How Failing Pensions Affect Taxpayers

There were hundreds of locations across the country and they couldn't compete in the marketplace. When Walmart started to make its entry into Canada and.

Private equity.

Got involved and then they put a figurehead in someone that they named CEO and three months later the business was gone. It was fully liquidated and gone. It happens all the time.

But the irony of the whole thing is all these guys made all this money on Sears which was essentially one of the largest retailers in the world for a number of years and then they went bankrupt and they dumped. I'll give you the exact figures, it's going to be in the book, but I don't know, somewhere 90,000 people failed pension, pension plan onto what's called the Pension Benefit Guarantee Corporation, which is the insurance group which.

Basically the government backed. We're going to save you to what degree we can and it's going to become a public liability that adds to the back of every taxpaying citizen.