oh this is brilliant. In the film "Wall Street" everyone was horrified by Gordon Gekko's amorality when he proposed to take over Blue Star airlines and strip the overfunded pension plan by "buying a minimum annuity" for the staff. Gordon would be a "caring capitalist" these days.
best dd -----Original Message----- From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of Autoplectic Sent: 18 September 2005 06:44 To: [email protected] Subject: pensions and good old fashioned vulture capitalists <http://www.nytimes.com/2005/09/18/business/18pensions.html> September 18, 2005 Whoops! There Goes Another Pension Plan By MARY WILLIAMS WALSH ROBERT S. MILLER is a turnaround artist with a Dickensian twist. He unlocks hidden value in floundering Rust Belt companies by jettisoning their pension plans. His approach, copied by executives at airlines and other troubled companies, can make the people who rely on him very rich. But it may be creating a multibillion-dollar mess for taxpayers later.
