Pensions are stolen all the time.
Originally Posted by ludin
To be sure, the Employee Retirement Income Safety Act of 1974 made clear that pension assets are to be managed solely for the benefit of participants. But Schultz describes how companies still managed to use the money to pay for severance packages and for parachute payments to executives, among other things. Some companies simply sold pension assets for cash. Now pensions are collectively 20% underfunded.
Then after the execs stole the pension funds and milked the companies dry of assets, they declare bankruptcy and offload pension responsibilities of the company to the taxpayer to fund the pensions at a fraction of what they were supposed to get paid. This was the gist of vulture capitalism.