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Politics : PRESIDENT GEORGE W BUSH
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From: 10K a day7/31/2005 10:51:23 AM
   of 195
 
UNITED Airlines Pension managers lose track of 10.2 billion in pension funds. Lets give them the SS money too.

From the New York Times:

"When I get a job, I put my name, my file number and my license in a permanent record, and I'm accountable if something goes wrong," said Bob Stone, a lead mechanic for United Airlines who retired this year. "It's possible for every single aircraft mechanic in the country to keep track of every single job they do. But we can't keep track of the money managers. That's too complicated for us."

Because of limits on the government's pension insurance, they will collectively lose benefits worth about $3.4 billion. Pilots will lose the most because they were promised the richest pensions.

Finally, at the end of the regulatory patchwork is the Pension Benefit Guaranty Corporation. Officials there have access to some of the most current and detailed information about pensions, but they cannot do a lot with it; a 1994 act of Congress requires them to keep it secret.

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