"John Flannery, the man hired to fix General Electric, inherited a $31 billion ticking time bomb when he replaced longtime CEO Jeff Immelt last year.
But like most things lately at GE, its pension shortfall is much worse.
Not only does GE have the largest pension deficit among S&P 500 companies, that deficit is $11 billion worse than the next closest company, according to Dow Jones S&P Indices.
...This is not just a math problem: More than 600,000 current and former GE employees are relying on these crucial retirement benefits.
..."GE's balance sheet is a mess," said Gautam Khanna, an analyst for Cowen & Co.
"They don't generate a lot of cash, and they have a severely underfunded pension plan."...
Read on.
2 comments:
Former employees will probably be forced to take pennies on the dollar before it's all over. It's a supposed incentive for people that work for the company. On paper, it's a good part of the salary package. In reality, it's fraud.
Jess, CRIMINAL FRAUD.
But the crooks will get away with and the taxpayers get the bill.
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