This could have been seen a mile off. I know I saw it coming. When times were good, stocks booming etc, many trust funds were told to use high rates of return as 'normal' and so reduced their contributions. The money then went in many many cases to bonuses for the executive staff - 'look how they saved the company money' it was said at the time!; or were paid as dividends to stockholders. These never should have been paid and the funds should have stayed the course so that they had enough money.

Frankly, I think this constitutes fraud. They promised employees the money as part of their labor contract and didn't put aside enough money.

I also wonder about these companies, like GM, that declared bankruptcy so they wouldn't have to make good on employee contracts, but yet didn't see fit to cancel exec multi-million dollar pension schemes and benefits.

Another case of fraud I say.