Tuesday, December 18, 2012

Another Take On the Ding Dong Situation

Busted Knuckles reports that prior management had "diverted workers' pension money for other company uses." If the report is correct it is despicable but probably pretty typical.

No corruption in the private or public sector would much surprise me anymore. While the union hands who basically walked off the job were short sighted and, if I may say, rather stupid, the company may have been ripping them off for years.

This story has lost a bit of lustre for obvious reasons, but it is still an important tale that needs to be told. All facts need to see the light of day.

H/T ornerybastard@blogspot.com


Jayhawk said...

Sort of an overstatement. They failed to make the required contributions to the employee pension plan, but the legal obligation to do so while operating at a loss was murky. Pretty common practice in any case, and there's the old saying about getting blood from a turnip. If you don't have the money to make the contribution, it's pretty hard to make the contribution.

Bartender Cabbie said...

I have used the "blood from a turnip" thing a time or two when explaining why I would be late paying something or other