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Wall Street CEO Pushing 80 Year Old Retirement Age

Tuesday, June 5, 2012 4:57

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Robert Benmosche the CEO of AIG, is now saying Americans need to face the reality that the retirement age in the US needs to be pushed to 80 years of age.

Yes the CEO of that same AIG that held their hands out for $85 billion dollars of your money because they decided gamble the entire global economy is now complaining that the government can’t be expected to give out retirement benefits to senior citizens at age of 65.

Meanwhile AIG still hasn’t paid back taxpayers for the 2008 bailout and if you think this isn’t something that Congress isn’t going to try to push into legislation tell that to the Greeks who have been forced by the bankers to accept bailout terms that peg their retirement age to average life expectancy – (which is 78 years old for females and the 81 years old for males in Greece)

That’s right, the Financial Terrorists on Wall Street Want everyone to work right up until the average age of death of the entire population which thus commencing the a life-long robbery of taxes for Social Security, Medicare, Medicaid and other benefits knowing full well that 50% of the population will die without getting to collect.

Why? So Wall Street can suck more money out of the taxpayer’s coffers.

The comments come during an interview on Bloomberg during which Benmosche is using the European debt crisis – which was created by the global banking cartel in the first place – as an excuse to call for the United States to have the retirement age moved to 70 or 80 years of age.

Meanwhile we continue to dump endless amounts of cash into the growing cancer known as the cyber-surveillance- military-prison industrial complex that serves to spy on, torture, imprison and murder more people in the United States and around the globe than during any other time in history.

Of course our bought and paid for politicians keep perpetuating an endless war against no clear enemies with no clear borders.

But don’t you dare say anything unpatriotic such as suggesting corporate welfare for big oil and other multinational conglomerates be hit, or that we cut this absurd amount of military spending that is creating more enemies than it is eliminating, or that the rich finally be forced to pay their fair share of taxes.

That’s not an option because the crooks on Wall Street and in Washington have reserved the right to “sentence granny to an additional 15 years of hard labor” before that will happen.

Just watch this sickening interview of this fat cat in his multimillion dollar villa saying that nan and pop need to be forced to be exploited for their labor until they are 80 – which is well beyond the age most people are even mobile.

Then in this video, Yahoo! says we should just ignore his comments as senseless fear mongering.

But it’s not senseless fear mongering. Its fear-mongering that will be use to do exact what he is calling for just like they have done in Greece and other European nations.

Yahoo Finance Reports:

Are You Ready to Work Until You’re 80?

A seemingly off-hand remark made by Robert Benmosche the CEO of AIG (AIG) has become a bit of a viral online debate, as people of all ages and walks of life weigh in on the idea of bumping up the retirement age to 80. While Benmosche’s comments to Bloomberg suggest the age increase is needed to maintain the level of benefits we have been promised and are accustomed to, not everyone is on board with the idea.

“There’s a difference between austerity and just moving out the retirement age,” says Lee Munson, Chief Investment Officer at Portfolio, LLC and the author of the book Rigged Money: Beating Wall Street At Its Own Game. “Most people aren’t functional at that age.”

As it is, the retirement age is already creeping higher and is up to 67 now for anyone born after 1960. In fact, one of the reasons people like Munson (and me) “don’t think it’s going to work” is as much about mortality rates as it is about expectations.

“The mortality curve is starting to flatten out,” Munson says. “I wouldn’t expect 20 years from now we are all going to live to be 100 or 110.” He adds that the last thing the U.S. needs now is to “end up like the Middle East, where we have a bunch of young, unemployed people getting pissed.”

Interestingly, his final point regarding unemployment would likely be the worst unintended consequence of sentencing grandma and grandpa to an extra 15 years of hard labor. In fact, delayed retirements brought on by a deep and prolonged recession and plunging asset values are already gumming up the normal and orderly transference of jobs from old to young. The latest payroll data released last week showed an 8.2% unemployment rate—but for individuals under 20, the rate tripled to 24.6%.

Munson’s message to anyone younger than 60 who might be shocked at the thought of their retirement getting pushed back by 15 years: it’s time to come to grips with reality.

“We have to realize that we need to lower our expectations, because, simply stated, the baby boomers didn’t save enough, and we’re running too big of a deficit,” he says. He argues that it is “disingenuous and dishonest” to suggest that we can maintain our current quality of life and level of spending into the distant future.

[...]

Source: Yahoo Finance

Bloomberg reports:

AIG Chief Sees Retirement Age as High as 80 After Crisis

American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase.

“Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.”

The crisis, now in its third year, threatens to destroy Europe’s 17-nation currency union as Greece contemplates exiting the euro and Spain sees its bond yields rise and banking industry falter. German Chancellor Angela Merkel hardened her opposition to joint debt sharing in the euro region as U.S. President Barack Obama singled out Europe’s leaders for not doing enough to arrest the crisis.

Greece abandoning the euro could be a disaster for the country and Europe must work to keep that from happening, said Benmosche, whose company was the world’s biggest insurer before it took a U.S. bailout.

“People in Greece have to see there is no easy way out of this” and the government must get them to work longer, he said in the June 2 interview on the Adriatic coast. “If not, and if they go to their own currency, I think they will see huge inflation and it will be devastating for people on fixed incomes.”
Life Expectancy

Greece, where the average life expectancy is 81.3 years, has an effective retirement age of 59.6, among the lowest in Europe, according to data compiled by Bloomberg. French President Francois Hollande, the Socialist who was sworn in last month, has pledged to cut the retirement age to 60 from 62 while increasing corporate and bank taxes and introducing a 75 percent levy on earnings of more than 1 million euros ($1.2 million).

Peter Hancock, CEO of AIG’s Chartis property-casualty unit, said last week the insurer has assigned staff from Argentina to advise their counterparts in Athens as the company prepares for a possible Greek exit from the euro, with the common currency at its lowest against the U.S. dollar since June 2010. Argentina defaulted on a record $95 billion of debt in 2001 and later abandoned a decade-long 1-to-1 peso peg to the greenback.

[...]

Source: Bloomberg

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