The REAL reason behind the corporate war on employee pension plans

david sirota throws some light on a very dark corner of the corporatocracy...

• Benefits for executives now account for a significant share of pension obligations in the U.S., an average of 8% at the companies above. Sometimes a company's obligation for a single executive's pension approaches $100 million.

• [M]any of the big companies that are slashing workers' pension are using the savings to add to executives' pension plans.

• [D]eferred compensation schemes are a key factor in "creating huge and typically unfunded corporate liabilities" - liabilities that are then used to justify more cuts to workers' pensions.

so, why aren't we hearing about it...? three guesses and the first two don't count...

[M]ost reporters give the public a he-said-she-said account of the burgeoning retirement security crisis, leading us to believe that massive pension cutbacks are just a force of nature that cannot be stopped, rather than the unsurprising outcome of specific policy choices by greedy executives and the politicians in their back pocket.

[...]

The more such information gets out, the more we really see what's going on: a vicious class war being waged by elites in government and business who are doing everything they can to bleed America dry.

legalized thievery... disgusting...

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