What they are doing, in essence, is raiding their pension funds in order to give even more benefits to their senior executives. They take from the pension funds and the pension funds are left holding worthless IOUs as "assets," assets that have all of the creditworthiness of subprime mortgages. They are worth less than a truckload of garbage.
It truly is a matter of "robbing from the poor and giving to the rich."
Intel is one of the evildoers. So are Consolidated Freightways, Royal Sun Alliance and CenturyTel.
I blame George W. Bush and his fellow thugs, who have so gutted the ranks of the regulators in this country that companies are free to do disgustingly evil shit like this without fear of consequence.
(H/T to Balloon Juice)
And yes, this is all of a piece with the Smiley-Faced Fascists at Wal-Mart, who is pressuring its employees to vote for McCain, for it is really bad for business when the government tries to look after anyone else other than the mega-rich who can afford to pay other people to do their school work.
Sam Walton started out with little in life and made a fortune. On paper, he lost a billion dollars in the `87 market crash and he was reported to have told a reporter afterwards that all he truly owned was his house and a truck, the rest was just paper. I wonder what he would think now if he knew that the company he founded was one of the more exploitative and evil operations in the country and that his descendants had turned out to mainly be a bunch of soul-sucking self-entitled weasels.
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1 comment:
Hi, Like your blog and your opinions on many things.
Tried to find your contact info to suggest a link swap between our blogs but couldn't find any.
If you can please contact me.
http://www.mydemocratsfriends.com/blogs
This is the blog so you'll know what I'm talking about
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