On February 18, 2022, thousands of publicly-employed union workers, retirees, and university students participated in a national strike and march that spread throughout Puerto Rico, with the largest contingent filling streets in San Juan. Demonstrators marched behind a banner declaring ‘People …
Puerto Rican Workers' UnionCentral Workers' FederationUnited Auto WorkersElectrical Workers' UnionPuerto Rico Teachers' Unions+1 morepuerto-ricolabor-organizingstrikespromesaausterity+5 more
Approximately 1,000 former Great Northern Paper workers in Millinocket and East Millinocket, Maine began receiving bankruptcy settlement checks representing ‘a small fraction’ of the pensions, vacation pay, and severance they spent decades earning at the once-dominant paper mills. …
Brookfield Asset ManagementCate Street CapitalGreat Northern Paper Companycorporate-lootingpension-theftbankruptcy-abuseworkers-rightsdeindustrialization+2 more
The Financial Oversight and Management Board unanimously approved a brutal 10-year fiscal austerity plan (2017-2026) developed with McKinsey’s strategic consulting, imposing severe cuts to pensions, education, and healthcare to prioritize debt repayment to bondholders. The plan’s key …
McKinsey & CompanyFinancial Oversight and Management Board for Puerto RicoPuerto Rico GovernmentRafael Torregrosamckinseypuerto-ricoausterityshock-doctrinepension-theft+5 more
President Gerald Ford signed the Employee Retirement Income Security Act (ERISA) into law on September 2, 1974, Labor Day, following near-unanimous passage in Congress (85-0 in the Senate, with only two House representatives opposed). The legislation responded to catastrophic pension failures like …