Jerry;


I worked for Ampex Corporation for 15 years and had over $30,000 in my 401K early 1990 when 16,000 of us were “downsized” (axed). We were told we could not touch or transfer our 401K accounts. A few months later we were informed to the effect, “Sorry, we invested your 401K in Executive Life”, and they went bankrupt. You have no 401K”. Many people in the United States had his/her retirement accounts invested in what was the largest bankruptcy of the Insurance Industry, thus no retirement.

Not to fear Charlie Brown! Another company bought Executive Life last year and I received a “pay out check” to close my account. Yes, I received a check for $9.92. That is it! Get the picture?

A representative of the present administration was asked if Congress should intervene on the question of 401K protection. She said, “No! 401K’s are something new and we have to gain more experience before taking any action”. Please! Twelve years since Executive Life is a long time to have not taken any action.

Now my next concern is that Ampex has gone from 20,000 to 50 employees. I will retire in a few years. Will I have a retirement? Until a couple of years ago, Ampex retirement had full medical, dental and vision coverage besides a monthly income. Now you only receive a reduced income and no benefits.

Yes, we were told, “Do not depend upon your Social Security check for your retirement. Invest in a 401K”! As you stated so correctly Social Security is used for many purposes other than for that which it was originally intended. I could list several things this fund is used for but I would be labeled a raciest and cause several international incidents. If anyone knows who Phil Burton is (D – San Francisco, California – dead – but his brother lives) you should be aware of at least one law he introduced that diverted Social Security Funds to individuals who never worked in the United States and are not citizens. These individuals only have to live in this country 30 days to collect full benefits – as if they had paid the maximum amount and worked until retirement.

For the last 32 years I have been told there would be no money for me through Social Security when I retire. It seems like I have been paying into the system since I was 16 years old.

The term “Golden Parachute” comes to mind. How many corporate executives have screwed up a company, received huge amounts of money to leave and go to another company to repeat his/her track record. Many people have suffered due to such incompetence, which is condoned by the business and political world. I know of several cases where such individuals have received over $100 million to leave. Yes, this is life in the “Big City” and all that. Greed is the name of the game. I got mine and screw you little man/woman!

Tom - Pissed off in Silicon Valley, but I have a smile on my face! :)