Creative Liars

[Barry]

According to an April New York Times analysis, VERIZON Communications executives, faced with a $1.4 billion loss last year, (a situation which would have denied the EXEC's their preformance bonuses), CREATED a $389 million profit merely by deciding to value the company's pension plan fund "income" at $1.8 billion, even though the pension fund was actually swimming in the red ink! Securities regulations apparently permit such quixotic valuations provided they are explained to shareholders, (which the Executives did in a "FOOTNOTE" in the firms annual report). THUS, though having underperformed on the actual delivery of communications services, (according to investors), Verison executives nevertheless, GOT their performance bonuses!!!!!!!

Sounds a lot like the slave driving company I use to work for. Thanks to Chuck Shepherd UPS-for the data.