CBS Evening News: While Worker Pensions Fail, CEOs Get Rich - video

[Bozita]

Time for somebody to tell me one of those lazy-ass welfare queen stories.

http://www.cbsnews.com/stories/2009/11/19/eveningnews/main5714036.shtml

WASHINGTON, Nov. 19, 2009
While Worker Pensions Fail, CEOs Get Rich
GAO Reports That Companies Didn't Fund Pensions Then Dumped Them Off on Taxpayer-Funded Rescue Program


(CBS) The traditional pension is quickly becoming an endangered species. But today, a government report found some executives have gotten huge retirement packages, even as their companies were dumping employee pension plans onto taxpayers as CBS News correspondent Sharyl Attkisson reports.

At the very same time pensions were drying up for 122,000 United Airlines workers, its top executives were cutting deals to make their own golden years comfortable and secure.

CEO Glenn Tilton, CFO Frederic Brace and COO Peter McDonald together got $7.6 million worth of retirement benefits in four years - from 2002 to 2006 - and earned a combined $55.5 million compensation, with perks like a car and driver and country club memberships.

Read the full GAO report

That's one small sample of the outrage packed into a new Government Accountability Office report. It studied 10 of the largest companies to dump their underfunded pension plans into the laps of the federal Pension Benefit Guaranty Corporation, which is $22 million in the red.

Together, the 10 companies underfunded their pension plans by more than $11 billion affecting 200,000 workers. But their executives drew a total of $350 million in compensation.

The 10 companies are not named in the report, but CBS News has learned that they are: Polaroid, United, US Airways, Reliance Group, Republic Technologies, National Steel, LTV Steel Corp., Pillowtex Corporation, Westpoint Stevens, and Harvard Industries, Inc.

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[midnight]

1. K&R.

[arcadian]

2. 1789

[Greyhound]

3. K&R

[pansypoo53219]

4. 401k's are a rip off.

bring back pensions. and pass a law on CEO compensation. let WORKERS vote on how much they get. NOT boards.

[Mari333]

5. knr

I hate the rich.

[Bozita]

6. Kicking for all of the workers. They didn't cause all this shit, but then, they're not too big to ..

...fail.

Bend over, workers!

And close your eyes.