What happened to the Pension Benefit Guarantee Corporation (PBGC)? When a company declares bankruptcy, the PBGC steps into take over the pension. Normally pension benefits (especially for high earners) are sharply reduced when taken over by the PBGC. Witness the airlines, steel companies, and many other industries in which many companies have gone into bankruptcy. Has the current regime declared the end of the PBGC? Can every company expect the same treatment of their unfunded pensions?
This deal is pure payola. The UAW was a big time supporter of the rats. The taxpayer is forced to takeover the outrageous UAW pensions and retiree health care. Every rat supporting this deal should be in the slammer.
We’ve entered a whole new ballgame.
Like you say, this is pure political payback. This is the Chicago machine come to the White House.
We’re seeing it on multiple levels. For instance, it’s going on right now over the politically-motivated attack on the Bush Adminstration’s anti-terror policies. This stuff had never been done: Eisenhower didn’t prosecute FDR for interring Japanese-Americans or for firebombing Dresden and Tokyo; nor did he prosecute Truman for dropping two atomic bombs on Japanese civilian-populated areas.
Nixon didn’t prosecute Kennedy or Lyndon Johnson for their involvement in Vietnam or any of the decisions that were made.
Bush didn’t prosecute Clinton for his own administration’s role in sending captured terrorist suspects to countries we KNEW would torture them.
We’re in the clear blue skies of liberal fascist tyranny in the name of being the nanny state utopia liberals have sought to impose for years.