Pension Plan is Conflict
of Interest for GE
Pension Plan is a profit center for GE Capital (GEIC).
Pension Trustees are rubber stamps for Jack Welch.
Same accounting firm (KPLM) audits both the pension and the
regular GE corporate account.
No check exists on GE investments of pension fund dollars,
including those which are against the interests of employees.
GE common stock now represents about 9.8% of Pension
Trust assets, with a value of $4.9 billion as of 12/31/99. This is
a ten-fold increase since 1993. Yet there is no independent
employee representative among the trustees.