CEOs robbing workers

MSN Money has a story online right now that illustrates just how greedy corporate American has become. The headline for the story is "CEOs cut pensions, pad their own." The subtitle of the story says it all:

Some executives who slash workers' pensions are keeping or even padding their own fat retirement packages. And some even reap bigger bonuses as pension cuts boost profits.

That's not a profit, that's theft. These CEOs are yanking the rug out from under their employees after promising them pensions. Take the IBM example:

When International Business Machines froze its pension plan in early January, thousands of its employees suddenly felt a lot less certain about their retirement security. Samuel Palmisano, IBM chief executive, has no such worries. Palmisano, according to IBM's regulatory filings, will receive an annual pension of $4 million when he retires at age 65. That works out to $75,000 a week -- or more than $10,000 a day, including weekends.

That's on top of the $6.8 million in salary and bonuses Palmisano received in 2004. The deals these guy cut make sports agents look like amateurs.