Hightower Lowdown

Only a few weeks ago, George W and Congress teamed up with big banking lobbyists to slam hard-hit working folks by shutting off their access to bankruptcy protection. "Take personal responsibility," scolded politicians of both parties. "You made the debt, you have to pay it, even if it drives your family into the poor house," they piously admonished.

So where is the moral piety of these politicos now that United Airlines has simply walked away from its financial responsibility for the retirement of tens of thousands of its employees? Retirement benefits are not a "gift" to employees, but a part of their agreed-to compensation.

Nonetheless, United's top honchos wail that if they honor this debt, the airline and its workers will all be in the poorhouse. United has taken advantage of our nation's bankruptcy laws to terminate its retirement plans, creating the largest pension default in U.S. history.

Not only has the corporation stiffed its workers, many of whom will now see drastic cuts in their retirement income, but it has also dumped $3.2 billion of its pension obligations onto the federal agency that guarantees pensions.Yes, this means that we taxpayers have to pick up United's load. One pension not in danger is the fat one going to United?s CEO.