Wall Street by Felix, 07
Ellen Schultz and Tom McGinty of the Wall Street Journal report that "Pensions for top executives rose an average of 19% in 2008, with more than 200 executives seeing pensions increase more than 50%, according to a Wall Street Journal analysis. The executive-pension growth stemmed partly from generous pension formulas, which are based on executive pay, according to the filings. Also adding to the pension jumps are arcane techniques that have received little scrutiny, including increases triggered when an executive reaches a certain age or when companies change interest rates used to calculate the pensions. Executive pensions rose even as the share prices at the companies declined an average of 37%...."
People will do anything for the tribe when people believe their leaders are working in the best interest of the tribe. If the cause is compelling enough, the tribe will climb the highest mountains. But, when it appears that the leaders are simply leaching off the backs of the tribe, the cause dies. Those who at one time cold climb mountains will have a difficult time getting over the next speed bump.
