Gary, you don't know squat about me, so don't accuse me of laying down with the same executives you seem to loathe so much.
No. I never pretended to know you. You'll note that it was posed as a question.
were likely never promised to be placed in an account in one lump sum by the Big Three........
..and this alters .."what"?
If you screw up ..or falter ..are you off the hook due to your mismanagement of your life? Do you endorse allowing home squatters that over extended their known obligations a "free ride"? Why does a corporate entity get your grace and not your insistence that they suffer the liability of their incompitence?
were intended to be obtained from the sale of FUTURE automobiles. Sales declined, thus the amount available to contribute to that "fund" declined.........
As I said, there are skyscrapers full of people who figure just what projected future obligations would be. This is routinely done for all kinds of things ..and the fundamental being life insurance. They know exactly what's required to pay the odds of life expectancy off at the expected time of death. It's not rocket science to KNOW just what pension and benefit funds are needed TODAY for the negotiated rate TODAY to assure those funds are there to pay TODAY'S portion of the future's obligation.
That is, if the place closed 5 years ago, they would still be incapable of providing life time benefits that they're obliged to fulfill.
those funds and whatever promise they were intended for would and could not keep up with the rising cost of health care over the life of the retirees it allegedly was designed to support.
Why not? Now surely this would soak up TONS of revenue and would have tanked the enterprise much sooner. So
That means you too appear to endorse the "false" nature of the negotiated contract.
The general ignorance of the whole situation is the watershed benefit of the auto industry. It's been a party that no one wanted to stop. No one. Now that the bill is coming due ..now the rats are jumping ship and the weasels are welshing.
Tempest is correct. The human condition has never evolved.
If you care to actually do some research, you'd find that the big three are only one of hundreds of corporations with underfunded health and pension funds. The government only requires a certain level of contributions by the companies into their pension and health funds each year. Any excess above that amount, (with permission of the fed, I believe), . And I do not know of ANY corporation that can claim, with a straight face, that they have a handle on TOTALLY KNOWN future legacy costs.
I've done the research and have cited these facts many times.
can be used by that corporation for other operating costs
..and this included distribution of profits.
So, it's easy to see that instead of assuring future funding for future obligations, this money was put into others hands?? Good, we agree that this was a plan configured to fail leaving the beneficiaries out what they were promised ..and the tax payer picking up a good bit of the slack.
Privatized profits ..and socialized costs ..with losers everywhere except those who spent the money when they had it.
That about it?? See how easy that was to rip people off and get the general population to take care of the bitter dregs that they left behind in untidy (cough-cough) "unintended consequences"??