JB from Balkinazation hits it on the head, and fafblog makes it funny.

IBM announced the end of its pension scheme today. IBM boasted the country’s third largest pension plan with $48 billion of assets. Most certainly another dark day in what has already been a bad winter for defined benefit plans. Some important excerpts from the NY Times article:

IBM’s pension funds were solvent, the move is simply a cost-cutting move.  In the words of the Times:

I.B.M., which competes against other technology companies that in general rely exclusively on 401(k) plans, said that the move fit into a broader strategy aimed at avoiding financial risk to its long-term future.

Note IBM is cutting pensions to avoid financial risk to its long-term future. Contrast with its employees who, by moving to a defined contribution scheme, will be incurring financial risk in their long-term future.

Old Pat’s been up to some fun the last couple of days. First, he said Sharon’s stroke was a sign of God’s displeasure at Israel pulling out of Gaza:

Conservative Christian evangelical broadcaster Pat Robertson on Thursday linked Prime Minister Ariel Sharon’s stroke to God’s “enmity against those who ‘divide my land.’”

First time Pat has ever been upset at anyone for pulling out.

Also, Pat is building a biblical heritage center in Israel. And Israel is giving Robertson the land for free. Ah, the marriage between the American fundamentalist Christians and right-wing Israelis! It’s like Pride and Prejudice all over again, except without the witty wordplay and social satire. You remember the part in Pride and Prejudice when Mr Darcy tried to convert Elizabeth to Jesus and said that if she didn’t, she would go to Hell? And when Mr Bingley had a stroke brought on by God because he pulled out of his engagement with Jane? Damn that Jane Austen was so ahead of her time!

Florida Supreme Court overturned the state’s voucher system.