RE: [Futurework] How Wall Street Wrecked United's Pension

[Cordell, Arthur: ECOM]

Agree.  Sometimes people have to have boundaries set for them by an independent agent.    In this case greed was allowed/encouraged.....and now we see what happened.   Perhaps this is a lesson for other areas of the economy, viz., housing.   arthur -----Original Message----- From: Lawrence deBivort [mailto:[EMAIL PROTECTED] Sent: Monday, August 8, 2005 8:56 AM To: Cordell, Arthur: ECOM; 'FUTUREWORK (E-mail)' Subject: RE: [Futurework] How Wall Street Wrecked United's Pension     From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Cordell, Arthur: ECOM Sent: Monday, August 08, 2005 9:29 AM To: FUTUREWORK (E-mail) Subject: [Futurework] How Wall Street Wrecked United's Pension     -----Original Message----- Sent: Sunday, July 31, 2005 2:08 AM Subject: investment policy July 31, 2005 Hi, Arthur, 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 By MARY WILLIAMS WALSH HAD anyone listened to Doug Wilsman, tens of thousands of United Airlines employees would not be facing big cuts in their pensions. And the federal agency that guarantees pensions might not be struggling with its biggest losses ever.

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