DMN underfunds pension plan by nearly $200M

Remember how the Dallas Morning News got in hot water by overcounting circulation numbers, then was on the hook for $25 mil to advertisers for the goof? It seems like our favorite mathematically challenged bean counters are at it again. This time they underfunded their pension plan, to the tune of almost $200 million.

The DMN's own story says the pension plan was underfunded by $196 million as of Dec. 31, 2009. The newspaper company's share is about $118 million, because Belo Corp must make up the rest. No mention in the story why they waited three months to own up to the discrepancy.

Think any executive will lose his job over the goof? Think cows fly?

[flash=200,200]http://www.dallasnews.com/sharedcontent/dws/bus/stories/041810dnbusahc.223e913b6.html[/flash]

 

Guess they'll whack another 40 staffers over this.

 

Try 80. Then they'll give bonuses to the execs who "rescued the company from financial ruin" by making the cuts.