Remember the roaring 90's. GM would look at the balance in their mutual funds that are set aside to pay the pensions and realize, with inflated stock values, that they had far more than they needed. So they would do a mark to market adjustment in the books and viola! They had another dollar of profit per share to report to investors.
I don't know if they were actually selling shares when they did that, but the way it's set up, GM is repsobsible for the pension payments and not anyone else. I think there aren govt agencies set up to ensure that pension funds aren't raided by management, but if GM was allowed to report excess gains from those funds as profits, it stands to reason they have access to those funds.
I am not sure about 401K's. If the money is with a 3rd party, like Fidelity, I would think the corporation has no access to it.
I am reasonably certain the sports books can squander our deposits to pay operating expenses and there would be no laws violated. Not 100% sure about this, but reasonably certain.
To answer the question earlier: Yes. The rep at BoS was going to allow me to post up last week. Maybe he was just f'g with me because when I started playing dumb, he did almost sounded surprised.
Later,
Books Worst Enemy
