The sponsors of ‘defined benefits’ pension plans controlled, as of December 2004, about US$2.5 trillion in equities belonging, indirectly, to the beneficiaries of these plans. (See: “Who’s Holding America’s Stock Proxies?“) In December 2004, U.S. equities, even after the crash of 2000-2001, were still substantially over-valued. (See: “Equity Values“) In order for stock […]