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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Jagfan who wrote (232551)	3/1/2002 2:18:14 AM
From: Mr. Whist	Read Replies (1) \| Respond to of 769670

Re: "You neglected to mention 'Big Business' provides jobs (wages) to those employees.' BIG BUSINESS OBSCENITY OF THE DAY. Source: Wall Street Journal 3/1/02 * * * * * * * * * Reliance Pension Plans Taken Over By Regulators Due to Deficient Funds By CHRISTOPHER OSTER Staff Reporter of THE WALL STREET JOURNAL The Pension Benefit Guaranty Corp. assumed control of Reliance Insurance Co.'s pension plan and said the plan was underfunded by $124 million. The PBGC said in a news release that it was stepping in because the property-casualty insurance company was being liquidated by regulators, and that the company's pension plan, without government intervention, would have been unable to make payments to its retired former employees. Most of the 8,700 employees covered by the plan lost their jobs at some point during Reliance's rapid demise, which was capped by the Pennsylvania Insurance Department's order to liquidate the insurer in October. Some former Reliance staffers are working for the department to assist in the liquidation process. A spokeswoman for the Pennsylvania Insurance Department said there was no indication of wrongdoing related to the handling of Reliance's pension assets. Instead, Reliance became unable to continue making payments into the plan as its businesses moved closer to liquidation. Reliance's plan had assets of $143 million and benefit liabilities of $267 million. The PBGC said it would use the $143 million in assets, along with its own, to ensure that Reliance retirees will continue to receive monthly pension checks. Reliance's former parent, Reliance Group Holdings Inc., New York, filed for bankruptcy-court protection in June, after being hobbled by a large debt load, poor underwriting and bloated management salaries and stock dividends. * * * * * * * * * * The last part is worth repeating: "Reliance ... filed for bankruptcy-court protection in June, after being hobbled by BLOATED MANAGEMENT SALARIES." So the PBGC is going to have to dig deep for millions to fund the pension plan because the Fat Cats were too busy stuffing their own pockets first. Isn't it funny how the Republicans are no longer pledging to "run government like a business" anymore?