Posted on 04/02/2006 5:21:30 PM PDT by Dane
That would be up to the courts to decide.
Auto dealers, vendors, stockholders, pensioners, any remaining employees, bankers - all may have a claim on the carcass. The judge decides who is first in line (gets paid), and who is last in line (gets boned).
A relative of mine worked most of his life for a company in CA that went belly up. The pension fund was empty by the time they closed the doors, so he got boned. There was a class action lawsuit over this issue, along with the fact that employees got none of the proceeds from sale of company assets (a NASCAR race track stands on the former company property, valued at millions). Despite the suit, he still got boned, AFAIK.
Rush discussed this several weeks ago. IIRC, I believe that the other 2 in the "Big 3" automakers are also a part of this.
The gov't guarantees all pensions. There are upper limits, though. The limits are based on age and the company plan. I think the upper limits are generous, but some people - like pilots for now defunct airlines - get far less than they were promised.
Well, they're acting stupid.. not really a shock from the company that killed off Oldsmobile...
What does the term featherbedding mean?
It's unionists with their high up political Democrat connections and media support that suck the lifeblood out of businesses.
We listened to Presidential campaigns when Gore and then Kerry lashed out at businesses to gain voters with this socialist me, me, me strain.
"GM needs to get into the sewer-cleaning business and put some of that "pool" to work. I wonder how many of them would quit?"
None would quit, because you can't make them work out of their job classification, and there is no sewer cleaner classification in the contract.
I used to work at GM, white-collar salaried worker. I was guillotined back in '92 during mass layoffs, I only had 3 years so NOTHING. I went back as a contractor on short term assignments.
I have been doing only short term contracts for the past three years. And there is more and more space between the contracts. I am so discouraged, I hate this freaking industry and I want to get out, but I don't know what else to do.
I'm curious. I've assumed the "58" suffix on your screen name was the year you were born. I'm two years older. How did you manage to retire already? My dad retired at age 47 with his Navy retirement (27 1/2 years, retired as a Commander). He never worked another day.
The "58" refers to my age when I signed up. I was born in '45.
I retired in Dec. '99 at age 54. I started putting the max in my 401k in the early 80s and did that until I retired in '99, I rode the tech boom all through the 90s and following the conventional wisdom I took my money out of riskier tech stocks when I retired and put it in safer investments, just in time to avoid the tech bust. I am not an investment expert, just got lucky with the timing.
There were times in the 90s when a 25% gain was a "bad" year, I saw gains of 40% some years.
In addition, I wasn't old enough when I retired to draw from 401k but my wife and I had other investments and she still works and makes a good salary.
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