Re: Pension redux
- From: jim rozen <jim_member@xxxxxxxxxxx>
- Date: 17 Nov 2005 19:34:29 -0800
In article <cu7qn1pv4cnr1iaqfordbvhqg78upsbn1v@xxxxxxx>, F. George McDuffee
says...
>These people are correct in one respect - the stockholders never
>saw one red cent. However the management of many corporations in
>the late 80s and early 90s took advantage of the stock bubble
>where the major "assets" in these pension plans was their
>(watered) stock, using a variation of "pump-and-dump" to extract
>a large amount of the real pensiof fund assets. These real
>assets were then used to justify bonsus and/or were used to fully
>fund the executive retirement and/or deffered compensation plans.
Yeah, this is for real. At one time a large blue corporation
had a large precentage of its profits from the 'pension division.'
And they did get caught taking the results of a tentative
conversion to cash-balance and plowing them into executive pension
plans.
This is one reason they lost a class action lawsuit recently.
It looked really really bad to the judge, and to lawmakers as
well, when the money was used for that, and for executive
health care plans as well.
Jim
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