Thursday, April 23, 2009

Vampire Pensions

As if we didn't have enough to worry about, the FT's Charles Millard warns us about "vampire pensions":

While economists worry about “zombie” banks holding back lending, vampire pension plans may soon be stalking a company near you. The underfunding of America’s corporate defined benefit pensions poses a daunting challenge, threatening not only their 40m beneficiaries but the entire US economy.

Oh, the many unfunded obligations.

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