Statement by General President Jim Hoffa on corporate responsibility
WASHINGTON, D.C. — President Bush has recognized that workers and retirees have suffered during the current crisis. But much more needs to be done about the corporate crime wave that has gripped our nation.
By its reckless behavior, corporate America is devaluing the pensions of Teamsters and all working Americans. In the wake of Enron, Global Crossing, WorldCom and other corporate accounting scandals, defined-benefit pension funds, and the workers whose earnings support them, have lost billions of dollars.
With pension assets declining in value, there is growing downward pressure on the living standards of American workers as pension contributions must be increased to pay existing benefits promises. American workers are now being asked to choose between living a decent life today or retirement security tomorrow. That is a choice that the American Dream never contemplated.
Workers must have sound and secure pensions when they retire. Our government leaders must get serious about working with unions and others to protect worker pensions from corporate criminals. And it’s time to discard the idea of handing the Social Security System over to investment bankers. The Wall Street crime wave is the strongest argument yet against the privatization of Social Security.
In addition, the government must take swift and tough action against the criminals on Wall Street whose greed has destroyed the lives of millions. The scandals we are now learning about should be met with stiff criminal penalties.
The Teamsters Union strongly supports the Public Company Accounting Reform and Investor Protection Act recently reported out of the Senate Banking Committee, as well as tougher penalties against corporate lawbreakers. These are appropriate responses to the lawless pursuit of greed that characterizes Wall Street today — greed that is hurting our members and all working Americans.