>One of the biggest problems with any BK (bankruptcy) plan at GM is
>that you and I end up with the bill for the pensions. The usual
>result of a BK of a company with large, unfunded pension liabilities
>is that PBGC (Pension Benefit Guaranty Corporation) ends up with the >liability.
>
>Normally PBGC is funded by insurance premiums; however, since the
>pension liability of GM is so huge, it dwarfs the entire fund balance,
>leaving no other possibility but having the taxpayers cover the
>liability.
That's assuming GM dumps the pensions & keep th3e money in the pension fund. If that happens, hope all you union haters enjoy paying our pensions.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Retired Shop Rat: 14,647 days in a GM plant. Speak softly and carry a loaded .45 Lifetime member; Vast Right Wing Conspiracy Web Site:
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