Ripping off PBGC, too

I guess no one should be surprised at this; I’m just noting for my own information that

GAO found that 40 executives for 10 companies received approximately $350 million in pay and other compensation in the years leading up to the termination of their companies’ underfunded pension plans.

However, it’s all perfectly legal.

GAO did not find any illegal activity with respect to  executive compensation on the part of either the 10 companies or the 40 executives under review.

pdf summary here, complete report here.

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