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Pension Dumping: The Reasons, the Wreckage, the Stakes for Wall Street

by Fran Hawthorne

Pension Dumping: The Reasons, the Wreckage, the Stakes for Wall Street Cover

ISBN13: 9781576602393
ISBN10: 1576602397
Condition: Standard
Dustjacket: Standard
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Synopses & Reviews

Publisher Comments:

Pension plans in America no longer represent commitments that financially troubled companies will honor.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 companys 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:

  • the bankruptcy court and the hierarchy of power that dictates whose interests will prevail 
  • the choices forced on unions
  • the burden placed on the Pension Benefit Guaranty Corporation
  • the risks investors take and the returns they look for
  • the companies efforts to salvage what they can as they restructure, as well as the backlash they risk by breaking pension promises  

Book News Annotation:

Hawthorne, who has served as a writer and editor for Fortune and Institutional Investor, documents the corporate trend of terminating pension plans, and show how these companies actually profit through bankruptcy and failure. By using examples from Bethlehem Steel, US Airways, United Airlines and Kaiser Aluminum, the author shows how courts have empowered these corporations with the ability to cut employee benefits as a way to increase revenue. Written as a cautionary tale for investors, corporate management and anyone depending upon a pension after retirement, this book also emphasizes the financial burdens placed on the Pension Benefit Guaranty Corporation. Annotation ©2008 Book News, Inc., Portland, OR (booknews.com)

Synopsis:

A penetrating look at the practice of ending pension plans: who stands to win or lose, and how that happens
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Product Details

ISBN:
9781576602393
Subtitle:
The Reasons, the Wreckage, the Stakes for Wall Street
Author:
Hawthorne, Fran
Publisher:
Bloomberg Press
Subject:
Economics - General
Subject:
Corporate Finance
Subject:
Investments
Subject:
Corporate reorganizations
Subject:
Investments -- United States.
Subject:
Bankruptcy -- United States.
Edition Description:
Trade Cloth
Publication Date:
March 2008
Binding:
Hardcover
Grade Level:
General/trade
Language:
English
Pages:
231
Dimensions:
9.48x6.30x.89 in. 1.44 lbs.
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