Complaints of a GM retiree.....

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11-24-2008, 03:08 PM

#61

Chris S

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Quote:

Originally Posted by senor_flojo,Nov 24 2008, 05:39 PM

http://en.wikipedia.org/wiki/Enron_scandal#Pensions

although it leaves it open-ended as to whether or not the PBGC will cover the loses....

That exposes a weakness in wikipedia, since it seems inaccurate to even label a section "Pensions" and discuss 401k's.

The wikipedia PBGC page has this on Enron:
"Defined contribution plans

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11-24-2008, 03:10 PM

#62

LittleBluePill

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As of today GM's pension fund is sound.

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11-24-2008, 03:53 PM

#63

Elistan

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Quote:

Originally Posted by Scott Evil,Nov 24 2008, 02:01 PM

Has anyone stopped to consider what bankruptcy of the detroit-3 means to the PBGC? I am pretty sure it would become bankrupt itself. Guess who bails them out? The taxpayer. Pay now or pay later, it seems like the taxpayer is getting the shaft.

I think you might be mistaken there. Read through the PBGC website: http://www.pbgc.gov/ For one, they're not funded with taxes they're funded by insurance premiums paid by companies participating in the program. Second, there are limits to the amount that the PBGC covers - for example, at 54 years old, the MAX you could get is $1854.38 per month. I can't quite tell if the PBGC tries to match the previous pension up to the max, or has the discretion to pay less. In any case, doing a search on the big 3 on the PBGC website says that those companies have NOT been trusteed by the PBGC, so the question is moot anyway.

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11-24-2008, 04:03 PM

#64

Popeye

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Quote:

Originally Posted by Slamnasty,Nov 24 2008, 10:41 AM

all UAW workers as mindless money sucking cows

Your words not mine but it sums up how I feel,thanks

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11-24-2008, 04:31 PM

#65

Saki GT

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[QUOTE=Scott Evil,Nov 24 2008, 04:01 PM] This is the real issue for taxpayers.

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11-25-2008, 05:13 AM

#66

Slamnasty

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Quote:

Originally Posted by Popeye,Nov 24 2008, 05:03 PM

Your words not mine but it sums up how I feel,thanks

Then they're just as entitled to think the same things of those opposing them. See how that gets nobody anywhere?

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11-25-2008, 05:15 AM

#67

Slamnasty

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[QUOTE=Chris S,Nov 24 2008, 04:04 PM] Coerced?

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11-25-2008, 06:52 AM

#68

vader1

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Quote:

Originally Posted by Slamnasty,Nov 25 2008, 08:15 AM

They were coerced. There was reporting of employees before their collapse being asked to buy stock and spend their own paychecks to keep Enron afloat. We all know what happened now. Granted, bein asked to help save the company doesn't mean one has to do so, but nevertheless, it is known they asked employees to fund the business.

I think you could add to that the executives who were telling employees to buy,buy,buy to keep the company afloat were selling like mad to save their own fortunes.