Should we think about a Class Action Law Suit?

United States
January 30, 2009 12:01am CST
Hey the white collar pirates have stolen our retirement savings, shouldn't we be up in arms about that? Did you or I earn money to give it to some highfalutin executive to do with as they please? How about people that bought houses they couldn't afford while we the good people try to get buy paying our debts and cutting corners as best as we can to accomplish our goals? Did you give money to others and lose control of the money that you worked so hard for? Lots of work and little pay and it is gone, where did the money go? Let's get the money back... Let's stop the crooks in their tracks. Let's hold the crooks accountable...
3 people like this
12 responses
• United States
31 Jan 09
I think we should! we will need a lawyer... OH!! OH!!! OH!!!!!! PICK ME!!! PICK ME!!!! I'm a late night lawyer!
2 people like this
• United States
31 Jan 09
Well if I was to ever do what I wanted to do, I would have the car that I always dreamed of owning and it would hug the track and do around a mere 200 mph... Knowing you we would be finding out if it really does 200 mph... At that speed I would be wide awake watching yer every move, smooth and steady and we will see how close to the wall you can drive... Now how are you in traffic? As our lawyer you did provide a waiver right?
1 person likes this
• United States
31 Jan 09
STOP!!! yer asking me too many questions! I get confused easily! my answer is BLUE!
2 people like this
• United States
31 Jan 09
Of all the things about me that should scare ya.. you let my driving scare ya! sheesh!
2 people like this
@Guardian208 (1095)
• United States
31 Jan 09
I'm with you. But it will never happen, and its our own fault. We are not upset that Geithner was appoint Treasury Secretary when he has violated tax laws for years, rather than hold him accountable, he got a promotion. Sandy Berger was caught sneaking documents out of the National archives and was never prosecuted. The list goes on and on. We excuse our leaders from accountability. These are the same leaders who are tasked with making and upholding the laws of our country. We MUST hold then accountable for their actions. Only then can we be sure they will do the same for those who break the law and take advantage of us.
2 people like this
• United States
31 Jan 09
Here is the thing I moved some stuff around and made sure that I was spread out really thin, but all the same I still took major losses. Now as I look back I see the truth, we have all been lied to all along. My greatest fear of gambling with my money has once again come true, it is like the boys on the playground they cheat and take everyone's money, I learned real quick as I watched them play with each other. Now we all know that the social security system is a failed system and my fear of the stock market then when the 401K project was proposed and we were all but forced into participating that this was a risk and there were no guarantee's. Here is the thing that I realize now... The crooks are the leaders of the corporations that have swindled our earnings by putting mortgage notes on the stock market, if it would have been left to business loans where would we be today? Who allowed the bundling of those mortgages to get out into the market? How would that have changed the bank and the insurance companies reserve and that is another issue, the federal reserve insures the money in banks for what reason? Has a bank ever needed to fall back on the FDIC to bail out a deposit? I wonder what the statistics are for that agency to be required to be in existence? Maybe the FDIC as a resource should be redirected to risky investments. Where there is risk that is where there should be insurance, the rest can be planned for. Good planning equals no risk...
1 person likes this
• United States
10 Feb 09
I agree with all you've said but I think that your anger towards large corporations is misplaced. Though many are fraught with corruption, they gain nothing by taking advantage of their employees. To do so is short sighted. It happens but that is not the big problem in my opinion. It is our government and our tax code. All the deferred tax, qualified retirement plans are designed using the tax code. a qualified plan is a tax deferred plan. Qualified by whom, you may ask. By the government and our tax code. We advise that you DO NOT use a tax deferred plan for your retirement. Think of it this way. If you were a farmer, would you rather pay tax on the seed or the harvest. The seed of course, it is a much smaller amount. That is how these tax deferred retirement plans work. They are huge annuities for the government. they know how much money is invested in those accounts and they know when each of us will be required to start withdrawing from them. Our tax deferred retirement accounts are not assets for us, they are assets for the government. That's why there is always such a big push to get people to invest in them. It's a crying shame.
1 person likes this
@KrauseHome (36449)
• United States
31 Jan 09
Personally the problem is, and will continue to be that there will be people in High offices finding ways to make people take advantage of something they cannot really afford, and then making the rest of us suffer. When now due to everything going on with the Bank Buyouts, etc. why is there NO $$ to loan people, and even with Good credit people are not able to get loans? It makes you really wonder what is going on, and why were they allowed to hand out $$ before not caring what happened in the long run. I guess we can only hope that somehow things are able to change for the better someday for sure.
2 people like this
• United States
31 Jan 09
For sure and soon... I'm watching... As is the rest of the world...
1 person likes this
@Lakota12 (42600)
• United States
30 Jan 09
I didnt have any money in anything . But I know that my son in law is 401K adn lost about3,000$ tht shoulod have gone in his portfolio . So not sure what they should do . And if every one broke if ya sue will ya get the money back!?
2 people like this
@Lakota12 (42600)
• United States
31 Jan 09
Been if it for a few years as long as his emplorer has done the 401 k deal. You might have to cut loosses and get it done!
1 person likes this
• United States
31 Jan 09
It sounds like he just got into the market... I'm thinking of cutting my losses, I can't take anymore losses...
1 person likes this
@suspenseful (40193)
• Canada
30 Jan 09
It might not work in Canada, but it would in the States. You have to get your neighbors and as many people together and get them to sign a petition. Also you have to get a lawyer, and possibly find one that works pro bono because as soon as yo do this, the government will get their lawyers and they will start delaying and costing you more money. But you see what happens with an all Democrat house, congress, senate, and president. It is the ordinary people who work hard and are not freeloaders that lose out.
• United States
31 Jan 09
I hope that the Democrats take the initiative and get the ball rolling on this issue, they could capitalize so big, by prosecuting the people responsible for the losses and taking back what was stolen. The exposure might make your skin crawl, especially when it is revealed who all is responsible for our current state of business both nationally and globally. We might flush out a few people that you would not suspect.
2 people like this
@suspenseful (40193)
• Canada
31 Jan 09
I do not trust the Democrats. I am sure that there are some to blame - after all they were for giving loans to people on basis of color and ethnic group on who would be unable to pay back. I am sure that it was not just the Republicans in the last term or Bush who did so, but I am positive that when the class action does occur, they will make sure that they look lily white and it was all Bush's fault.
1 person likes this
@Aingealicia (1905)
• United States
30 Jan 09
Honestly I am not sure what we can do on this one. I am with you on this one. It is very surreal for me here in NYC because I can walk down Wall Street and no, no one is jumping out of windows yet. I am trying to do my part though as are you or anyone who bucks and questions the system of what we see. Ainge
2 people like this
• United States
31 Jan 09
The elite traders are not worried they are sitting pretty, they should be prosecuted and a class action would be a good start, sign me up... There are other things we could do also, Getting those interest rates down so that people can refinance would be a great start.
2 people like this
• United States
31 Jan 09
Oh I have been reading about those things today. Part of research for the story I am working on and came across some very interesing sites. I will get them posted when I get my notes together. Ainge
2 people like this
@riyasam (16556)
• India
30 Jan 09
if injustice is meted out against,i do hold a sort of protest by telling others the reality(greviance) and take thir signatures against the corrupt official and have some action taken against him. after all,unity is strenght.!!
2 people like this
• United States
31 Jan 09
An international petition on behalf of all the poor people that have lost out... Let's shake the money tree's...
1 person likes this
• Philippines
30 Jan 09
I had been a victim of this crooks for a long time--i helped out, lend my savings to them and stood up as a guarantor for personal loans so they could start over with their life since they were stuck with a lot of debts...i thought it made me a good being to help out since i sincerely wanted to help them because i didn't know who they are and what they are capable of doing...so, after lending them money, they run away--left me paying for their debts--and working sh1t everyday just to pay it...now, i hardly trust people when it comes to money matters...i prefer to stay out and leave them with their business
2 people like this
• United States
31 Jan 09
Yep, I hate to see people fall behind for things that are not of their own doing, and that is where we should all be covered by an insurance plan. But for the things like you described and some of the obvious abuses that were flagrant. Those people should have to work and work hard to get back up to the top they should be required to pay back their past debts. There are plenty of stories floating around about CEO's and wasteful spending along with big bonuses. Where did all of their money go? If they still have it and the company is failing, they should be held accountable and forced to repay the company and the employee's especially if fraud was a part of their program. Any deception should be traceable money always leaves a trail. Those that you lent money to they should also be held accountable, because there is a money trail. People do not leave with out a trace, they steal and then hide. Some hide right there out in the open as though they have done nothing wrong. It is truly frustrating.
1 person likes this
@ZephyrSun (7381)
• United States
31 Jan 09
I have to agree with you! But, instead we gave them more money.
2 people like this
• United States
31 Jan 09
Who gave THEM all that money? Hmmm?
1 person likes this
30 Jan 09
Hi TheGreatWhiteBuffalo, Yes we do have to pay those people and what happens to our money/ its just goes into their pockests and we don't get nothing back, its calls taxes that our goverment takes from us and we don't anything back. Tamara
2 people like this
• United States
31 Jan 09
This is not taxes the issue is corporate theft, the Executives that have been ordering people to dig deep to acquire all of the gold and not sharing with others, especially the employee's that have been working hard to only have their earnings pilfered. It is pure and simple greed and selfishness at work. Taxes are the least of the problems, we have to worry about the grip of the claw that won't share the wealth, the only way to beat a recession or depression is to get below and support or stop the collapse we do that by all working together. There has to be a plan for all of the poor people to move back up and away from poverty. Civil unrest is already breaking out... There is more to come if we don't turn this around and soon... It would be a good sign to see that the stock market rebounds from found money as bills are paid instead of people filing for a free handout and putting the entire burden on the rest of us. The bad mortgages should and could be converted and all mortgages could be re-written as a small profit is much better than a loss. In other words the lending rates have to come way down yet... Make it worth while to refinance and put people back to work... The Democrats could come out smelling like roses... Big time...
1 person likes this
@savak03 (6684)
• United States
31 Jan 09
I am all for that. Do you think we have a chance at winning. I don't know when we will be able to breath easy without worrying if we are going to be evicted from our home or have our lights turned off again.
1 person likes this
• United States
31 Jan 09
Well I figure this way, they can't evict everyone of us from our homes now can they? So far it has been selective pickings, but if we are all out of money what can they do?
1 person likes this
• United States
31 Jan 09
YEah, and houses are moving real fast not... When you see the same house on the market for months and the reports you know in the housing industry are true... I can't wait for the mortgage interest rate reduction to come, it has to happen soon and this time the mortgages have to be fixed and that will be the end of monkeying around with the lives of hard working people. We will get the engine started again, as this stall has gone on long enough, the terrorist is no longer in control of the plane... We can recover from this intentional dive...
1 person likes this
@savak03 (6684)
• United States
31 Jan 09
I made that same observation to the person who financed this house. He told me he had other people wanting housed all the time and it wouldn't take him long to resell it. I told him that he knew we would catch up when we got our tax refund back and that we always got a large refund because of the children. He could put us out and resell the house but he would be out of what we were behind and he would probably end up with someone who was no better off financially than we were because the economy was in the dump and everyone was losing their jobs.
1 person likes this
@dawon007 (184)
• India
30 Jan 09
Unless the people who have lost the money unite and give mass petitions or try to get good media coverage , you wont get anything done. Corporates rule the political system. They dictate what to be done what not to be done. If they company which promised a certain amount of money in return and didn't do that then there is no problem in taking action against them. But if it something which involves risk and if the company has stated that in the brochure or somewhere which can be read by the customers , then there is problem.
• United States
31 Jan 09
See the post below, It is an international crime, in the U.S. we were encouraged to participate in the 401K program because Social Security was bound to fail and this way our generation could provide for our futures, of course there was risk, but think about the risk, how much risk is there when you are lending to venture capital for corporations that would have to pay a lot more for the money if borrowed on a commercial basis. See below in post #2 I think that Anomalie said about the gambling and summed it up very well...
1 person likes this