I coulda swear I had a twenty dollar bill in my purse SOMEwhere...

This from the Toronto Star: The Canadian Commercial Workers Industry Pension Plan, a pension plan designed for workers in the services industry, is in serious hot water. Several of the plan's trustees, including both management and union reps, have been charged with mismanaging funds to the tune of roughly $225 million.

The Financial Services Commission of Ontario has laid 15 charges related to "questionable investments," one of which include projects in the Caribbean run by a defrocked priest. All of the charges appear to be related to issues of investing money responsibly, as opposed to personally gaining from the investments.

I highlight this because a number of unions have been happy to become trustees in their members' pension plans. The logic is sound: pension funding has been under tremendous pressure the last five years, causing a lot of employers to embrace less-secure (from the employee's perspective) defined contribution pensions. If a union can ensure funding is never a problem as a trustee, then it can deflect the issue and protect their members' pension income.

However, with this role comes responsibility and know-how. Are unions equipped for this? Hell, is management equipped for this? This case is definitely a warning bell. And some unions already have their hands full with the Middle East--why add criminal charges to the pile?