[Squawk 8888]

That's why I never was a fan of defined-benefit pensions. I like the RSP approach instead, if it tanks I have noone to blame but myself. Also, one lesson that was reinforced by Enron: NEVER rely on the same source for both current income and retirement.

[drt1]

The real problem is that the regulators let these companies underfund their pension plans and continue operating. What should be required is to keep these plans absolutely current and force bankruptcy if they are not adequately funded. I view these obligations no different than any other business related contractual obligation and if I were in the Unions I would not work another minute unless the full terms of our agreement were met. To do otherwise is to let the managers rape the company and default on the pension, which is exactly what has happened here and in every other recent high profile bankruptcy. (And BTW, I am NOT a fan of Unions but I am wedded to the old fashioned concept of freely making agreements and then satisfying them)