In RETIREMENT HEIST: How Companies Plunder and Profit from the Nest Eggs of American Workers, award-winning Wall Street Journal reporter, Ellen E. Schultz reveals what we have long suspected: that companies have been routinely cutting back on retirement benefits, not because they can’t afford to pay them, but often in order to enrich highly paid executives and win over stockholders. Aided and abetted by many players in the retirement industry–benefit consultants, insurance companies, and banks–the benefits of American workers have been shrinking so that others can benefit.
A little over a decade ago, most companies had more than enough set aside to pay benefits earned by two generations of workers. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies have essentially turned their pension plans into piggy banks, tax shelters and profit centers.
“The world needs more…reporters like Ellen E. Schultz,” proclaims The New York Times while AARP states: “It is hard to read the incendiary new book, RETIREMENT HEIST, without getting angry.” Kirkus, in a starred review, proclaims: “Schultz unleashes an undeniably powerful and penetrating look into corporate money-making machinations and the havoc inflicted on rank-and-file employees.”
Schultz’ book is a finalist for The New York Public Library’s 2012 Helen Bernstein Book Award for Excellence in Journalism, and was also shortlisted for CEO Read’s Business Book Awards in the Finance and Economics Category.
Ellen E. Schultz has been a investigative reporter covering the retirement crisis for more than a decade.Her reporting has led to congressional hearings, proposed legislation, and investigations by the Treasury and the Government Accountability Office. She has won many awards for economics, financial and investigative reporting, including three Polk Awards, two Loeb Awards, and a National Press Club award. In 2003, she was part of a team of Wall Street Journal reporters who won a Pulitzer Prize for reporting on corporate scandals. She lives in New York City.
Ellen Schultz in the media:
COMEDY CENTRAL “THE DAILY SHOW”—Taped in-studio interview Monday 10/17
NPR “MORNING EDITION”—Taped interview aired Thursday 9/29.
NPR “DIANE REHM”—Live in-studio interview Thursday 10/5.
C-SPAN “BOOK TV”—Taped talk aired Saturday 10/1 and Sunday 10/2.
CNN “CNN NEWSROOM”—Live in-studio interview Tuesday 10/18.
MSNBC-TV “DYLAN RATIGAN SHOW”—Live in-studio interview Thursday 9/15.
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