
hearing on the settlement, upholding Morawetz's plan. The group turned
to the Supreme Court, hoping it would hear their appeal of Morawetz's
decision.

 

Urquhart, a
Mississaugabased financial analyst who has been working pro bono for
the disabled workers, was disappointed, saying the Supreme Court
should have taken the opportunity "to issue directions to Canadian
employers" for maintaining the financial viability and integrity of the
disability insurance plans they sponsor.

 

Morawetz's decision,
Urquhart argued, "has made every employer-sponsored disability
insurance plan in the country unsafe" because it allows pensioners the
legal right to take assets from the health and welfare trusts for
their future life insurance promised by the company. But this, she
said, "compromises" every health and welfare trust plan in the country
with respect to disability insurance. "You wipe out the insurance for
disabled workers."

 

In this way, by
refusing to hear the case, the Supreme Court has effectively opened
the door to allowing companies facing bankruptcy to raid trust funds
supposedly intended to maintain health and welfare benefit plans, said
Urquhart, a former research director with both Scotia Capital Markets
and the former investment firm of Burns Fry.

 

"There are 1.1
million Canadians whose private employer-sponsored disability
insurance plans are now unsafe if their employer goes bankrupt. That's
why we felt the Supreme Court should have allowed the case -- it's in
the national interest."

 

The court's unwillingness to act makes
it incumbent on the government amend bankruptcy legislation to protect
employees, she said. "The court could have made a decision to protect
these people within the current legal framework. They chose not to.
That means we need legislative change because the courts failed to
enforce the current protections."

 

In
the meantime, four members of dissenting group disabled former Nortel
employees have filed a complaint with the Ontario Consumer Services
Bureau under the provincial Consumer Protection Act.

 

They charge
that Nortel Networks, its suppliers, and Sun Life Financial, which
administered Nortel's disability insurance plan, engaged in "unfair
practices in the form of false, misleading or deceptive representations
to Nortel employees about its disability insurance."

I thank Diane Urquhart for sending me this article as it demonstrates more Supreme Injustice. There will be no justice for Nortel's disabled,
only more pain as they struggle to cope with the cuts they received
following Nortel's bankruptcy. Diane informed me that Peter Burns, a dissenting Nortel disabled employee, died on May 14th of this year. How
many more disabled have to die before we start taking disability
insurance seriously? The amounts we are talking about are a pittance and
yet bondholders made a huge stink about it. This decision has sent
Canada back to the Dark Ages, and I fear that this is one more assault
on labor as the conservative agenda looks to weaken the rights of
workers. We should all be very concerned (watch video below).

 

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Mon, 06/13/2011 - 17:42 | 1365871 Sedaeng
Sedaeng's picture

Lost me at "conservative agenda"... Thought this site has attempted to push us past the supposed left/right sides and bring us together that the 'govt/system' as a whole is phuking us? 

No more left/right, blue/red bullshit... conservative/socialism its all moot at this point... the system is going to crash & burn...

 

Mon, 06/13/2011 - 13:32 | 1365219 cramers_tears
cramers_tears's picture

I've not read anything here regarding Nortel's Fraud.  The Securities and Exchange Commission filed civil fraud charges against Nortel for accounting fraud from 2000 to 2003 to close gaps between its true performance, its internal targets and Wall Street expectations. Nortel settled the case, paying $35 million. Dunn, Beatty, and Gollogly were charged in June 2008 by the RCMP for criminal fraud related to their activities in 2002–2003. Former CEO John Roth took his 132 Million and fled at the end of 2001.  In 2009, Fraudster CEO Roth filed a creditor motion against Nortel to cover his ass and his personal assets against pending Class Action Suits.  http://retire-secure.blogspot.com/2009/12/john-roth-files-against-nortel...

These poor dumb employee bastards are deemed unsecured creditors and put on the lower rungs of Nortel's bankrupcty ladder.  So whether you like it or not... Employees - you're fucked.  The real lesson that might be learned here (just like Enron) - trust yourself, don't trust corporations - especially if you work for them.

Remember the movie "The Big Kahuna" - "That's right Phil, because the minute they can come up with robots to do what we do... is the moment we're out of a job, because that's exactly what they'll do... replace us with robots..."  Cash out of your fucking pensions and invest the money yourself, or prepare yourself for a calamity - As our beloved Tyler Durden has said before, "To supply oneself with a year's worth of supplies and the means to protect those supplies is one of the more cheaper ways to insure yourself."

Employees are just an input.   As far as pensions go... there really are none.  Take a look at the PBGC - 23.2B deficit as of 2010 Financial Statement.

Look at New Jersey -With all the wonderful talk of "responsibility" about those horrible employees, the SEC came out with a report 6 months ago that New Jersey refused to fund the states portion of the pension obligations for 13 of the last 17 years. Employees have continued paying their portion in full during that time frame.  The even better news is that the state filed bond offerings between 2001 and 2007 stating that these obligations did not exist (AGAIN WITH THE FRAUD ALREADY), and the pension fund was fully funded.  Gov. Christie is pushing the idea out there it is all those horrible civil service personnel, while ignoring reports of the SEC and refusing demands for a state investigation.  http://www.nytimes.com/2010/08/19/bu...muni.html?_r=1
SEC settlement of the federal investigation brought by the states bond holders.
SEC Charges State of New Jersey for Fraudulent Municipal Bond Offerings; 2010-152; Aug. 18, 2010
It is also good to note that Christie's recent stated course of action to skip the pension payment in 2011 violates his agreement with the SEC and the bond holders. That will certainly make things a whole lot better better for everyone...
http://www.nj.com/politics/index.ssf/2010/06/nj_budget_2011_state_will_skip.html

FRAUD IS SO PERVASIVE - even you ZHers sometimes carry-on like fundamentals matter, like there is such a thing as corporate integrity, like there isn't such a thing as a kleptocratic oligarchy, that the MIC, Wall St, The Banks, Gov Inc are our friends.  I listen to you righties and lefties rail at each other and you all JUST DON'T GET IT!  Pit the masses against each other and keep them distracted.  We've all got to start thinking differently. Since I'm having no success in promoting Non-Uni-Party Candidates for GOV INC, how about just voting the damn incumbent out!  Whoever it is - of course if you're on the dole from the incumbent you won't vote him out... but I figure there are more people not on the dole from these buttheads than on - so just vote the incumbent out.  Then the next time around, vote that incumbent out.  And just keep voting the incumbents out until we get someone who wants to work for the people and get some results and put some Banksters in jail or hell, just let them go bankrupt for God's sake.  They gambled - they lost, they're fucked!  It's like we're all (taxpayers) standing around a poker table watching GOV INC, MIC, Wall St, Banks, Foreign Agents, Nato, Bilderbergers, TriLaterals and the rest play poker and as soon as one of them gets low on chips, we're all reaching in our pockets to give the fuckers some more.  Excuse me but these people aren't even that attractive.  I don't think I'd have a chance with Hillary w/o some Viagra - maybe Palin, though.  And I'm sure Kissinger's having to pay for his. Just acknowledge that everything that exists now is Fraud.  See Janet Takavoli - "...Fraud as a Business Model," http://www.businessinsider.com/janet-tavakoli-fraud-as-a-business-model-... Try to figure out how they're going to cheat... that's the only think I look for anymore. Good Luck we Poor Dumb American Bastards.

 

 

 

Mon, 06/13/2011 - 11:46 | 1364888 SheepDog-One
SheepDog-One's picture

Leo I thought the QE and FED intervention was supposed to fix all this....YOU were the one for a very long time with all the confidence in the govt system.

Now the permabull gets all up in arms when the system fails the pensioners. Oh well Leo, this is nothing compared to the horrors against the people you'll see next. As Ive been saying to you for 3 years 'Welcome to the new world order'.

Mon, 06/13/2011 - 10:22 | 1364683 Bruce Krasting
Bruce Krasting's picture

Welcome to the new reality Leo. How many pensioners got screwed at Chrysler/GM? It would make the folks at Nortel seem like a small number.

If you think this is a story wait until you see what they HAVE to do to fix the USA Disability part of Social Security. That program has to be gutted. It is now sinking the retirement fund.

You're outraged. Don't be. This is just the tip of the iceberg.

But wasn't your QE supposed to fix all this? I guess not. Bernanke can't print paper and fix these problems. He can't even make stocks go up anymore. I suspect your outraged at that as well. Don't be. This is just the tip of (another) iceberg.

Mon, 06/13/2011 - 09:56 | 1364611 Nothing To See Here
Nothing To See Here's picture

Funny how every claim of every special interest group always is of "national interest", while having the same rules and same taxes apply to everyone in the country never is.

Mon, 06/13/2011 - 09:23 | 1364535 PaperBear
PaperBear's picture

Everyone that sees this piece of judicial news must get their funds out of their pension policies right now as those funds are not safe.

Mon, 06/13/2011 - 10:54 | 1364517 oddjob
oddjob's picture

Nortel was a scam and a fraud and anybody who worked there is equally as culpable.

Mon, 06/13/2011 - 09:18 | 1364513 paulmhuddleston
paulmhuddleston's picture

I can't believe the Canuks had the yarbles to do the right thing. Don't legislate from the bench. If the legislature got the law wrong the first time then go back and get it right. And don't tell me it isn't possible. It time for the northern neighbors to put on the big-boy-pants and fix this problem; if it is in fact, "in the national interest."

Mon, 06/13/2011 - 08:38 | 1364415 topcallingtroll
topcallingtroll's picture

Leo is now the new robotrader.

  He is so ridiculous and misinformed that we read his columns just to hate on him.

I am not going to give this troll any more attention.

In bankruptcy there is only a certain amount of money to divide up.  If they gave the 40 disabled people more money that means the larger class of 300 disabled plus 19500 who are relying on the insurance portion of this fund would be harmed.

The court made a good compromise that was in the interest of the majority of the stakeholders of the fund.

Mon, 06/13/2011 - 09:06 | 1364483 Leo Kolivakis
Leo Kolivakis's picture

Meanwhile Nortel keeps paying out huge bonuses! Give me a break!

Mon, 06/13/2011 - 08:33 | 1364399 DOT
DOT's picture

Tis the result of granting a property right to an asset that does not exist.

So much foolishness about forcing some one else to pay your way.

Mon, 06/13/2011 - 08:13 | 1364373 Leo Kolivakis
Leo Kolivakis's picture

My apologies, forgot the video:

Mon, 06/13/2011 - 08:29 | 1364359 Fiat Money
Fiat Money's picture

"The Supreme Court of Canada just threw us back into the Dark Ages..."

 Now you're catching on, ZH-ers!

 Yes, for the past couple decades or so,  Americans (especially "con-servative" Americans in business, Big business, or finance) looked at our neighbor to the great, white  north and said  "How quaint!  Aren't they 'LIBERAL' and 'SOCIALIST' and all"!

     But in fact Canada is a wholly owned subsidiary of the  Great British Imperial/financial empire... of which the deadly London Rotchilds clan sits at the very peak & apex of not just British empire control, but  WORLD  domination & control (including the AIPAC owned US con-gress, & GS, JPM, Fed = you-know-who owned US Treasury & Wall St.) 

   Indeed,  the r's money-printing cabal loves nothing more than: #1. OIL money; and, #2.  a close second, other RESOURCE EXTRACTION profits, whether the cotton of the slave fields in pre-Civil War USA, or the MINING WEALTH of the great mineral and ore deposits worldwide. 

   And when THEY look at CANADA... they see nothing but a GREAT BIG MINING PIT, to be STRIP-MINED, ACID-LEACHED,  FRACTURED, exploded, imploded, and exported, you know, the way those PEON West Virginians see the mining company come in and LEVEL an ENTIRE MOUNTAIN "don't worry about the water, it's perfectly fit to drink"!

     Yes, for most of the Cold War and post- WWII era, Canada's government had to at least PRETEND to offer SOME BENEFITS, and a good standard of living to Canadian taxpayer chumps.... 

 (otherwise, how would you explain or demand  that great SACRIFICE of Canadian military men fighting & dying by the thousands  in those mass-murderous 2 world wars)

 ...but now, with the GS/JPM/Fed/r's ENGINEERED TAKE-DOWN of the global economy,   those Canucks are getting a taste of what it is like to be an ENGLISHMAN after the Great Wars (WWI & WWII) - AUSTERITY, POVERTY, DEBT  etc. 

(until, that is, the English REBEL against their elite overlords, and DEMANDED SOME benefits and social security - which Margaret Thatcher, backed by the R's, has since DEMOLISHED.)

 (Eric Clapton, the child of a brief affair between an English gal and a Canadian soldier in England during WWII,  was born and raised after WWII in a household so poor, they didn't have a running water toilet, just an outdoor loo, according to his book-on-CD autobiography.) 

Mon, 06/13/2011 - 06:40 | 1364263 Steroid
Steroid's picture

Canada is one disabled nation. 1.1 million means almost 3% of the population.

Mon, 06/13/2011 - 05:58 | 1364243 mogul rider
mogul rider's picture

Leo I live beside a former Nortel manager on disability for 6 years. He played golf 3 times aweek in the summer.

Helped his stress apparently.

 

Now to be fair some of these workers were probably sick. But Leo, the Dark Ages never left, they just got clouded over by Reaganonmics where every worker deserved a house, a car, a job, a..........

Soft Socialism has failed my friend. You are just seeing the world reverting to the mean which is serfs die, lords rule.

 

Magna Carta fireburning at 6pm bitchez

Mon, 06/13/2011 - 08:24 | 1364391 Fiat Money
Fiat Money's picture

What you call "soft socialism"  is what others might call "democratic majority economics." 

    The Elites have ALWAYS  sought to CONSOLIDATE  EVER MORE power & territory (including human workers & slaves/drones) - and are perfectly willing to HACK & BASH EACH OTHER  (fellow elite nobles) at a moment's notice:  much less brutalize, rape, rob, pillage, and plunder a village of commoners who try to REJECT the Great Lord's CONFISCATORY "taxes" and raids.  

   IF  a democracy is functioning, the wee people WILL DEMAND  some portion of the WEALTH generated by their nation.  You call that "SOCIALISM"

 If you look at your medieval history, you'll find out that the POWER of the GREAT LORDS HAD TO BE BROKEN (feudalism ENDED),  because the great lords were IMPEDING trade, merchant, & banking activity, which is to say economic growth which demanded a merchant class free to amass wealthy, transport it, and trade it without fear of seizure & confiscation.

  Of course, the flip side of that coin is "when the people find that they can PRINT THEMSELVES MONEY,  it will herald the end of the Republic."

    The super-elite have long had the power to either CONFISCATE all wealth around them (that's what those TORTURE DUNGEONS in medieval castles are all about:  TORTURING people to give up their wealth & money!)  or, more recently, to PRINT THEMSELVES a few trillions.   

  A productive & functioning economy MUST lie somewhere between these 2 extremes, hyper-concentration of wealth, vs the public printing themselves unlimited 'money' - and in both cases, it is the MONEY CREATION (or printing), along with CONFISCATORY powers (taxes, monopolies, loan-sharking legalized extortion)  that must be finely regulated & overwatched.

Mon, 06/13/2011 - 08:42 | 1364427 topcallingtroll
topcallingtroll's picture

You talk about the power of the "great lords" and that the money should be taken from them and given to the people.

In practice what you do is define people like me as rich (less than 300,000 per year) and tax the hell out of me, making me lose my incentive to earn that marginal dollar and service those widgets that are facing long waiting lines.

The widgets and their owners lose out.  I take more vacation time because you haven't figured out how to tax that.

Ultimately we end up like spain with 25 percent unemployment and no way out of their socialist nightmare.

Socialism ultimately harms the people that it is pretending to help, but the harm takes about a generation to show up.  That is why people have a hard time making the link.  The link is that socialism disincentivises work and productivity and incentivises people just looking for a way to make an easy living taking money from others who are productive.

 

Mon, 06/13/2011 - 17:42 | 1365906 Fiat Money
Fiat Money's picture

uhh... TCT,  if you think $300k/yr puts you in "GREAT LORD" territory, you've either got a hell of an ego, are delusional,  or have wishful thinking.

 hell, a PAIR of rotchilds SERVANTS probably makes that kind of money. 

  (but that kind of cash certainly puts you in the "BRIBE local town council, to APPROVE your DEVELOPMENT plan, so they can JACK UP the prop tax rates on the wee people who FOUNDED, MADE, & BUILT that town... so they have to SELL and MOVE OUT"  decile !! )  

Mon, 06/13/2011 - 11:45 | 1364884 RKDS
RKDS's picture

I want to run this idea by you, Mr Productive.  I'm going to apply for a $100K in business loans to start a business.  I will start off by spending $75K on a Corvette because I deserve it for being productive.  Then I will spend $20K refurnishing my home office.  Last but not least, I will spend every day from now until default crying to the chamber of commerce, my senator, and people like you about how I just can't find anybody to design and build "my" widget for the princley sum of $5K minus insurance and fees of course (must have an MS in mechanical engineering and bring their own tools too).  All of these stupid lazy unemployed leeches are dragging capital down, dontchaknow.  Then if I don't get a government subsidy or free durkadurkas, I'll just default on the loan and let other borrowers pick up the tab.  It's the American way and the road to riches, right?

Mon, 06/13/2011 - 17:45 | 1365922 Fiat Money
Fiat Money's picture

"All of these stupid lazy unemployed leeches are dragging capital down, dontchaknow...."

 bs!    and anyways, IF you hadn't noticed, it is the TREAONOUS "elites" who have been SABOTAGING  family planning, REPRODUCTIVE health & health access, and SEXUAL RIGHTS, because they GAIN POWER by banging the elitest, autocratic "MORAL VALUES" drum. 

and, anyways, #2... so watcha sayin' there, rkds?   maybe ol' adolf had the RIGHT "SOLUTION"?   Maybe adolf a tad too sensitive a comparison... How about  KING LEOPOLD II of Belgium, who in late 1800s ran "the Belgian FREE STATE CONGO" as HIS OWN PRIVATE SLAVE PLANTATION, and if the populace didn't bring him ENOUGH rubber TREE SAP, he would CHOP OFF the HANDS of their wives & children (in addition to more murderous mayhem, which DEPOPULATED up to 30%,  50% or more in some locations, of the entire damned region). You APPROVE of THAT "Free State" business model?!

Mon, 06/13/2011 - 21:00 | 1366417 RKDS
RKDS's picture

I have no idea what your point is (assuming you even have one).

What I do know is that I've fucking had it with moneyed elites thinking they're elite because they have money and they have money because they're elite.  You're not, you're garbage.  Lazy, idle, conniving, deceitful, weak-minded, kleptocratic garbage.  And you're suffocating the workers who produce every ounce of wealth on Earth.  Fuck off and die, the sooner the better.

Tue, 06/14/2011 - 07:41 | 1367214 Fiat Money
Fiat Money's picture

 "f o & d...  the sooner the better"  

back at ya. bitchez!

  (let me try to explain something: obama's  OF, BY, and FOR  goddamn-sachs White House 'economics team' ARE NOT 'liberal' - they are RADICAL RIGHT-WING Wall Street, Goddamn-Sachs gangesters!   They   USE  as AN EXCUSE "STIMULUS" -  AS IF   GIVING trillions of  "free money" Bernanke bucks $$ to the failed, fraudulent, insolvent, con-gress bribing banksters  is going to get the economy moving. 

    WHAT GOT the ECONOMY MOVING from the GREAT  DEPRESSION to  WWII's  "arsenal of democracy"   vast production"ROARING ECONOMY, was STRICT  LIMITS on..  FINANCIAL PROFITS, interest rates, consumption (wartime rationing)  and HIGH TAXES on TOP MARGINAL INCOMES (90%!) 

 oh - and companies filling GOV'T CONTRACTS  HAD TO  comply with HIGH UNION  pay scales.  

     and in case you ain't figured it out - the WWII era was one of  STRICT, STRICT regulations, including THE DRAFT,  RATIONING, and SNOOPY  neighbors!    

  (not that I believe the USA today should require a WARTIME economy and WARTIME DICTATORSHIP police state powers,  just sayin'  HIGH WAGES,  DIRECT govt. SPENDING on HUGE contracts, and STRICT OVERSIGHT of  FINANCIAL bait-&-switch SWINDLERS and CON-ARTISTS was how America met the challenge of the worldwide war economy...

Mon, 06/13/2011 - 05:53 | 1364239 mogul rider
mogul rider's picture

Bailout Nation awaken!!!

Mon, 06/13/2011 - 05:50 | 1364236 mogul rider
mogul rider's picture

Leo works for the Feds. they don't understand the real world. Leo the company calved

 

nuff said, you take your chances in the private sector. That's the way the it is in the real world unlike your machine world.

Mon, 06/13/2011 - 08:47 | 1364430 topcallingtroll
topcallingtroll's picture

Leo is becoming an embarrassment.

He should explain where more money should come from to make these 40 disabled people happy.

 

Mon, 06/13/2011 - 04:46 | 1364217 Dirtt
Dirtt's picture

FWIW Anyone can walk into USC-LA County Hospital and get some of the best healthcare on the planet without insurance. The myth that healthcare is completely inaccessible for the needy is a CROCK OF SHIT.

Sure you may have to wait 10 hours if your ailment is non-threatening.

All governments should get the fucking hell out of healthcare. Those who fall through the cracks should be treated as what they are. A minority. What the private sector can not absorb is then the issue. Trying to insure 30 million Americans is pale in comparison to having a Chicago crime enterprise creating a health system for 300 million.

DoGSoRoS should be shot dead in its tracks. It is the most vile thought process I'll ever know. Next to Hitler. (oh wait)

Mon, 06/13/2011 - 04:06 | 1364200 goodrich4bk
goodrich4bk's picture

"How many more disabled have to die before we start taking disability insurance seriously?"

100%.  But the last time I checked, everybody dies.   

Mon, 06/13/2011 - 03:16 | 1364184 ebworthen
ebworthen's picture

 

Let's throw orphans of soldiers and the retarded under the bus too.

We can say it is Capitalism, Darwinism, Fascism, Socialism, whatever; just as long as we can label and marginalize those who aren't helping the party along it's o.k.

Evil capitalists, selfish socialists, rabid fascists - quick!  Come up with a label and throw those marginalized people UNDER THE BUS, INTO THE OVENS!

They are in the way of quarterly profits, they are in the way of progress, they will drain the pension, they will increase costs, they can't fight in the army, they can't build tanks, they can't find ways to deny the elderly health coverage on the phone with a happy voice, then whoever they are - LABEL THEM AND MARGINALIZE THEM!

Dream up 100 ways to deny a claim, to blame them, to stall the process, to wait for them to die or give up in despair.

We want only young strong avaricious people with no "liabilities", an appetite for mammon, a callus disregard for fellow human beings but a love for dogs, cats, and expensive gadgets (and no children to burden the insurance system).

We can grind the flesh & bones of the "defective" into cakes for workers in the mills and weapons factories.

After all, when will we really get this "asuterity" into high gear to pay off the bankers debts anyways?

The governments and banks need more cash, more power, less liability, more oppression.

</sarcasm off>

 

Mon, 06/13/2011 - 08:52 | 1364435 topcallingtroll
topcallingtroll's picture

if you start doing things so that owners of capital can't be sure that they can keep their capital (changing bankruptcy law to allow an unlimited entitlement to workers that supercedes claims of stockholders, many of which own the stock for their own meager pension plans), then don't be surprised when the cost of capital goes up eventually and more people suffer.

Have you tried to get a loan in Greece recently?  Set up a business  This is the end result of socialism, mass suffering of the marginalized.  This is what happens when capital is not respected and is abused by socialists.

Mon, 06/13/2011 - 10:38 | 1364713 ebworthen
ebworthen's picture

"if you start doing things so that owners of capital can't be sure that they can keep their capital..."

You mean like banks and politicians gambling with the mortgage payments, savings, retirements, and tax contributions of customers and constituents for their own profit & lie spinning?

I'm all for free market capitalism but the markets aren't free, our markets and the laws are debased, corrupt, invalid.

The capitalist/socialist debate is a red herring to feed the naive.

Mon, 06/13/2011 - 05:53 | 1364238 mogul rider
mogul rider's picture

blah blah blah Kinda sounds like a union worker actually

Mon, 06/13/2011 - 01:56 | 1364144 cranky-old-geezer
cranky-old-geezer's picture

I just can't wait till govt starts looting public pension funds.  Leo will go rabid foaming-at-the-mouth insane.

People who insist on living in a fantasy deserve reality beating them to a pulp.

Mon, 06/13/2011 - 02:02 | 1364147 akak
akak's picture

I just can't wait till govt starts looting public pension funds. Leo will go rabid foaming-at-the-mouth insane.

The RMS Batshit Insane Kolivakis already sailed a long, long time ago --- recently seen drifting toward the edge of the socialist flat earth.

 

Mon, 06/13/2011 - 08:52 | 1364447 topcallingtroll
topcallingtroll's picture

The government would have to loot pension funds if Leo were king.

He would propose an unlimited entitlement to disability and life insurance in bankruptcy.  Those claims would supercede all others.  Public pension funds that owned stock in any company such as this would see bigger loses in bankruptcy as money that should have gone to the public pension funds (being owners of the stocks and bonds of the company) goes to an unlimited new entitlement.

Who would ever set up a company in such a world with King Leo?  Pension funds would know not to invest in Canada because they would know that if there was ever a bankruptcy they would get nothing because of this new unlimited entitlement he created. 

Leo would create a class of super secured creditors, the stakeholders of the life and disability insurance, with infinite claims on the capital of the company and its shareholders.  Pension funds of ordinary workers would be harmed.

Mon, 06/13/2011 - 01:08 | 1364101 jackinrichmond
jackinrichmond's picture

what a ridiculous article. 

this is a specific case that certainly does not affect canada's (disabled) workers as a whole.  i personally support canada's stand on this.  we can no longer support private corporate bailouts.   governments have no business supporting private enterprise.  this is a corporate matter, not a government matter and the person that wrote this article is a headline whore. 

Mon, 06/13/2011 - 08:53 | 1364450 topcallingtroll
topcallingtroll's picture

Yeah I can't believe I gave Leo the benefit of the doubt for so long.

Mon, 06/13/2011 - 00:00 | 1364041 Yancey Ward
Yancey Ward's picture

Based on the facts, the complaint should be directed towards Canadian law, not the court.  The plans covering the disabled should be separate from and surviving of the corporation that sponsors them, but if they are not, then I see no reason right now that the beneficiaries of these plans should have greater standing than any other creditor in a reorganization.  These people may well have heartbreaking stories, but the law in this case must remain dispassionate.

Sun, 06/12/2011 - 23:48 | 1364023 boiltherich
boiltherich's picture

I am a 100% disabled veteran of the United States of America.  Most who hear me say that assume they have a right to pore through my medical history because after all "I am paying for it."  Others look at me and say that I could work, I am very smart, I drive a BMW and must be overpaid.

Yep, I do drive a nice little 328i convertible, and I say there is no worse asshole than a jealous asshole.  But, it also took from December 1979 to mid 2006 to settle the case, you try going 27 years to get justice, and now that a judge rather than a bureaucrat decided I am in fact disabled, when I was harmed as a teenager, now in my fifties, you all can't wait to tear me and my "disability" apart.  I say great, bring it on.  Just get rid of the Feres Doctrine that says a GI can't sue the government for damages suffered on active duty.

This is what I hate most about capitalism, the reason I cannot and will not support it, capitalism is self destructive in that it only can take the cream of every generation and dispose of all who do not produce to their standards.  In the human community from day one till now there were people who were good at some things like hunting and others that stayed home and wove, raised the kids, and one day they discovered that while the macho assholes were gone killing animals the gay boys invented agriculture and writing, contracts. 

You live in a society where not all people can contribute as you do.  You can hate that and refuse to play or you can be generous and accept that you live in a world where all people have a contribution to make even if you do not understand that today. 

 

You say for example that you hate abortion, the bumper stickers talk about the rights of the unborn, or preborn now.  I say hey, I would have been one of the masters of the universe had I not been harmed in the military doing your business, fuck the unborn pay attention to the born, and yes you do owe me no matter how much you think you don't.  I do not mean a pat on the back and a day every November where you say thanks vet, I am talking about a chunk of that silver you hold, because I did what I did for you you got that silver, had I not served the silver would not be yours to start with. 

And then it comes to this, I was raped.  Big black guy and I will never get past it.  I tried to kill myself at a few weeks past my 18th birthday but failed.  My life has gone on but it has not been worth living.  What do you think justice is worth?  What do you think a government coverup is worth?  What do you think your life is worth?  I was 17, I had an IQ as high or higher than 95% of you, I had respect for values, I had ethics, I loved people.  And I will not allow cynical fuckers poison my mind against human advancement just because of a few dollars. 

 

When wrong is done wrong has to be paid for.  Good is an asset, wrong is a liability.  I was wronged, I will be compensated, the same for the Canadians.  You can deny owing it, but you will pay anyway. 

Mon, 06/13/2011 - 08:52 | 1364436 bronzie
bronzie's picture

"I am a 100% disabled veteran of the United States of America. "

a horrible thing happened to you but it wasn't my dick that violated your body - why, exactly, should my tax dollars provide you a living?

you appear to have some messed up logic (or psychology) if you really believe that the United States of America is at fault for your rape - sounds to my like you have wasted 27 years of your life ...

Mon, 06/13/2011 - 02:57 | 1364172 plata pura
plata pura's picture

it be not the alligators but the allegations; further'r more capitalism be not the problem, capitalist's in their unfetter'd state be. end corporate personhood in these states unit'd by inserting natural before person, in the constitution.  

Mon, 06/13/2011 - 01:58 | 1364146 defender
defender's picture

you try going 27 years to get justice

So you are saying that after 27 years, you never once decided that you should just get on with your life?  Well, lets look forward then.  Now that you have been getting your paycheck for five years, what are you doing to become that "master of the universe"? 

Here is an analogy for you.  Two men walked out onto the beach, and saw a candy wrapper laying on the ground.  The first man walked up, pointed at the candy wrapper and yelled at everyone near by "Who's going to pick that up?"  The second man walked up, bent down and picked the candy wrapper up before going on his way, enjoying the afternoon air. 

The difference between the two men is responsibility.  And I guess that this entire post is just asking the question "When will you take some for yourself?"

Mon, 06/13/2011 - 00:26 | 1364074 Dixie Frank
Dixie Frank's picture

I too am a Disabled Vet. You sir are a fucking asshole-rambling shit for brains idiot. When it all comes apart, I pray the hungry hordes eat your stupid ass.

Mon, 06/13/2011 - 00:07 | 1364049 topcallingtroll
topcallingtroll's picture

I was a psychiatrist at the VA and i know your type well. The psychiatrists were correct about you the first time. You are just an entitled asshole with a severe personality disorder.

Just keep in mind everyone you see at the VA knows exactly the kind of manipulative slimeball that you are.

Most people who see a semi articulate person driving a BMW with no obvious disability (except he is too much of a jerk to get hired) know exactly what you are as well.

Entitled asshole fakers like you are the reason most psychiatrists wont even considee working for the VA

Mon, 06/13/2011 - 11:37 | 1364792 Bob
Bob's picture

My, my, the contempt that apparent borderlines evoke in the narcissists who run the show, "topcallingtroll."

It's perfectly diagnostic.  Absence of genuine empathy, rage when own sense of entitlement questioned, self-idealization, devaluation of others, etc.  Check your DSM-IV. 

Since you're so committed to "keeping it real," let me give you a tip: Everybody around you--and those like you--ridicules you all day long behind your back.  You live in a social bubble of complete bullshit, "doc".

For that reason, I almost feel sorry for you.  After all, how could you even know?

Unfortunately, you're the mental health system's version of a bankster, both in character and your power to squeeze the system for your own gain. 

Mon, 06/13/2011 - 06:40 | 1364260 taraxias
taraxias's picture

 

@ topcallingtroll

I feel sorry for everyone that has come in contact with you at the VA needing your "services" as a psychiatrist. Your biases are supposed to be left at the door when you examine and counsel someone for psychological trauma. You have no idea about the emotional trauma this man may have suffered from being rapped but you immediately come to the conclusion that he is an "entitled asshole with a severe personality disorder" and that he is "a manipulative slimeball".

I have no idea where you got your psychology degree from but you are fully entitled for a refund. On the other hand, it's not the academic institution that's at fault here but your perverted sense of what's right and wrong and your psychopathic, antisocial personality likely stemming from observing your drunk father beat up your mother night after night. You are a troll indeed, a very sick troll at that, who enjoys berating posters on here to lift his low self-steem. Go see a real psychiatrist, it might be a revelation for you.

 

Mon, 06/13/2011 - 00:22 | 1364068 boiltherich
boiltherich's picture

You speak well for the right wing, nobody that looks at these two posts will misunderstand the position of the right vs. the left.  Nothing I could have said would have demonstrated your ilk better, so thank you troll. 

Mon, 06/13/2011 - 02:40 | 1364152 cranky-old-geezer
cranky-old-geezer's picture

Don't look now moron, but the left is selling your crybaby asses out as we speak.

Neither side wants a raving lunatic like you.

Mon, 06/13/2011 - 00:15 | 1364063 topcallingtroll
topcallingtroll's picture

Oh...and assholes like you dont get laid much either, even if you do drive a beemer.....because not only are you too much of an entitled jerk to get hired you are such a jerk with such poor people skills that
you probably never get a second date, unless it is a fat ugly chick.

Deny as much as you want. I got your number, buddy. I spent three years with your type at the VA. People like you make it difficult for the truly disabled to get the help they deserve.

Mon, 06/13/2011 - 12:25 | 1365008 SilverFocker
SilverFocker's picture

Topcallingtroll = Just another small dick with a big ego......You got who's #, you dont have shit because you are just as screwed up or more than the people you claim to treat. You and those like you are no more than sponges in a screwed up medical system who pretend to hold practice and support Merk, JJ and the likes.

Psychiatrist = FUCKTARD, THE MEDICAL EQIVELENT OF A BANKSTER.

Talk about assholes not getting laid.........medicate much?

Mon, 06/13/2011 - 12:05 | 1364960 MobBarley
MobBarley's picture

And you earned money why? To be a self entitled sociopathic narcissistic (LOL) vitriolic rage machine?

I'd so much rather you spent 5 months on the frontlines of Iraq

and didn't come back.

 

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