Detailed text transcripts for TV channel - MSNBC - 20121116:22:53:00
Retirement plan. it was stuck into the legislation by barbara conable, an upstate new york republican as a favor to xerox and kodak because they had their head offices in his home district. they wanted a tax shelter for retirement payments to executives. that's how it started. they wrote it. it was 401(k) because it's 401 provisions down in the tax code. it was so small nobody knew it was there. you guys didn't know it was there. >> instead of having a solid pension with a guaranteed annuity coming to you, you have 401(k)s which have shrunk in many cases over the years. >> what you got is hund...