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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (38983)	10/11/2005 8:03:32 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 116555

ERISA was a scam, designed to placate the unions while management underfunded the pension plans and generally went about looting the companies. Now the chickens are coming home to roost and the problems are way too far gone to reverse. The UAW would be well served by insisting on an immediate switch to a defined benefit plan, which would force GM to cough up the dough now while there's still equity to be salvaged. Otherwise what will happen is the same thing that happened to UAL, DAL and NWAC, specifically their pension benefits will be slashed to the bone when GM declares bankruptcy.