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Originally Posted by Fred Demara
that's the point...the reason GM needs a bailout is because no one was purchasing the "widget". In capitalism, we vote on a companies success with our dollars. Overwhelmingly, Americans, and the world have voted GM out of the car making business. And in a capitalist system, when you file chapter 11, your pension is done. No rights, no wrong, no moral judgements - it's just the set of rules that define a fair market.
When the fed steps in and (against the majority of Americas wishes) MAKES us responsible for GM's success, when they have failed miserably, that is called communism.
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One correction. Depending on how GM sets up its pension, chapter 11 may have no long term impact on one's ability to collect a pension. Employers are free to fund pensions in many ways. One way is for them to purchase annuties that are prefunded. Hence, a current pensioner's funds flow may be fine and may come from say, Prudential or Allstate.
Also, some pension funds are moved to the union, who is repsonsible for investments, payouts and the like.
Not sure how the UAW's sets up their pension arrangments.