Posted on 05/05/2009 7:17:24 AM PDT by Oldeconomybuyer
Retirees from both General Motors Corp. and Chrysler LLC have created organizations to protect their interests as their former employers are forced to reorganize in and out of bankruptcy court.
For decades, GM retirees assumed their hard work would allow them to earn a secure retirement, said John Christie, a retired GM engineer and president of the General Motors Retiree Association (GMRA), which was organized in March.
When the Obama Administration says that GM will need to clear away old liabilities to survive, were afraid that we are the old liabilities, Christie said.
(Excerpt) Read more at theoaklandpress.com ...
Or current retirees of other companies who had retirement funds invested in GM secured bonds.
I agree with the fact that the UAW signed a contract, These are not UAW workers. They are white collar workers. They are not protected by a union contract. Many of these workers where employed in right to work states as at will employees and are not protected by labor contracts.
Regardless all of the retirees union or sallaried are not first tier lenders in a bankruptcy. They have no security against the auto companies.
So called “White collar workers” sign employment contracts also.
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