Corporate "pension problems" are a scam

Every time a company weasels out of paying pensions to its retired employees, or negotiates to "go bankrupt" just to raid the pensions, someone always points out that "even if the CEO went without salary it would be a drop in the bucket compared to the money they need to make their pension payments". It's some kind of rationalization for not keeping a commitment made to their employees.

Everytime I hear that I think, "Just the CEO? What about all the excecutives? That just doesn't add up!" Sounds like an excuse!

Well, it turns out I was right.

WSJ: Report Proves Exec Payouts Causing America's Pension Crisis


In a new book called Hostile Takeover

The public is led to believe that companies are slashing workers' pensions and backing out of their retirement promises to workers because these companies face a cash squeeze caused by the market. But in a major investigative report, Schultz points out that an "analysis of corporate filings reveals that executive benefits are playing a large and hidden role in the declining health of America's pensions."

or my favorite quote

Boosted by surging pay and rich formulas, executive pension obligations exceed $1 billion at some companies. Besides GM, they include General Electric Co. (a $3.5 billion liability); AT&T Inc. ($1.8 billion); Exxon Mobil Corp. and International Business Machines Corp. (about $1.3 billion each); and Bank of America Corp. and Pfizer Inc. (about $1.1 billion apiece).

It's just another way big business screws the little people that made them big.

Movie Review: All The President's Men

Last night quietchris and I watched All The President's Men (IMDB, Wikipedia). This movie is about the start of Watergate and the reporters that investigated it.

This move is definitely one to add to your NetFlix (do it right now!).

Considering what we're going through with Bush Jr, it's important to see what real journalism looks like, and how difficult it is.

It's important to remember that Watergate wasn't about a break-in. It was about a President that decided to use the power of the CIA to make sure he won re-election. Seeing it develop, and the FBI being complacent in making sure the investigation was steered away from the really bad stuff, was really a wake up call.

When people say I'm cynical about Republican politics, I'm going to just say, "Have you seen All The President's Men"?

Film Review: The Last Picture Show

Today quietchris and I watched The Last Picture Show (IMDB, Wikipedia). This is one of those films that is mentioned all the time but nobody I know seems to have seen it. Well, now we've seen it.

It takes place in 1951/52 in a town in Texas that is about to become a ghost town. It's a sad movie, very long (2.1 hours) and slow (but typical for a film in 1971). If your NetFlix diet includes 10% older classics, make sure you include this one.

But the real reason to watch this movie is to see Cybill Shepherd and Jeff Bridges before they were famous. As the charactors are introduced you'll keep saying, "Wait! I recognize that person!" but not until you check IMDB will you realize it is Randy Quaid, Cloris Leachman (Mary Tyler Moore, Young Frankenstein, The Muppet Movie, etc. etc.), Ellen Burstyn (Alice Doesn't Live Here Anymore, The Exorcist, That's Life (tv), etc) , Eileen Brennan (Rowan & Martin's Laugh-In, Murder by Death, Clue, Will & Grace, etc.) and others.

Happy Birthday Bush Jr.

Bush Jr, Cher, Bill Clinton, Dolly Parton, Donald Trump, Sylvester Stallone, Diane Keaton, Suzanne Somers, Reggie Jackson and Jimmy Buffet also are turning 60 in 2006.