O2's owner Telefonica has flogged emergency services radio outfit O2 Airwave to the Australian banking and telco group Macquarie - and the new owner has promptly pissed off Airwave's staff so much that some are threatening to strike. A strike at Airwave would interrupt the push-to-talk radio systems used by the police and other …
Defined benefit pension schemes are immoral
A defined benefit pension scheme is an unlimited promise to pay a retiree a sum of money independent of the ability of the paying organisation to fund this payment. It is an unbounded promise on future generations of shareholders and customers.
In my view, the directors of any company offering such a scheme should be prosecuted for reckless trading.
The only reason governments can get away with such schemes is that they have an unlimited capacity (called "Taxes") to generate cash-flow to fund their pensions.
Welcome to the real world, Airwave.
BTW, in case you think I believe Macquarie are the good guys in this story, I don't.
They were the crew for who VirginBlue created a new collective noun for bankers: "a wunch". As in "Macquarie, what a wunch of bankers". In 1m high letters on the side of a VirginBlue Boeing 737.
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