Abstract

Milking the Pension Funds

This article focuses on the measures for controlling the misappropriation of funds from the private welfare and pension funds in the U.S. By the end of 1966, the assets of private welfare and pension funds were estimated to be more than $94 billion. Congress should take advantage of the enormous social possibilities asleep in the assets of private welfare and pension funds by passing legislation designed to foster community conscience in those responsible for the creation and management of the funds. Rich men without convictions are a menace, and the private welfare and pension funds are nothing if not rich. This stupendous wealth belongs, of course, to the millions of employees who must receive benefits out of it. But Congress can safeguard employees' interests while causing the wealth to be invested in ways that benefit society.