Joe Sixpack's Grip On Corporate AmericaAaron Bernstein
Last year was a bad one for employee stock-ownership plans. First, Congress abolished some of the juicy tax breaks that made ESOPs popular. Then, the recession dried up the loans many companies use to fund their plans. The most telling sign came in the fall, when UAL Corp.'s unions couldn't line up the funds necessary to buy the airline through an ESOP.
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