TWO-THIRDS OF ADULTS AGES 50 to 64 use the Internet, and as they age,
will significantly alter the digital landscape, according to a new
report released Thursday.
Archive for May, 2005
A “Cram-Down” deal, occurs when a corporate entity forces its workers,
shareholders, or the taxpayers in general to accept something less
valuable than what they were owed, after the workers (in most cases)
met their obligations to the company, and the company didn’t return the
favor. Many companies seem to be giving junk bonds to their pensioners
and workers in lieu of the money they are owed due to chronically
underfunded pension plans. In plenty of cases they don’t even do that
much, defaulting on the retirement plans and letting the debt-ridden
PBGC (Pension Benefits Guarantee Corporation) handle the overflow.
http://select.nytimes.com/gst/abstract.html?res=F40717FA3A5D0C7B8EDDAC0894DD404482
United Airlines has defaulted on its 6.6 Billion Dollar Pension plan as part of its Bankruptcy settlement. According to the AFP,
this is one of the largest pension defaults in history, but given the
fact that 44 million americans are part of pension plans that are
currently underfunded by their employing companies, it won’t be the
last.
