We were thrilled when we heard that Ellen E. Schultz’s brilliant expose, RETIREMENT HEIST: How Companies Plunder and Profit from the Nest Eggs of American Workers, was nominated for the prestigious Helen Bernstein Award for Excellence in Journalism. But when the New York Public Library head, Anthony Marx, announced that Ms. Schultz’ book had been selected as the winner, I let out a very undistinguished yelp. Ms. Schultz, a 3-time winner of the Polk Award for her investigative journalism at The Wall Street Journal, has spent over a decade reporting on the abuse of retirement funds. In painstaking detail, but enlivened by riveting examples, she reveals how companies have brainwashed their employees, the media and the public, into believing that we can no longer afford to fund retirement benefits, while at the same time they have been using these funds to enrich top executive pay and shareholder earnings. These practices are in many cases legal, based on arcane loopholes in the tax code. Schultz’ reporting enlightens and infuriates.
Kudos to Ellen Schultz for her contribution of this important book!
For more about the awards: http://www.nypl.org/help/about-nypl/awards/book-award-for-journalism