Pension Dumping: The Reasons, the Wreckage, the Stakes for Wall Street (Google eBook)
Fran Hawthorne, author of Pension Dumping, is a recipient of the New York State Society of Certified Public Accountants award for Excellence in Financial Journalism for 2009—the first year books have been honored.
Pension plans in America no longer represent commitments that financially troubled companies will honor. Neither bankruptcy courts, nor Washington, nor unions have the clout to make them do so. The disposition of these plans is instead left to serve the needs of big investors. Often these investors are a failing company’s best hope of restructuring after bankruptcy. Investors want a lean investment unburdened with financial promises to employees no longer on the payroll. Despite laws passed to discourage the termination of plans, the courts allow it, caving in to the forces garnered to reinvigorate a failing company. Unions are often compelled to choose between the financial welfare of retirees and jobs for active workers.
Pension Dumping explains in shocking detail how terminating the pension plan became a knee-jerk strategy for bankrupt companies that hope to attract big investors to help them reorganize.
Hawthorne traces the dynamics and the players involved as a pension is targeted for termination:
In 2008, Pension Dumping was cited in testimony before a Congressional committee investigating bankruptcies in relation to pensions.
What people are saying - Write a review
We haven't found any reviews in the usual places.
The Merck Druggernaut: The Inside Story of a Pharmaceutical Giant
Limited preview - 2004
Collateral Damaged: The Marketing of Consumer Debt to America
Charles R. Geisst
Limited preview - 2010
Chapter 9 Pensionless Restructuring
Chapter 10 The Emergence of US Airways
Chapter 11 The Reemergence of US Airways
PART 4 THE FUTURE
Chapter 12 The Problem Continues
Chapter 13 The Next to Fail
Chapter 14 The Politics
actuarial Airlines Airways assets auto bank bankrupt bankruptcy court bankruptcy judge Bethlehem Bill Beyer BusinessWeek buyout Casesa cash Chapter 11 claim com compa company’s competition con Congress contract corporate costs creditors debt debtor deﬁcit deﬁned beneﬁt plans deﬁned contribution Delta dollars Doug Parker ERISA ﬁght ﬁgure ﬁle ﬁled for bankruptcy ﬁling ﬁnance ﬁnancial ﬁnd ﬁrm ﬁrst ﬁve ﬂight ﬂy going Greenhaus hedge funds Hewitt Associates industry investment investors labor lawyer liability LTV’s Michael Peskin million Morgan Stanley negotiations ofﬁce ofﬁcial Olivia Mitchell PBGC PBGC’s pen pension beneﬁts pension dumping pension fund pension plan Pension Protection Act pension terminations percent pilots private equity problem proﬁt promise Psaros reorganization ruptcy says Senate signiﬁcant sion speciﬁc steel Steelworkers there’s Towers Perrin union United United Airlines unsecured unsecured creditors vultures Wall Street Weschler Wilbur Ross workers workforce