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Essay / Research Paper Abstract
This 3 page paper takes a look at an article and the economic and sociological implications of a dilemma faced by some individuals who lost life savings or at least a part of their retirement plan. Insights into the Australian attitude toward their government are gleaned through this evaluation. No additional sources cited.
Page Count:
3 pages (~225 words per page)
File: RT13_SA410AU9.rtf
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money in Equitable Life (Montagu-Smith 5). She is one example but the report notes that about 350,000 individuals lost money too (5). What occurred was that this company that
was supposed to deliver a pension later on in life could only offer participants pennies on the dollar to cash out early (5). The people seemingly had little choice. Dr.
Hayles was not a significant casualty as most of her money had been in other investments anyway. Thus, this was not her only nest egg. Yet, her views were aired
and they are rather political. She cares about the fate of others and sees the government as culpable. The doctor says: "It is too late for the remaining policyholders to
get compensation now. I have listened to what the Government has got to say about Lord Penroses report and it is clear that they just dont care" (5). The gist
of this article seems to convey an Enron situation where the people who invested lost and their government really did little to refund any of that lost money. The individual
interviewed about this issue is someone who represents the masses but certainly she is rather affluent. A physician, she likely earns a good amount of money. She admitted that she
has other investments and her husbands retirement account is elsewhere. She speaks not regarding her own pocketbook--although she clearly holds a grudge and it is personal--but she cares about
the ordinary people who will be left with nothing due to the debacle. Dr. Hayles explains: "It is a real shame that this company that was held up as a
beacon in the industry for so long has been allowed to get into such a mess" (Montagu-Smith 5). She also says that suing the directors is costly and time consuming
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