Companies lobby Congress for pension help

[BornAgain123]

http://www.latimes.com/news/nationworld/nation/la-fi-pension12-2008nov12,0,7848405.story?track=rss

With pension funds facing billions of dollars in shortfalls as markets plunge, companies including Ford and Verizon are pushing Congress to suspend portions of a 2-year old law they say could force them to make job cuts as they shift scarce money into ailing retirement pools.

The lobbying effort aims to change a 2006 pension reform law as part of any economic stimulus plan in a lame-duck session of Congress that begins next week. Companies warn that the current law could force them to tie up large sums of cash they need in the face of a global recession.

Roughly 300 companies and business groups plan to make the request in a letter today to congressional committees. The authors include some of the nation's biggest corporate names from a variety of sectors, including Ford Motor Co., IBM Corp., Pfizer Inc. and Verizon Communications Inc...........

[felixthecat]

Oh, BAIL EM ALL OUT!

Isn't that what the sheeple want?

I'm being sarcastic ... .

[Watchingthesky]

"Ask not what your country can do for you" has become "Hey, what can you do for me" in our nation . . . so very sad.

This is going to get worse. Every sector of our economy is heading for full pile-on mode. For some reason, everyone thinks we are playing with Monopoly money.

God bless.

[JY11]

"Ask not what your country can do for you" has become "Hey, what can you do for me" in our nation . . . so very sad.

This is going to get worse. Every sector of our economy is heading for full pile-on mode. For some reason, everyone thinks we are playing with Monopoly money.

God bless.

Don't worry. Good King Barack will make us all whole. This too shall pass. This nation's greatest days are ahead!

How's that for sarcasm?

[ron4jesus]

Yes they are all coming out of the woodwork now for a free bailout at our expense. I heard car dealers are looking for some money also. I guess Starbucks will be crying for money also.

[His Bride]

Well, the dam broke open and now every company that is going down is holding open hands to be bailed out. Surprise, surprise.

[HisAlways]

That $700B was for "toxic" home assets to rescue the mortgage mess. That is how it was voted on.

Just like the freakin democrats to change everything AFTER it is passed. That is a habit of theirs.

[WickIsTrimmed]

The only thing that could possibly help this mess with the poloticos in DC (besides the coming of Christ) is for we, the people, wipe the slate clean of the vermin and start fresh with new faces and new names.

Accomplishing this feat is beyond me:scratch

[WickIsTrimmed]

That $700B was for "toxic" home assets to rescue the mortgage mess. That is how it was voted on.

Just like the freakin democrats to change everything AFTER it is passed. That is a habit of theirs.

MORE proof of their lies and duplicity. AS if we needed more confirmation.

We have -zero- say so in all this. Gonna get lots worse, IMHO.

[Biblenuggetlady]

The only thing that could possibly help this mess with the poloticos in DC (besides the coming of Christ) is for we, the people, wipe the slate clean of the vermin and start fresh with new faces and new names.

Accomplishing this feat is beyond me:scratch

Not sure how it is in the rest of the country, but looking to do that with the last couple elections in CA, there is no one running against these folks who's jobs seem to be set in stone. To win an election any more takes $, so there are the "typical players" vs nut cases that don't have a prayer or a brain either. Seriously, it is almost a joke to see the folks that are running against the incumbents.