Wow - In the midst of all the retirement plan cuts, it appears the top D&B execs are feathering their nests quite handsomely. Unbelievable, and so wrong. These folks make the U.S. Congress look positively squeaky clean.
They dont have to set an example. When you have long term employees they get mad when they see whats going on. The fired all of those people and the few left are to scared. All the new employees have no idea and are just glad to have a job. Its a revolving door now and the ones flying into the job, again, have no idea and dont care. It just us outsiders who can see the hypocrisy. They should take the pension funds and throw a party in Bali.
I'm still waiting for one of the leadership team to admit that the company is tanking. All they ever did when I was there was cut people, and the stock went up, but so did every other stock. Now they are going down with everyone else so why don't they stand up and admit they were just paper tigers.
This is from today's annual report filing. It translates to this: "At the end of 2007, we screwed almost all of our employees by freezing their retirement plans and ceasing company contributions. We did NOT, however, freeze the absurdly rich Supplemental Executive Benefit Plan (SEBP), wherein a handful of senior executives receive extraordinary retirement benefits well in excess of those paid to the "little people." Fu**ing hypocrites, taking a page out of Marie Antoinette's handbook.
Here's the filing, with the relevant word in caps highlighted:
"Effective June 30, 2007, we amended the U.S. Qualified Plan and ONE of the U.S. Non-Qualified Plans, known as the U.S. Pension Benefit Equalization Plan (the "PBEP"). Any pension benefit that had been accrued through such date under the two plans was "frozen" at its then current value and no additional benefits, other than interest on such amounts, will accrue under the U.S. Qualified Plan and the PBEP. Our employees in certain of our international operations are also provided retirement benefits through defined benefit plans, representing the remaining balance of our pension obligations."
D&B is just another example of how business in the US is all upside down...
The 8 or 10 big shots all get taken care of no matter what and the 4,300 remaining people are lucky to keep their jobs with no chance of an increase in 2009. Not to mention if you get a promotion this year, an increase will wait until November without retro...