A new book says corporate pension funds are run by greedy executives putting the retirement benefits of millions of employees at risk. The book - by Ameritech's former director-equities James A. Kujaca - suggests enough of the executives and staff people are committing abuses to endanger the financial health of pension funds. ``The Trillion Dollar Promise: An Inside Look at Corporate Pension Money, How It's Managed, and for Whose Benefit,'' does not name any people committing abuses or any company.
The book says pension executives often hire particular money managers or use brokerage firms in return for personal favors, ranging from tickets to entertainment events to first-class travel. Mr. Kujaca says pension executives also get insider trading tips, participation in initial public offerings and venture capital and real estate, and lucrative jobs offers in the sell-side of the business or jobs for spouses.