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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Jim Willie CB who wrote (5268)4/29/2004 2:54:28 PM
From: I_C_Deadpeople  Read Replies (2) of 116555
 
I believe the steel pensions were also dramatically underfunded due to the use of optimistic assumptions, such as 9 or 10% return, etc. By the time the REAL deficit is known it is too late.

Similiar problem with Air Canada at this very moment. They owe $1.2 Billion to the pension plan but no one will buy the company from bankruptcy because of the pension plan. Catch 22 for the current workers - but worse for the retired ones as they have little or no say in the negotiations.

As much as the companies have to be at fault in these cases, i blame the unions as well, they knew about the bell curve of employment.
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