GM Retirees organize to protect benefits

The Oakland Press (MI) ^ | May 5, 2009 | By JOSEPH SZCZESNY

[CommerceComet]

Why should GM retirees be any different than military veterans?

Or current retirees of other companies who had retirement funds invested in GM secured bonds.

[Jim from C-Town]

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.

[ex91B10]

So called “White collar workers” sign employment contracts also.

[Jim from C-Town]

regardless of their contract, once an employer seeks bankruptcy protection these contracts are opened up to scrutiny. They become just another company liability, one with no asset protections backing them up. They are last in line to collect. Secured investors are first at the trough. What is happening with Chrysler is making a mockery of the rule of law. The president of the United States has stepped in to wrest control of a publicly traded corporation and put it into the hands of the executive branch and a private labor union ahead of the people who have a vested interest in the companies assets.