Word: pensiones
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When a fire is reported, it is not necessary to report simultaneously that the vast majority of houses did not burn down. Everybody knows from their experience that this is so. But most people do not know that the vast majority of pension plans are financially sound and "good...
Edwin Newman's statement that "there are many good" pension plans is misleading. Considering the thousands of such plans, the word "many" could mean only a relatively small minority and thus could unduly alarm the uninformed listener. Honest reporting would have said that the vast majority or almost all plans are good, but that there are a few exceptions...
...current dispute centers on an NBC documentary called Pensions: The Broken Promise. Aired in September 1972, the program was a bleak expose of failings in privately administered group-pension plans. Workers told of losing all or most of their pension income through a variety of misfortunes: pre-retirement dismissals, company closings or mergers, the collapse of pension funds because of mismanagement. Correspondent Edwin Newman, who was co-author of the script with NBC Producer David Schmerler, noted near the end of the hour-long broadcast that "there are many good" pension plans. But his conclusion was downbeat: "The situation...
...though generally conservative) group in Washington that acts as a self-appointed watchdog on press performance, protested. AIM Executive Secretary Abraham H. Kalish, a former professor at the U.S. Defense Intelligence School, formally complained to the FCC that the NBC program gave "a grotesquely distorted picture" of the private pension systems in the U.S. He contended that AIM'S monitoring of NBC programs had turned up no balancing discussion of successful pension programs and that the network had thus "violated the fairness doctrine" by presenting only one side of a "controversial issue of public importance...
Largely by administering trust funds, including burgeoning pension funds, banks have great and growing stock powers. In communications, for example, the report cited Federal Communications Commission records of July 1972 to show that the Chase Manhattan Bank had full or partial control over more than 14% of the stock of the Columbia Broadcasting System and 4.5% of the stock of RCA, the parent of the National Broadcasting Co.; Bankers Trust Co. voted more than 10% of the stock of the American Broadcasting Co. and just under 10% of the stock of Metromedia. Banks have been so deeply into broadcasting that...