Thursday, December 29, 2011

Guess where those corporate pensions went?

Frankly, I always bought the company line that American corporations had overpromised workers about pensions, and they had to cut them drastically for the companies to survive.

Now along comes a Pulitzer Prize-winning Wall Street Journal financial reporter who spent years digging through SEC filings and contractual fine print...

to discover that the corporations' pension funds vanished because top management stole it for bonuses. And by putting enough weasel language in the fine print of their agreements with employees, and through, um, "friendly" judges, they've managed to make most of this theft legal--and to make the average citizen side with the corporations.

Check out the Amazon listing for "Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers."

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