In the past, Americans worked most of their adult life for one company. In retirement their earned pension repays that loyalty by taking care of retirees through old age. Today, the cold reality is that many of those pension agreements aren't worth the paper they're written on. Changes in bankruptcy laws have made it easier for companies from airlines to automakers to shed pension obligations, robbing employees of the power to sue a company to enforce retirement promises. Some bankruptcy legal experts foresee the day when literally every business in America will try to dodge pension plans. Coupled with escalating healthcare costs, will the loss of retirement pensions turn millions of retirees toward poverty instead of security? Diana Nyad guest hosts. (An extended version of this segment aired earlier today on To the Point
- Making News: Congressman Cunningham Resigns, Pleads Guilty to Taking Bribes
Randy -Duke- Cunningham fought through tears today to announce his resignation from Congress. The San Diego Republican, who served on the Appropriations Committee and as Chair of the Intelligence Subcommittee on Terrorism and Human Intelligence, admitted that that he broke the law and now must atone for his crimes by going to prison. Michael Smolens is Political News Editor of the San Diego Union-Tribune.
Guest host Diana Nyad
, 2002 inductee into the International Swimming Hall of Fame
, is a business sports columnist for Marketplace
, senior sports correspondent for Fox News
, and has hosted her own show on CNBC
. She's also the author
of three books.
Union-Tribune article on Cunningham's plea, resignation from Congress
Marcus Stern's article on Cunningham's sale of house to long-time contributor
Pension Benefit Guarantee Corporation (PBGC)