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Both GM and San Diego facing pension bankruptcy.. Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Mon, 9 Jan 2006 14:42:14 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Living in San Diego the possiblility of a large institution like the city of San Diego or GM facing bankruptcy because of retiree pension and healthcare costs is very real.
The fun in San Diego, but not the only fun, is that the feds and the City Attorney are going after the beareaucrats and politicians who orchestrated San Diego's mess. Don't think you can prosecute the GM management.
An article today mentioned that it costs GM over $1,500 per car built to fund it's retirement obligations.
Fortunately neither the City of San Diego or General Motors will cease to exist, or even slow down much, if bankruptcy is declared. Bankruptcy will allow them to welch on their retirement obligations which is their biggest problem, like happened at United Airlines, which also is still a going. concern as I just flew to Australia and back on United.
It had to happen sometime, that unions and organized labor would become so powerful they would bankrupt the hand that feeds them. One of the ways you get elected in California lately is to have the unions circumvent campaign finance reform laws. Only natural folks would be beholden.
BTW speaking of San Diego, how 'bout that mess Duke Cunningham has gotten into? At least he went crooked for a couple of million. It only takes thousand, and a couple of cute strippers, to corrupt San Diego City Councilmen.......
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