Captain Snarky

Come and get yer snark on with the captain...

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06 January 2006

Is it immoral to profit in this way?

It is so common that you hardly read a thing about it these days, but yesterday's news from IBM got me to thinking. They are going to freeze their $48 billion pension plan in 2008, shifting everyone to a 401K plan.

As The Register puts it:

They have had their pensions switched from defined benefit (guaranteed pension income) to defined contribution (income guaranteed only for the pension company).

Meanwhile, IBM stock is up today. Hooray for the death of the American Dream! Hooray for increased uncertainty and insecurity! Pass the soma around, boys, it's a brave, new world we're sailing for...

It's kind of funny to compare this pension news to this news from several years back. Peace and Love, indeed.


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