Reading the case about the pension default done by United Airlines reminds me of one instance when American Airlines tried and saved $40,000 in 1987 by eliminating just one olive from each salad served in first class. This is just a very minute amount of extra savings they experienced that year, as compared to the volume of the pension default, but it specifically highlights the fact that these airline companies take such extreme steps to perform cost cutting strategies by staying in the loop and making sure that their stealth techniques are unnoticeable. But this pension default incident by United, as according to me, can be considered as a serious offence. Exploiting the funds that are readily available, which do not solely belong to you, and trying to invest them in projects that have risk involved without acquiring permission from all the legal users is a very unethical move.
The main reason why United went forward in performing this task of exploiting the legal loop hole is because, when they invest if they fail (which they did) then they would not be held responsible for paying back the employees the money that they were supposed to receive, but could easily shift the weight of the problem to the Federal unit of PBGC who handles issues of pension default possibilities of to be bankrupt companies.
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