Posted on 11/25/2008 7:22:05 PM PST by madison10
...Still, G.M. appears to have enough money in the pension fund to pay its more than 400,000 retirees their benefits for many years — even with the markets swooning around it. That is largely because of the conservative way G.M. has managed the fund recently, and it explains why G.M. has not joined the long list of companies pressing Congress for pension relief...
(Excerpt) Read more at nytimes.com ...
I hope the fund stays healthy and I’m not a G.M. retiree.
I guess they ought to get out of the car business entirely and go into managing pension funds.
I don't want to see the workers suffer, but the union has to die.
The policy of the UAW seems to be the target. It is very hard to justify an average 73 dollar an hour average outlay for a line worker. Please correct what is wrong. I haven’t posted on this debacle ever, yet the numbers for the big three seem much higher than Toyota, Honda and the like.
Pay attention. The pension and the LOAN are only connected, in that they are rooted in the same company. Now everyone can stop whining about taxpayers bailing out the auto workers' "big, fat pensions."
Funny, the financial industry isn’t being put under the microscope near as much as the auto industry, but the auto industries are asking for loans not bailouts.
Guess everyone is okay with flushing all that money down the Friends-of-the-Dems toilet known as Wall Street.
Managerial midgets in ANY industry don't deserve a loan OR a bailout. The Flaccid Three made their beds, let them lie in it!
Go ahead: fall for the silly "patriotic" propaganda of the incompetants who manage the Flaccid Three, and the Trade Union Socialists as well.
Sounds like we’ve got a solution for GM’s financial problems...instead of a government bailout, the pension fund loans the company $25 billion, in exchange for an equity position in the firm. This sort of arrangement is not unprecedented; the state Retirement System of Alabama (RSA), for example, owns controlling stakes in a number of firms, including Raycom Media. The loan could be secured with a government loan guarantee, rather than a cash infusion.
It just proves once again - GM is really a pension fund and benefit provider that happens to have an auto company attached to it.
GM has reached extreme diseconomies of scale. It can never survive in its present form.
You're right, that could work. It would mean the UAW active would be working for the retirees and themselves. Your whole idea sounds good.
That's why I like AND posted the cartoon. It points out WHO REALLY is gettin' F&*KED, no matter WHO has thier hand out!!
LOL :) Cute cartoon.
Get rid of the union workers and eliminate any future pensions also!
Maybe they should. They seem to be doing better than social security and most 401(k) plans. Most auto plants look more like geriatric wards anymore due to the ageing of the workforce, and the industry will fade away along with them.
“As someone who works in the financial sector in the New York area, I hope you know that the auto industry is dominated by Dems moreso than my own. You won’t find bigger friends of Dems than certain folks in SE Michigan”.
Then you really know what it’s like to be in the back pocket of the dems. Wall street is pretty much the financial arm of the DNC. How much money do financial firms contribute to democrat causes?
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