The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

“ExxonMobil has underfunded its pension plan by almost 4 billion dollars”

Jun 12, 2006

This story from the business pages a couple of weeks ago had to be a misprint, right? How could Exxon – which made more than 36 billion dollars last year, the biggest profit in U.S. corporate history – how could Exxon not be putting what it owed into the workers’ pension fund?

How? It was just doing what a lot of other corporations have done. Even when the auto companies made record profits, Ford Motor Co. and the others didn’t put all the money they owed into workers’ pension and health care funds.

The corporations take the money they owe to the workers and instead give more money to their executives and big stockholders. Then when profits are down, the corporations claim they don’t have the money for the workers.

It’s all a scam by the corporations. They had the money for workers’ pensions and health care. Let them pay it!