Verizon announced today it was discontinuing its pension plan for new
managerial hires (read all non-union employees). The blatant greed of
this move is matched only by the silence from politicians in
Washington, D.C. from both parties, who are already on their Christmas
vacation. The money that would have gone into Verizon's pension
payments for 50,000 affected employees now goes into the pockets of CEO
Ivan Seidenberg and his corporate associates, whose stock options will
go up in value. This cut from a CEO like Seidenberg, who spends
hundreds of thousand of dollars a year using Verizon's corporate jet
fleet to fly him to golf weekends in Florida, near his winter home, as
reported in the Wall Street Journal.
This is what the United States has come to, CEOs with multimillion
dollar salaries looting workers' futures by bankrupting, "freezing" or
closing entry to pension plans. FDR must be turning over in his grave,
while the current crew of politicians we have are thumbing rides on
those corporate jets heading south for the CEO's golf weekend.
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