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From:
[EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED] On
Behalf Of Cordell, Arthur: ECOM -----Original Message----- July 31, 2005 Many thanks for copying this article here. It seems to me that the headline is misleading: it wasn’t
Wall Street that screwed the United pension fund, it was the greed of the
pension managers and the company, who thought that by switching to a high-risk,
high-gain investment strategy they would not have to set aside to fund the
pension fund as large an amount of money as they had been doing. If I am reading the article correctly, the pilots went along with
this for a while, thinking that the company would then pay them higher wages
from the money the company saved by putting less into the pension fund. They
then tried to get the their pensions put on a safer footing but the company
told them they were ‘too late.’ Was it Wall Street, then, or was it a combination of company greed,
some employee greed, and some lack of company diligence in overseeing the
activities and conflicts of interest of those they hired as money managers and
financial consultants to the pension fund? Cheers, Lawry How
Wall Street Wrecked United's Pension
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