BILL FROM WNNCO comments on what the fat cats are up to, now

Note 1: Below Bill's remarks, there is a quotation from an article entitled "Companies Tap Pension Plans To Fund Executive Benefits"
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Bill:
These people feel what they do is technically correct therefore it is justifiable. This allows them to live with themselves while reaping monies that they really do not deserve. They do not own the company. They have no risk.

My son Christopher [who has worked in corporate organization] again emphasized that the problem with the business world today is the incompetent and ethically bankrupt senior management.

It is truly unfortunate that there is not an atmosphere of self governance for these corporations so that a governmental agency does not have to be created to oversee their operations. I think this is just part of the "human condition".

The good old boys have done it to us again.

NOTE 1:
Companies Tap Pension Plans To Fund Executive Benefits
Little-Known Move Uses Tax Break Meant For Rank and File

By ELLEN E. SCHULTZ and THEO FRANCIS
THE WALL STREET JOURNAL
August 4, 2008; Page A1

At a time when scores of companies are freezing pensions for their workers, some are quietly converting their pension plans into resources to finance their executives' retirement benefits and pay.

In recent years, companies from Intel Corp. to CenturyTel Inc. collectively have moved hundreds of millions of dollars of obligations for executive benefits into rank-and-file pension plans. This lets companies capture tax breaks intended for pensions of regular workers and use them to pay for executives' supplemental benefits and compensation.

The practice has drawn scant notice. A close examination by The Wall Street Journal shows how it works and reveals that the maneuver, besides being a dubious use of tax law, risks harming regular workers. It can drain assets from pension plans and make them more likely to fail. Now, with the current bear market in stocks weakening many pension plans, this practice could put more in jeopardy.

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