<table cellspacing="0" cellpadding="0" border="0" ><tr><td valign="top" style="font: inherit;"><DIV>Ah, además, decís:</DIV>
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<DIV><EM>"Los mercados crecen en promedio 10% anual. Entiendo que en momentos como este sea difícil de creer. Pero ese es el promedio histórico desde que existen. Ahora pareciera que invertir en la bolsa es una basura porque perdió 50% de su valuación en pocos meses. Pero hay que tener en cuenta que desde 2002 hasta el año pasado casi triplicó su valuación. El promedio sigue siendo positivo. Y recomiendo fuertemente mirar como evolucionan los mercados en los próximos par de años."</EM><BR></DIV>
<DIV>Un artículo del <U>2006</U>:</DIV>
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<H1 minmax_bound="true"><FONT size=4><A href="http://www.allbusiness.com/human-resources/employee-benefits-retirement/3975347-1.html">The failing pension system in the U.S. private sector: have we seen the worst yet?, </A><FONT size=2><SPAN class="" minmax_bound="true">By </SPAN>Okunade, Albert A. Publication: </FONT><A id=41473 title="Business Perspectives" onclick="return ab_click(3471470,41473);" href="http://www.allbusiness.com/business-perspectives/41473-1.html" minmax_bound="true" urlstring="" templid="" wellid=""><FONT size=2>Business Perspectives</FONT></A></FONT><FONT size=2> <SPAN class="" minmax_bound="true">Date: </SPAN><SPAN class="" minmax_bound="true"><A id=3893613 title="Business Perspectives: 20060922" onclick="return ab_click(3471470,3893613);" href="http://www.allbusiness.com/business-perspectives/20060922/3893613-1.html" minmax_bound="true" urlstring="" templid="" wellid="">Friday, September 22 2006</A> </SPAN></FONT></H1><FONT
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<DIV><FONT size=2><SPAN class="" minmax_bound="true">Acá va un extracto dela página 2:</SPAN></FONT></DIV>
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<DIV><FONT size=2><SPAN class="" minmax_bound="true">"The share of U.S. workers in defined-benefit pensions declined from 80.0 percent in 1985 to 36.0 percent in 2000, and this trend is likely to continue as workers become more uncertain of their future pension proceeds (Dominitz & Manski, 2006). <U>Private pensions decline when companies file for bankruptcy protection and transfer their retirement obligations to the federal government's Pension Benefit Guaranty Corporation</U> (funded by premiums, the nearly 30,000 defined-benefit plans managed by private-sector employers pay for coverage). This federal insurer, in turn, pays out about one-third of the amount due private-sector retirees. (The federal insurer of private-sector pensions itself operated with a $23.3 billion deficit in mid-2005.) <U>as a result, affected retirees are returning to active workforce status.</U>"</SPAN></FONT><FONT size=2><SPAN class=""
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<DIV><FONT size=2><SPAN class="" minmax_bound="true">O de la página 4:</SPAN></FONT></DIV>
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<P id=pageStart_paginator_4941716_4 minmax_bound="true" name="PBM_paginator_4941716">"<STRONG><U>Since the September 11, 2001, attacks, 10 U.S. airlines have filed for bankruptcy, with industry losses totaling over $40.0 billion, in addition to the loss of about 150,000 fulltime jobs</U></STRONG>. This gloomy scenario is compounded by high jet fuel prices, reduced passenger miles flown, aviation security costs, rising labor unrests (pilots, flight attendants, mechanics) (Foss, 2006), and more expensive contract renegotiations. More specifically, "salary reductions ... are the centerpiece of the aggressive cost-cutting regimens embraced by the largest airlines" (Winship, 2006). In other words, compared with the 2001 level, 30.0 percent fewer employees now do more work and receive less compensation and fewer benefits. </DIV><SPAN id=spc minmax_bound="true" name="spc"></SPAN>
<P id=trln minmax_bound="true" name="trln">Shortfalls in periodic pension contributions arose gradually over time in part because legal corporate accounting reporting practices had not required that pension contributions be explicitly reported. Therefore, U.S. corporations were able to hide their falling pension contributions in the face of dwindling profits, rising prescription drug bills of retirees that employers pay (CNN.com, 2005), and growth of executive compensation including stock options. <U>The typical U.S. corporate executive's pay of $11.3 million in 2005 is 262 times the average worker's pay and represented a 27.0 percent increase from the 2004 level (Brush, 2006).</U> Corporate earnings generated in the U.S. represented 10.7 percent of the economy's gross domestic income, the highest share since the 1960s (Petruno, 2006). Despite the accompanying phenomenal growth in worker productivity since the mid 1990s, labor's share of income remained
fiat in the face of falling worker benefits and uncontrolled outsourcing of jobs to foreign countries. In the two years preceding United Airlines' (UAL) 2002 bankruptcy filing, for example, UAL pensioners were projected to lose in excess of $3.0 billion in promised pension payments at the same time that UAL's chief executives received over $13.0 billion. At Ford, the pension loss estimate was over $12.0 billion, and at GM the shortfall was roughly $8.0 billion. Similar to the situation at United, at GM the CEO received roughly $41.0 million. During 2004, the chief executive at Continental took a lump sum payment of $22.0 million from his retirement at the time that the company under-funded its pension funds by $1.58 billion."</DIV>
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<P minmax_bound="true" name="trln">claro, los mercados crecen. por favor...</DIV>
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