New Cash-Balance Plans Benefit Few

Rather than “clarify” standards for cash-balance plans with new rules proposed by the Bush administration, what we are really given to “understand” is that the administration will hand yet one more favor to corporate America (“Pension Advocates Prepare to Battle Conversions,” Personal Finance, Dec. 15).

When are people going to wake up and realize that when Bush and company purport to represent the “American people,” they really mean just his friends in politics and big business?

Michael Carr

Los Angeles