Trickle Down or Else (Part 2) The Media Pigs

Read this article today from the Chicago Tribune written by Gail MarksJarvis. It was about Pension Reform. She writes about the archaic new law, how it's difficult to decipher for accountants, even more so for employees, how it is likely to put a stop to many pension programs, and how it is going to pinch S&P 500 companies and their stockholders.

Nowhere in her article does she talk about "reality". How the S&P 500 companies are more cash rich than any time in history, how executives running these companies are literally becoming filthy rich off their rich salaries and options grants (many of them illegally issued to time market prices) and how the S&P 500 companies have used record amounts of cash to buy back record amounts of stock over the past 2 years.

So I had to write her a little letter which is spelled out below. Just another Pig in the media frothing at the mouth while licking the asses of corporate America...

Hello Gail,

I read your article about the pending need to shore up pension obligations by as many as 1/5 of the S&P 500 companies.

I get exceeding frustrated by articles that do not paint a complete picture of reality when dealing with issues like pensions.

Does every business journalist go to a school that teaches "pensions are bad and should be reported as a burden to corporate America" at all times?

Does anyone ever think about good pensions may = happy employees who are more productive and better employees because they feel more secure about their future and happy to work for a company that is helping them with their retirement? (especially since their "government" is in the process of raiding their treasury) This attitude could go a long way to change the reporting slant on issues like pensions.

Additionally, I am amazed that your article completely ignores another exceptional reality of the cash flows of the S&P 500 companies over the last couple of years, that more cash than any time in history is in the bank accounts of S&P 500 companies and more of these companies are spending records amounts of their money from these inflated bank accounts to buy back their own stock.

Here are some figures:

The companies in the S&P 500 (excluding financial, transportation & utilities) in the US have over $640 billion in cash on hand. Yep. This is a number beyond anything seen in modern times. Why the article I read did not include the financials, transportation & utilities I don't know (suffice to say there is at least another $250 billion there).

Mind you these companies spent more than $500 billion in the past 6 quarters (year and a half) buying back their own stock. That is $500 billion spent buying back their stock! Now allot of these stock buy backs simply buy back the options they have awarded to their corporate officers. Their officers have seen this enormous build up of cash. They want to get their hands on it. In fact there should be no surprise the SEC is investigating a widespread practice of illegally backdating stock options to lock in low prices so when executives cash out they make more money.

Did you get that part about buying back stock to PAY THEIR OFFICERS for their rich manipulated stock option grants? I mean, who gives a damn about the American Citizen / worker anyway?

What exactly is wrong with America and the "reporting" that goes on? For starters we have a "corporate government" and "corporate media" who no longer sees the American citizen as a person but a consumer and employee. There is no longer any institution left to protect the American Citizen and you people in the media have been brought up with a mindset that is so twisted you should all be sent to a small village somewhere in the Andes Mountains and learn what is important in life before you are allowed to write shallow, twisted and one-sided articles like yours on Pension Reform.

Sincerely,