Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: orkrious who wrote (1129)	5/12/2003 5:11:36 PM
From: Wyätt Gwyön	of 4909

there was an article today in the WSJ about a 57-yr-old in dire straits. he "retired" from LTV a couple years ago w/full pension and benefits. but then they went bankrupt and there went his pension and benefits. now he and his wife have to rely on their "nest egg" of $35,000. he is in poor health, so his health insurance costs more than $2800 a month. so he basically has to choose between going without insurance (which is not good for his chances of living) and running through all his money in one year. depressing tale, which i suspect will be repeated across much of the old economy where inverted age pyramids and pension/OPEB obligations perversely encourage bankruptcy. in this particular man's case, his former company was brought out of bankruptcy and is now profitable, but they don't pay him anything thanks to the wonders of American bankruptcy code.

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